Clerks Release Paramount 23March 10, 2016
U.S. Bank National Association
Standby Letters of Credit: BC-MN-H2OG
800 Nicollet Mall
Minneapolis, Minnesota 55402
Mayor Tammy de Weerd
City Council Members:
Keith Bird Joe Borton
Luke Cavener Genesis Milam
Charlie Rountree David Zaremba
Re: Release of Letter of Credit No. SLCMMSP07213 for Smith Brighton, Inc.
(Paramount Sub. No. 23)
After a review of the above referenced project by the Planning Department and the
Public Works Department, it has been determined to release the Letter of Credit in the
amount of $52,142.45. Please use this letter as authorization for U.S. Bank to release
Letter of Credit No. SLCMMSP07213.
If you have any questions, please contact me at (208) 888-4433. Thank you for your
cooperation.
Sincerely,
Jaycee L. Holman
City Clerk
Enclosure
All oft serving your
:us • - a
U.S. Bank National Association
Standby Letters of Credit: BC-MN-H20G
800 Nicollet Mall
Minneapolis, Minnesota 55402
March 27, 2014
City of Meridian
33 E. Broadway Ave
Meridian, Idaho 83642
Attn: Bruce Freckleton
SWIFT: USBKUS44
TELEX:
Phone: 866-359-2503 x 5854
612-303-7395
Fax: 612-303-5226
We hereby establish our Irrevocable Standby Letter of Credit No. SLCMMSP07213 for the account of
Brighton Investments LLC for the account of Smith Brighton Inc., 12601 W. Explorer Drive, Suite 200, Boise,
Idaho 83713 in the initial amount of $52,142.45 (Fifty Two Thousand One Hundred Forty Two and 45/100 US
dollars) and authorize you to draw at sight on U.S. Bank National Association.
Drafts on us at sight must be accompanied by the original of this Letter of Credit (and any amendments
thereto) and a beneficiary's signed statement (purportedly signed by an authorized signer of beneficiary) as
follows: "We are drawing under this letter of credit as funds are due to the City of Meridian due to the failure
of Smith Brighton Inc. to correct any defective materials or workmanship relative to the water and sewer for
Paramount Subdivision #23."
The amounts of any drafts drawn under this Letter of Credit are to be endorsed on the reverse side hereof.
Such drafts must bear the clause "Drawn under U.S. Bank National Association credit number
SLCMMSP07213 dated March 27, 2014."
We hereby agree with drawers that drafts and documents as specified above will be duly honored upon
presentation to U.S. Bank National Association, 800 Nicollet Mall, attn: Standby Letters of Credit BC-MN-
H2OG, Minneapolis Minnesota 55402, if presented on or before March 10, 2016.
Pursuant to U.S. Law, we are required to obtain, verify and record information that identifies parties to the
transaction and we are prohibited from issuing, transferring, accepting, or effecting payment to any party or
entity identified by the U.S. Department of Treasury including any office and bureau thereof or subject to the
denial of export privileges by the U.S. Department of Commerce.
This credit is subject to the International Standby Practices (ISP98), International Chamber of Commerce
Publication Number 590, or any subsequent revision thereto.
U.S. Bank National Association
uthorized Signature
usbank.com
Community Development Dept.
Meridian City Hall, Suite 102
33 E. Broadway Avenue
Community Development
Meridian, Idaho 83642
Department
MEMORANDUM
March 10, 2016
To: Jaycee Holman, City Clerk
From: Bruce Freckleton, Development Services Manager
Re: Paramount Subdivision No. 23 — Release of Warranty Surety
(Surety -War -2014-0014)
Jaycee,
Attached is a copy of the Public Works Departments Compliance Letter for the above named
subdivision, which officially signifies that the two-year warranty inspection has been completed
satisfactorily.
At this time I am requesting that you initiate the process of refunding the subject $52,142.45
Warranty Surety (copy attached).
Please let me know if you should have any questions or concerns,
Thank you,
�9
Bruce-v,
cc Karen Wooddell, Accountant