HomeMy WebLinkAboutLetter of CreditE IDIAN~~---
Q ~ ~ ~ ~
May 8, 2008
Attn: Linda Shum
Zions First National Bank
International Operations
550 South Hope Street, 3~d Floor
Los Angeles, CA 90071
Re: Release of Letter of Credit No. ZSB802144 (Practical Magic)
for Cascade Pipeline Corporation
MayorTammy de Weerd
City Council Members:
Keith Bird
Joe Borton
Charles Rountree
David Zaremba
After a site inspection and review of Practical Magic by the Flanning Department and
fhe Public Works Department, it has been determined to release and return to you the
original Letter of Gredit for $10,000.00 upon completion of landscaping. Please use t'his
letter as authorization for Zions First National Bank to release the Letter of Credit No.
ZSB802'144. If you have any questions, please contact me. Thank you for your
cooperation.
Sincereiy,
;,.. ,:~,,,,,,,
. 't ,,
~c~~ ~ ~ ,• ,,4
Jaycee L. Holman `~~~t?~ ~,~~' ''-;
City C'lerk ~ ~ _
Enclosure ' ~BAg' '
% 9~ y~ :
': 9 T t~ • 8,•~ ~~`~
.
~p,,,-_,_, ~
~fT~ •
'''''/'~~~~~~~~~~rn n~~~N~~~`````~,
SURETY SPREADSHEET
Project Name:
Date Compiled:
Letter of CrediUBond No.:
Issued By:
Expiration Date:
Check No.:
Item
PRACTICAL MAGIC (1315 N Meridian Rd)
4/17/2008
ZS6802144
Zions Bank
6N/2008
na
Unfinished Partial Suret
rty Responsible Date Signed Off/
For Si n-Off Person Comments
Sanitary Sewer -intemal $0.00 $0.00 Public Works
Sanitary Sewer-offsite $0.00 $0.00
Water-internal $0.00 $0.00 Public Works
Water- Offsite $0.00 $0.00 Public Works
Street Lights $0.00 $0.00 Building
Landscaping $9,500.00 $500.00 $10,000.00 PZ 5/5/08 SW
Pathways $0.00 $0.00 PZ
Fencing $0.00 $0.00 PZ
Tiling $O.OU $0.00 PZ
Pressurized Irrigation $0.00 $0.00 NMID
Gravity Irrigation $0.00 $0.00 NMID
Other:
$0.00 $0.00 PW
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
TOTAL: $9,500.00 $500.00
Authorized reduction
BALANCE TO REMAIN:
5/5/OS READY TO RELEASE IN FULL - KG $10,000.00
$10,000.00
SURETY SPREADSHEET
Project Name:
Date Compiled:
Letter of CrediUBond No.:
Issued By:
Expiration Date:
Check No.:
Item
PRACTICAL MAGIC (13t5 N Meridian Rd)
4/17/20U8
ZSB802144
Zions Bank
6/1/2008
na
Unfinished Partial Suret
rty Responsible Date Signed Off/
For Si n-Off Person Comments
Sanitary Sewer -internal $0.00 $0.00 Public Works
Sanitary Sewer-offsite $0.00 $0.00
Water-internal $0.00 $0.00 Public Works
Water- Offsite $U.00 $0.00 Public Works
Street Lights $0.00 $0.00 Building
Landscaping $9,500.00 $500.00 $10,000.00 PZ sw
Pathways $0.00 $0.00 PZ
Fencing $0.00 $0.00 PZ
Tiling $0.00 $0.00 PZ
Pressurized Irrigation $0.00 $0.00 NMID
Gravity Irrigation $0.00 $0.00 NMID
Other:
$0.00 $0.00 PW
$0.00 $0.00
$0.00 $0.00
$0.00 $0.00
TOTAL: $9,500.00 $500.00
Authorized reduction
BALANCE TO REMAIN: $10,000.00
$10,000.00
ZIONS BANK ~nternational Operations St2ndby Lette~ Of Cfedit
550 South Hope Sveet, 3rd Floor
Los Angeles, California 90071
Establishedi~a 1-873 S.W.I.F.T:ZFNBUS55
L/C No. ZSB802144
January 18, 2008
IRREVOCABLE STANDBY LETTER OF CREDIT NO. ZSB802144
BENEFICIARY:
CITY OF MERIDIAN
PLANNING AND ZONING DEPARTMENT
33 E. IDAHO AVE.
MERIDIAN, IDAHO 83642
ATTN: SONYA
EXPIR.ATION:
June 1, 2008
AMOUNT: USD10,000.00
Dear Sir/Madam:
At the request of CASCADE PIPELINE CORPORATION, 1406 N. MAIN ST. STE 114, MERIDIAN,
IDAHO 83642 ATTN: 70HN MCNATT, we hereby establish our Irrevocable Standby Letter of Credit in your favor
wp to an aggregate ainount of Ten Thousand and 00/100 US DOLLARS (USD10,000.00). Tl~is credit is available
for payineiit against presentation of your draft(s) at Sight drawn on ZIONS FIRST NATIONAL BANK, bearing the
clause: "Drawn under credit no. ZSB802144 of ZIONS FIRST NATIONAL BANK" accoinpanied by the following
documents: '
Tl~is original Letter of Credit and amendment(s) thereto, if any, which will be returned to you following our
notation thereon of the amount of sucl~ draft drawn hereunder. If the amount of the draft is for tl~e full
ainount of this Letter of Credit, tl~e original Letter of Credit will be retained by us.
A statement purportedly signed by an authorized representative of the City of Meridian stating as follows:
"We certify that Cascade Pipeline Corporation l~as not satisfactorily completed the landscaping as per
agreeinent between Cascade Pipeline Corporation and the City of Meridian for the property located at 1315
N_ Meridian Rd., Meridian, Idaho."
Partial drawings are not allowed.
In the event of a drawing all original documents including original sight draft must be dispatcl~ed in one lot by
registered mail or courier services directly to Zions First National Bank, International Operations, 550 So~rth Hope
Street, 3rd Floor, Los Angeles, CA 90071.
This Standby Letter of Credit expires at our counters at the close of business on the expiration date.
If you l~ave aiiy questions concerning this transaction, please call us at (213) 593-2131, (213) 593-2128 or (213)
593-2127.
We hereby agree with you that a-11 draft(s) drawn under and in compliance with tl~e terms of this letter of credit will
be l~o~aored upon presentation to us as specified herein.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PR.ACTICE FOR DOCUMENTARY
CREDITS (2007 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 600.
Sincerely,
ZIONS FI ST NATIONAL BANIC
~-.
Autl~o zed Signatur ~~~~~ ~~~~
~~~~ ~~~~~~~~