Cardigan Bay Return Letter of Credit~~E IDR IAN;
IDAHO /
May 12, 2008
D.L. Evans Bank
North Burley Branch
P.O. Box 1188
397 North Overland Ave.
Burley, Idaho 83318
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Re: Release of Letter of Credit No. 1218 Cardigan Bay Sub. For Big River LLC
After a site inspection and review of Cardigan Bay Subdivision by the Planning
Department and the Public Works Department, it has been determined to release the
Letter of Credit for $42,789.75 to you for the completion of landscaping, fencing and
playground equipment. Please use this letter as authorization for D.L. Evans Bank to
release the Letter of Credit Number 1218. Our normal procedure is to enclose the
original Letter of Credit with our authorization to release. In this case, we are unable to
locate the original document so we are enclosing a copy.
If you have any questions, please contact me. Thank you for your cooperation.
Sincerely,
,,,ir~rrirrrr,,
Jaycee L. Holman ,,,t',~-~ ~ ,~%,~
City Clerk ~ a ~ ~' ,
o
Enclosure _ ~E~L
9 ,~~ ,(~ \
., ~.
~.
6~
/~~'~~~irrrrnr r~r~~~~~~``~.
SURETY SPREADSHEET
Project Name: CARDIGAN BAY (loc)
Date Compiled: 10/25/2007
Letter of CrediUBond No.: 1218
Issued By: DL EVANS BANK
Expiration Date: 9/24/2008
Check No.:
Sanitary Sewer -internal
Sanitary Sewer-offsite
Unfinished Partial
$0.00
$0.00
$0.00
$0.00
$0.00
$4,579.55 $457.96
$0.00
$31,325.22 $3,132.52
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$5,037.51
$0.00
$34,457.74
$0.00
$0.00
$0.00
Party Responsible Date Signed Off/
For Si n-Off Person Comments
Public Works
Public Works
Public Works
Building
PZ
PZ
PZ
PZ
NMID
NMID
Water- Offsite
Street Lights
Landscaping
Pathways
Fencing
Pressurized Irrigation
Gravity Irrigation
Other:
Playground Equipment
TOTAL:
4/18/08 READY
$2,995.00 $299.50
$0.00
$0.00
$0.00
8,899.77 $3,889.98
Authorized reduction
BALANCE TO REMAIN
I FULL - KG
$3,294.50 PZ
$0.00
$0.00
$0.00
2,789.75
8332.01 as of 3/13/08 kg
$34,457.74
2/21/08 BP
4/18/08 BP
2/21/08 BP
Mav. 8. 2008 2~30PM No.4966 P. 2
r .
r"~
IRREVL3CABLE LETTER ~!= GREDi`~
~OROW~r: Big River LLC LB11~@r:• D. L Evans Bank
3681 N Locust Drove Ste 100 North ®urlay Branch
Meridian, 1D 83846 P.O. Box 1188
387 North Overland Ave..
Burley, iD 6$$18
loos) s7s-so7s
Benef(ciary: City of Morldlan Pubtic works
6s0 Bast Watertower sta.. x00
Moridian, ID 83842
NO.: tats
EXPIRATION DATE, This latter of credit shad expire upon the dose of business on 09.24.2008 and all drafts and accompanying statements or
documents must bs presented to Lender on or before that timra (the "Expiration Date"),
AMOUNT OE CRfib1T. Lender heroby establishes at the request and for U1e account of Borrower, an Irrovocabie Letter cf Credit in favor of
Benefciary for a sum of Forty-two Thousand Sovon Hundred Eighty-nine & 75/100 Dollars ($42,789 75) (the "Letter of Credit"). These funds
shall ba made available to Beneficiary upon Lendor's roceipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated
above (or other such address that Lender may provide Beneficary in writing) during regular business hours and accompanietl by the signed
written statements or documents fndicatod below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS
F:[~iJIR6MEN7S, EITHER SINGLY OR TOGETHER, YOU 8HOULD CONTAGT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT
GAN BE AMEIJDED. OTHERWISE; YOU WILL R!$K LO$IN(3 PAYMENT UNDER THIS LETTER DF CREDIT FOR FAILURE TO COMPLY STRIGTLY
WITH IT•S TERM$ AS WRITj'EN.
DRAFT TLRMS AND CONDI'ftDN3. Lender shall honor drafts submitted by Beneficiary under the following terms and conditiona~
Upon L.ender's honor of such drafts, Lender shen b® fury discharged of Lender's obligations under this3 Crafter of Credit aixl shah not be obligated
to make any further payments under thin Letter Of Credit on6e the full amount of credit available under this Letter of Credit has been drawn. if a
nonconforming demand is made, Lander shall notify Banotidary of Lender's dishonor on or before the time specified in the 'Timing of Dishonor"'
paragraph be~ow~
Denefictary shalt have na recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other
document which campliws sWctly with this Letter of Credit, and whleh on its face appears atherwiae in order but which is signed, issued or
presented by a party or under the name of a party purporting to act for Banrsficiary, purporting to claim through 8aneficiary, or posing as
Benefidary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes na
representation as to the Con•eclneaa of the amount demanded and Lender shall not ba liable 40 Beneficiary, or any Other person, fpr any amount
paid or dlsburaed for any reason whatsoever, includtng, without limitation, any nonapplication or misapplication by Boncficiary of the procoeds of
such payment By preaenttng upon Lender or a Conflrminp bank, eeneftcisry certifies that Benefciary has not and will not present upon the
other, unless and unkfl BeneBdary meets with dishonor esnefidery promisee to return to Lender any funds received by eeneociary in excess of
tho Letter of Credit's maximum drawing amount.
USE RESTRICTIpNB. Ail drafts must ba marked ^DRAWN UNDER D. L. Evans Bank IRREVOCABLE LETTER pF CREDIT NO. 12113 DATED
09.24.2007;' and the amount of each draft shall be marked on the draft. Only Beneficiary or Beneficiary's transferee may complete a draft and
accompanying statemerrta or documents required by this Letter of Credit and make a draw under this Letter of Credit, Thia original Leiter of
Credit must accompany any draft drawn hereunder,
Partial draws ors permitted under this Lettrar of Credit Lenders honor of a partial draw shall correspondingly roduce the amount of dredi!
available under this Lotter of Crod1L Following a partial draw, Lender shall return this original Letter of C-edtt to Beneficiary with the partial
drew noted hereon; In the eltometive, and in its sole discretion Lender may Issue a subatitule Letter of Credit to Seneftciary in the Wmaunt
shown above, lass any partial drawls},
PERMITTED TRANSFEREt:$, This Leaor >Sf Credit may be trensferred by Beneficiary upon prior written Hoots to Lender of the transfer. The
transferee shall ba doomed the new Beneficiary of this Lotter of Credit and the dooumenta of the transferee, including drafts required undiar this
Letter or Crodft, will be processed by Lander (or any intermediary) without the crlginal Beneficiary's Intervention and without any further
obligation of Lander io die ori}inal Beneficary.
TRANSFEREES RI:CIUIRED DOCUMENTS. When the presenter is a pemtitted transfrsrse under the "Permitted Tronsferoas" paragraph•above (the
"Po'rrnitted 7ransfer¢e"), the documents roquirmd for a draw shat( include all documents requirod elacwhena in this Letter of Credit, except that
ouch documents may be in the name of and exsauted by either the original Beneficiary or the presenter permitted by the "Permitted Transferees"
paragraph above,
TIMING of DISHONOR. Lander may rely upon any reason for dishonor which rt communicates to Benefclary ar tho prosontor within throe (3)
Banking Daya after Lender has received the last document forming 8ahaficiary'a presentment (the "Three-Gay Period"), Lender shall be entitled
to roly upon such reason without regard to either (i) the timing of any presentment made before the Expiration Date, ar (ii) the timing inside the
Three•Day Period of any proflminary communication(s) from Lender oonaemtng the dishonor dedslon or any reason for dishonor. For any reason
for dishonor given during the Throe-Day Period, Lender shelf ba conGusively tleemed to have met the "reasonable time", "without delay", and
.other timing roquirementa as the 2008 Revision of the Uniform Customs and PraCitce for Docummntary Credits of the Iritemational Chamber of
Commerce, ICC Publication No. 600 (the "UCP") may impaae. The Expiretian Date shall not be BMended to accommodate a presentment made
Joss than three (3) Banking Days before the Expiration Date, and Benefidary shall no! be entitled to submit a draw request or provide Lender
with any documents in support of a draw aftor the Expiraton Date. Lender shall not be requirod to communicate a dishonor decision or its
reasons within a time (ass than the Thrsra-Day Psrtod "Banking Day^ means any day, except Saturday on which commarriat banks located in
Idaho are open.
COMPLIANCE BURDEN, Lender is not re8ponsible for any impassibility or other dlffiCUlty In achieving strict compliance with the requirements of
this Letter of Credit pre0isely a5 wrftten. Beneficiary understands and acknpwledg6s: (i) that unless and until the present wording of this Letter
of Credit is amended with Lender's prior written consent, the burden of complying strictly with $uoh wonting remains solely upon Beneficiary,
and (ii) that Lander is relying upon the lack of such amendment as Constituting $eneficiary's initial and continued approval of such warding,
NON,SEVFrRA14iLl7Y. it any aspect of this Letter of Credit is aver deolarod unenforceable for any reason by any court or governmental body
having jurisdic#ion, Lender's entire engagement under thf8 Letter of Credit shoo be dormad null and void ab initip, and both Lander and
Denaticiary shall be restored to the position each would have occupied with all rights available as though this Letter of Cr®dit had never
occurred, This non•saverabiiity provision shall override all other provisions in this Letter of Gredit, no matter where such provision appears
within this Letter of Credit.
May. 8. 2008 2~31PM No.4965 P. 3
lRREV(7CABLE LETTER OF CREDIT
Loan Na: 20b1OO2863 (COhtlril,Jt3d) Page 2
GOVERNING LAW, ThlB Agrsomsht will ba governed by federal law applicable to Lender and, to the extent not preempted by federal Isw, the
laws of the State of Idahp wjthout rcgard to Its Coh9i~ts of law provisions, and except to the extent such laws are inconsistent with the UCP..
7hls Agreen+ent has been accepted by Lender in the State of IdBhp.
ExPtRATION. Lander hereby agrees Wlth Beneficiary th8t drsfls drawn under and in compliance with the farms of this Letter of Credit will b®
duly honored if proscsntod to L6ndur on or before the Expiration pate unless otherwis® provided for above.
Rs9ted: Dclotaer 11, 2007
PRDJECT NAME- trardigan Bay Subdivision
LENP>=R:
D.. L. EVANS BANK
By;
ut or sr
ENDORSEMENT OF DRAFTS DRAWN:
Amount Amount
Data Neoatiatod av ~ In words In Figures
ucm mo ~se~, v.r. u~.oo.om aw. w~wn rmR+wwwn. aa. ~sor.:eor. roi reonr n..rwa. • ro ucran+axoc.rc taua~'ma-u
Mar. 8. 2008 2:30PM
~~i~E IDIAN~--
IDAHO
No.4965 P. 1
Mayer Tammy de WFerd
City Council Members;
KeifF Sird
Jos 3orton
C~~rits RountreQ
David Zarem6a
FAC~t~~LE Ct"J1lE~ S~~~T
^:~~ ,.
.,:.
To: fax Number: - ----.. _ .
from: Gate: -
~efiurn _~x #:~ 2p$-$98-955'1 p~l~es (lncludinct Cover Sheetf:
PllhliG Wrlritc rl~rarFmont ~ .~Rfl F lh/_t,cr{rn~~ssr G4r.m n+ Cry{=n "1r1r1 RR~.-..T.-.. i1 090i"'i
~~E IDIAN~--
~~~~,-
April 21, 2008
Big River LLC
28731N Wind Drive
Eagle ID 83616
RE: CARDGIAN BAY
Sewer & Water Construction -Final Acceptance
Dear Sirs:
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
Installation of this. project's sanitary sewer andlor domestic water systems has been
satisfactorily' completed in accordance` with the approved plans: These systems have passed
the required tests; in accordance with City of Meridian Standard Specifications and Drawings;
and are hereby accepted by the City for ownership and maintenance:
Record drawings submitted to us for this project are also accepted and are being forwarded to
the Idaho Department of Environmental Quality;.. The engineer of record:: is responsible for
certification of the record drawings as to horizontal and vertical location of aH public water and
sewer facilities installed.
In accordance with City of Meridian Standard Specifications and Drawings, the installation and
materials of the sewer and `domestic- water systems' are to be warranted against- defect by the
contractor for a period of one year from the date of this letter `
Si^ncer-ely;
~J~
Clint Dolsby
Interim City Engineer
cc. City Clerk, Water Division, Wastewater Division; File
Engineering Solutions
DEQ ,
Public Works Department .660 E. Watertower Street, Suite 200, Meridian, iD 83642
Phone 208-898-5500 . Fax 208-898-9551 . www.meridiancity.org