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HomeMy WebLinkAboutReturn Letter of Credit Specialty ConstMayorTammy de Weerd City Council Members: Keith Bird Brad Hoaglun Charles Rountree David Zaremba June 29, 2009 Bank of America, N.A. 1000 W. Temple Street 7t" Floor, CA9-705-07-05 Los Angeles, CA 90012-1514 Re: Release of Letter of Credit No. 3096553 (Specialty Construction Supply) for Ronald W. Van Auker After a site inspection and review of the above referenced project by the Planning Department and the Public Works Department, it has been determined to release Letter of Credit No. 3096553 in the amount of $17,532.90 to you for the completion of fencing. Please use this letter as authorization for Bank of America to release Letter of Credit No. 3096553. If you have any questions, please contact me at (208) 888-4433. Thank you for your cooperation. Sincerely, ~~ i Ja ce~ Iman City Clerk ~®~~~~~ Enclosure JUL ~ 7 200 ~~© JH SURETY SPREADSWEET Project Name: Date Compiled: Letter of CreditlBond Na.: Issued i3y: F~cplraUon Date: Check Nc.: Item Specialty Canatruc0on Supply Co (348 NW 13th ) 10/8/2008 3096553 Bank of America 71112009 Unfinished Partial Sure rty Responsible Date Signed tiff/ For Si n-Off Person Commerds Sanitary Sewer -iMemal $0.00 $0.00 -~ Public Works Sanitary Sewer-offsrTe $0.00 $0.00 Water-internal $0.00 $0.00 PubUc Works ____ _ _ ^~ Water- f)ffsite - $0.04 $O.OO - I Public Works Street Lights $0.00 $0.00 Buflding Landscapirsg . -_ $0.00 $0.00 PZ ,~ Pathways _.w . - $0.00 $0.00 PZ Fencing $15,939.00 $1,593.90 $17,532.90 PZ ~~_---.. Sonya Tiling _. ___._-.._._ _.. $0.00 $0.00 PZ ._---- Pressui¢ed Irrigation -- $0.00 $0.00 NMID ~^ Gravity irrigation . -- $t):00 $0.00 NMID . Other: ~. -- _ _ $0.00 __ $0.00 PW $0.00 $0.00 --..___.____. . _ $a.oo $o.oo __-_ _ ... $o.~ $o.oo TOTAL: $15,939.08 $9.593.90 Authorized reduction BALANCE TO REMAIN: $17532.90 $17532.90 MayorTammy de Weerd City Council Members: E ~~~~ Keith Bird ~+- Brad Hoaglun Charles Rountree ~~ David Zaremba ... ~..;. FACSIMILE COVER SHEET- ~.- ~: ; : ~ ! Notes Please see the attached letter. Building Services . 33 E. Broadway Ave., Suite 102, Meridian, ID 83642 Dhnnn X1/10 4Q7 O~f4 ~ _ Cnv OAO GG9 47(17 _ un~nu •++~r..4innnifi• ern MayorTammy de Weerd City Council Members: Keith Bird Brad Hoagiun Charles Rountree David Zaremba ATTEMTIC111t REQUESTED June 18, 2009 Ronald W. Van Auker (fax). (208)887-7988 RE: LETTER OF CREDIT -SCHEDULED TO EXPIRE The Letter of Credit issued for required improvements for Specialty Construction Supply Co (348 NW 13"') is going to expire on 7!1108. I have enclosed the detail sheet for the odginal surety with the applicable information. This detail sheet also reflects the signofFs received as well as the remaining items that will require an extension and/or an amendment issued PRIOR to the expiration date. Original Letter of Credit #: 3096553 Financial Institution: Bank of America Portion to be extended: $17,532.90 Please note that if improvements are not completed and inspected, or an extension received prior to the expiration date, the City will be required to request a draw on this LOC. {Inspections need to be scheduled with the agency or department responsible as listed on the detail sheet.} Should you have any questions or need assistance, please give me a call. Sincerely, s~g~ Scott W Steckline Meridian Public Works Department Land Development Supervisor (208) 898-5500 Enc: 1 ~ank~~f~mer~c~ ~„~ BANK OF AMERICA -- CONFIDENTIAL DATE: OCTOBER 3, 2008 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3096553 APPLICANT REFERENCE NUMBER: RONALD BENEFICIARY CITY OF MERIDIAN ATTN: KARLE GLENN 660 E WATERTOWER MERIDIAN, ID 83642 PAGE: 1 ISSUING BANK BANK OF AMERICA, N.A. 1000 W. TEMPLE STREET 7TH FLOOR, CA9-705-07-05 LOS ANGELES, CA 90012-1514 APPLICANT RONALD W. VAN AUKER 3484 EAST LANARK MERIDIAN, ID 83642 AMOUNT NOT EXCEEDING USD 17,532.90 • NOT EXCEEDING SEVENTEEN THOUSAND FIVE HUNDRED THIRTY TWO AND 90/100'S US DOLLARS• EXPIRATION JULY 1, 2009 AT BOISE, ID COUNTERS LADIES/GENTLEMEN: WE HEREBY ESTABLISH IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 3096553 WHICH IS AVAILABLE WITH BANK OF AMERICA, N.A. BY PAYMENT AGAINST PRESENTATION OF THE ORIGINAL OF THIS LETTER OF CREDIT AND YOUR DRAFTS AT SIGHT DRAWN ON BANK OF AMERICA, N,A., ACCOMPANIED BY THE FOLLOWING DOCUMENT: BENEFICIARY'S SIGNED STATEMENT STATING: "THE AMOUNT OF DRAFT DRAWN REPRESENTS FUNDS DUE TO THE CITY OF MERIDIAN FOR THE FAILURE OF RONALD W. VAN AUKER TO COMPLETE THE FENCING IMPROVEMENTS FOR THE SPECIALTY CONSTRUCTION SUPPLY BUILDING". DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE "DRAWN UNDER BANK OF AMERICA, N.A., IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 3096553." PARTIAL DRAWINGS ALLOWED. PAYMENT UNDER THIS LETTER OF CREDIT WILL BE EFFECTED UPON PRESENTATION OF YOUR DRAFT ACCOMPANIED BY THE REQUIRED DOCUMENT(S) (THE "DRAWING") TO BANK OF AMERICA, N.A., 280 S. CAPITOL BLVD. 2ND FLOOR, BOISE IDAHO 83702 ATTENTION: MICHAEL C RUST AND A COPY OF SUCH DRAWING SENT SIMULTANEOUSLY BY FACSIMILE TO BANK OF AMERICA, N.A., ORIGINAL os-i~-iaa6s o~-zooo R~nk~®f Am~r~ca ~~ BANK OF AMERICA - CONFIDENTIAL PAGE: 2 THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3096553 LOS ANGELES "FAX NUMBER (213) 457-8841." WE HEREBY AGREE WITH YOU THAT DOCUMENTS PRESENTED IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION, AS SPECIFIED HEREIN. THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES 1998, ICC PUBLICATION N0. 590. IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL 1-800-541-6096 OPT 1. A HORIZED SIGNATURE THIS DOCUMENT CONSISTS OF 2 PAGE (S}. ORIGINAL OS-17-1A86B 07-2000 SURETY SPREADSHEET Project Name: Date Compiled: Letter of Credit/Bond No.: Issued By: Expiration Date: Check No.: Item Specialty Construction Supply Co (348 NW 13th ) 10/8/2008 3096553 Bank of America 7/1/2009 Unfinished Partial Sure rty Responsible Date Signed Off/ For Si n-0ff Person Comments Sanitary Sewer -intemal $0.00 $0.00 Public Works Sanitary Sewer-offsite $0.00 $0.00 Water-intemal $0.00 $0.00 Public Works Water- OffsRe $0.00 $0.00 Public Works Street Lights $0.00 $0.00 Building Landscaping $0.00 $0.00 PZ Pathways $0.00 $0.00 PZ Fencing $15,939.00 $1,593.90 $17,532.90 PZ Sonya 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: $15,939.00 $1,593.90 Authorized reduction BALANCE TO REMAIN: 6/25/09 READY TO BE RELEASED IN FULL SS, SW $17,532.90 $17,532.90