Letter of Credit
Department of Finance & Administration
Office of City Clerk
. .4f/Ili IlL , Lieu Ann Nicola, City Clerk
300 West Ash Street, Suite 206
P.O. Box 736
Salina, Kansas 67402-0736 Salina
'PrOJt-d qq-~
TELEPHONE (785) 309-5735
FAX (785) 309-5738
TDD (785) 309-5747
e-mail: lieuann.nicola@salina.org
Website: www.cLsalina.ks.us
March 20, 2003
Bank of America
Treasury Management Services
Mail Code: CA9-703-19-09
333 S. Beaudry Avenue, 19th Floor
Los Angeles, CA 90017
RE: Irrevocable Standby Letter of Credit Number 3023074
To Whom It May Concern:
Please consider this letter your release from the Irrevocable Letter of Credit issued for
Reality Associates, Inc., in the amount of $51,384.32. The Engineering and General
Services Department of the City of Salina has determined that Reality Associates has met
the requirements needed to release this letter of credit.
If you have any questions, please contact me.
Sincerely,
~
Lieu Ann Nicola
City Clerk
Enclosure: Original Irrevocable Letter of Credit
cc: Brad Johnson, Civil Engineer
Realty Associates, Inc.
r"
,
Bank of America. ~
..~~.
Treasury Management Services
Standby Letters of Credit #22621
Mail Code: CA9-703-19-23
333 S. Beaudry Ave, 19th Floor
Los Angeles, CA. 90017-1466
January 14, 2002
City of Salina
Department of Engineering and
General Services
300 W. Ash, P.O. Box 736
Salina, KS 67401
RESCISSION OF NON-RENEWAL NOTICE
Subject:
Standby Letter of Credit No. 3023074
For Account of: Realty Associates, Inc.
The Notice of Non-Renewal sent to you on November 28, 2001 is hereby
rescinded. Per its terms, the Letter of Credit No. 3023074 is extended to February
1, 2004.
The Automatic Renewal Clause is still in effect. All other terms and conditions
remain unchanged.
Any inquiry concerning this credit, please quote our reference above.
Sincerely,
~~
Ma~a Goco
Authorized Officer
(213) 345-6620
, ~.. ..
DEPARTMENT OF FINANCE AND ADMINISTRATION
300 West Ash Street. P. O. Box 736
Salina, Kansas 67402-0736
Rodney Franz, Director
Telephone (785) 309-5735 . FAX (785) 309-5738. E-Mail rodJranz@salina.org
December 17, 2001
Ms. Ellie Ritter
Realty Associates, Inc
2103 South Ohio Street
Salina, KS 67401-6809
co"?'I
Re: Letter of Credit #30232074
Dear Ms. Ritter:
We have received notice, as have you, that Bank of America is not going to renew letter of credit #
3023074, issued in the maximum amount of $51 ,384.32. This letter of credit was initially issued on
February 9, 2000 as security against special assessments levied against properties in Georgetown
Addition as described in Exhibit "A". The letter of credit expires on February 1, 2002.
City policy provides that upon development (issuance of certificates of occupancy) on 35% of the described
properties, the letter of credit may be released. This development threshold has not yet been achieved for
the properties subject to this letter of credit.
Therefore, you are required to either renew this letter of credit or obtain a replacement letter of credit in
substantially the same form for these properties. The replacement letter of credit must be on file in the
City Clerk's office by 5:00 PM on January 15, 2002. In the event that it is not so filed, we will proceed to
draw the full balance available ($51,384.32) under the existing letter of credit.
Thank you for your kind attention to this matter.
Sneereln ,
,oW!;-~
Director of Finance
cc:
Dennis Kissinger, City Manager
Greg Bengtson, City Attorney
Shawn O'Leary, Director of General Services/City Engineer
Jim Kramer, Bank of America
U:IDDRIVEIProject DatalGeorgetown Letter of Credit.doc
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BankofAmerica ~
IVON_ ~E Ni! W A {, IVOT/ C&
DATE: NOVEMBER 28, 2001
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3023074
BENEFICIARY
APPLICANT
CITY OF SALINA
DEPARTMENT OF ENGINEERING AND
GENERAL SERVICES
300 W. ASH, PO BOX 736
SA~//--/A ; 1<0 &7t,t61
REALTY ASSOCIATES, INC.
2103 SOUTH OHIO STREET
SALINA, KS 67401-6809
PLEASE BE INFORMED THAT, IN ACCORDANCE WITH THE TERMS OF THE ABOVE
LETTER OF CREDIT NO. 3023074 WE HAVE ELECTED NOT TO RENEW THE
CREDIT, AND CONSEQUENTLY, THE CREDIT WILL ULTIMATELY EXPIRE ON
FEBRUARY 1, 2002.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
NOTIFICATION, PLEASE CALL 213-345-6632.
Bank of America. N.A. Trade Operations
Mail Code: CA9-703-19-1l9
333 S. Beaudry Avenue, 19th Floor. Los Angeles, CA 90017
ORIGINAL
00-35-1l20INSB 9-1999_CA9 19
"
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16797
99-1198A Total Future Assessments Due:
Lot 19, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$6,685.98
$6,510.38
$175.60
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01
1.02%
W/E: 12/7/01
From: htto:/ /www.federalreserve.l2:ov/releases/hI5
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $256.19 $221.38 $477.57 $23.88 $501.45
12/20/03 $267.84 $209.73 $477.57 $23.88 $501.45
12/20/04 $280.03 $197.54 $477.57 $23.88 $501.45
12/20/05 $292.77 $184.80 $477.57 $23.88 $501.45
12/20/06 $306.08 $171.49 $477.57 $23.88 $501.45
12/20/07 $320.01 $157.56 $477.57 $23.88 $501.45
12/20/08 $334.56 $143.01 $477.57 $23.88 $501.45
12/20/09 $349.78 $127.79 $477.57 $23.88 $501.45
12/20/10 $365.69 $111.88 $477.57 $23.88 $501.45
12/20/11 $382.33 $95.24 $477.57 $23.88 $501.45
12/20/12 $399.72 $77.85 $477.57 $23.88 $501 .45
12/20/13 $417.91 $59.66 $477.57 $23.88 $501.45
12/20/14 $436.92 $40.65 $477.57 $23.88 $501.45
12/20/15 $456.79 $20.78 $477.57 $23.88 $501.45
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$4,866.62 $1,819.36 $6,685.98
$334.30 $7,020.28
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16796
95-938A Total Future Assessments Due:
Lot 20, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$3,587.78
$3,493.55
$~
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01
1.02%
W/E: 12nt01
From: htto:/ Iwww.federalreserve.gov/releases/h15
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $137.47 $118.80 $256.27 $12.81 $269.08
12/20/03 $143.73 $112.54 $256.27 $12.81 $269.08
12/20/04 $150.26 $106.01 $256.27 $12.81 $269.08
12/20/05 $157.10 $99.17 $256.27 $12.81 $269.08
12/20/06 $164.25 $92.02 $256.27 $12.81 $269.08
12/20/07 $171.72 $84.55 $256.27 $12.81 $269.08
12/20/08 $179.53 $76.74 $256.27 $12.81 $269.08
12/20/09 $187.70 $68.57 $256.27 $12.81 $269.08
12/20/10 $196.23 $60.04 $256.27 $12.81 $269.08
12/20/11 $205.16 $51.11 $256.27 $12.81 $269.08
12/20/12 $214.49 $41.78 $256.27 $12.81 $269.08
12/20/13 $224.25 $32.02 $256.27 $12.81 $269.08
12/20/14 $234.45 $21.82 $256.27 $12.81 $269.08
12/20/15 $245.12 $11.15 $256.27 $12.81 $269.08
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$2,611.46
$976.32 $3,587.78
$179.39 $3,767.17
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16795
95-938A Total Future Assessments Due:
Lot 21, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$7,939.36
$7,982.18
($42.82)
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01
1.02%
W/E: 12/7/01
From: http://www.federalreserve.gov/releases/h 15
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $816.64 $333.19 $1,149.83 $57.49 $1,207.32
12/20/03 $816.64 $257.24 $1,073.88 $53.69 $1,127.57
12/20/04 $816.64 $225.39 $1,042.03 $52.10 $1,094.13
12/20/05 $816.64 $191.91 $1,008.55 $50.43 $1,058.98
12/20/06 $816.64 $156.79 $973.43 $48.67 $1,022.10
12/20/07 $816.64 $120.04 $936.68 $46.83 $983.51
12/20/08 $816.64 $80.85 $897.49 $44.87 $942.36
12/20/09 $816.64 $40.83 $857.47 $42.87 $900.34
12/20/10 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/11 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/12 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/13 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/14 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/15 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$6,533.12 $1,406.24 $7,939.36
$396.97 $8,336.33
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16795
99-1198A Total Future Assessments Due:
Lot 21, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$4,348.82
$4,234.60
$~
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01
1.02%
W/E:
From:
12/7/01
htto:/ /www.federalreserve.l<ov/releases/hI5
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $166.63 $144.00 $310.63 $15.53 $326.16
12/20/03 $174.21 $136.42 $310.63 $15.53 $326.16
12/20/04 $182.14 $128.49 $310.63 $15.53 $326.16
12/20/05 $190.42 $120.21 $310.63 $15.53 $326.16
12/20/06 $199.09 $111.54 $310.63 $15.53 $326.16
12/20/07 $208.14 $102.49 $310.63 $15.53 $326.16
12/20/08 $217.61 $93.02 $310.63 $15.53 $326.16
12/20/09 $227.51 $83.12 $310.63 $15.53 $326.16
12/20/10 $237.86 $72.77 $310.63 $15.53 $326.16
12/20/11 $248.68 $61.95 $310.63 $15.53 $326.16
12/20/12 $259.99 $50.64 $310.63 $15.53 $326.16
12/20/13 $271.82 $38.81 $310.63 $15.53 $326.16
12/20/14 $284.18 $26.45 $310.63 $15.53 $326.16
12/20/15 $297.11 $13.52 $310.63 $15.53 $326.16
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$3,165.39 $1,183.43 $4,348.82
$217.44 $4,566.26
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16799
95-938A Total Future Assessments Due:
Lot 17, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$6,589.68
$6,625.22
($35.54)
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01
1.02%
W/E:
From:
12/7/01
http://www.federalreserve.gov/releases/h 15
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $677.81 $276.55 $954.36 $47.72 $1,002.08
12/20/03 $677.81 $213.51 $891.32 $44.57 $935.89
12/20/04 $677 .81 $187.08 $864.89 $43.24 $908.13
12/20/05 $677.81 $159.29 $837.10 $41.86 $878.96
12/20106 $677.81 $130.14 $807.95 $40.40 $848.35
12/20/07 $677 .81 $99.64 $777.45 $38.87 $816.32
12/20/08 $677.81 $67.10 $744.91 $37.25 $782.16
12/20/09 $677.81 $33.89 $711.70 $35.59 $747.29
12/20/10 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/11 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/12 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/13 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/14 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/15 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$5,422.48 $1,167.20 $6,589.68
$329.48 $6,919.16
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16799
99-1198A Total Future Assessments Due:
Lot 17, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$8,742.02
$8,512.41
$~
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01
1.02%
W/E:
From:
12/7/01
http://www.federalreserve.gov/releases/h 15
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $334.97 $289.46 $624.43 $31.22 $655.65
12/20/03 $350.21 $274.22 $624.43 $31 .22 $655.65
12/20/04 $366.14 $258.29 $624.43 $31 .22 $655.65
12/20/05 $382.79 $241.64 $624.43 $31.22 $655.65
12/20/06 $400.21 $224.22 $624.43 $31.22 $655.65
12/20/07 $418.41 $206.02 $624.43 $31 .22 $655.65
12/20/08 $437.44 $186.99 $624.43 $31.22 $655.65
12/20/09 $457.34 $167.09 $624.43 $31 .22 $655.65
12/20/10 $478.15 $146.28 $624.43 $31.22 $655.65
12/20/11 $499.90 $124.53 $624.43 $31.22 $655.65
12/20/12 $522.64 $101.79 $624.43 $31.22 $655.65
12/20/13 $546.41 $78.02 $624.43 $31 .22 $655.65
12/20/14 $571.27 $53.16 $624.43 $31.22 $655.65
12/20/15 $597.26 $27.17 $624.43 $31.22 $655.65
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$6,363.14 $2,378.88 $8,742.02
$437.10 $9,179.12
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16798
95-938A Total Future Assessments Due:
Lot 18, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$6,589.68
$6,625.22
($35.54)
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01
1.02%
W/E: 12/7/01
From: http://www.federalreserve.gov/releases/h 15
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $677.81 $276.55 $954.36 $47.72 $1,002.08
12/20/03 $677.81 $213.51 $891.32 $44.57 $935.89
12/20/04 $677 .81 $187.08 $864.89 $43.24 $908.13
12/20/05 $677 .81 $159.29 $837.10 $41.86 $878.96
12/20/06 $677.81 $130.14 $807.95 $40.40 $848.35
12/20/07 $677.81 $99.64 $777.45 $38.87 $816.32
12/20/08 $677 .81 $67.10 $744.91 $37.25 $782.16
12/20/09 $677.81 $33.89 $711.70 $35.59 $747.29
12/20/10 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/11 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/12 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/13 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/14 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/15 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$5,422.48 $1,167.20 $6,589.68
$329.48 $6,919.16
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16798
99-1198A Total Future Assessments Due:
Lot 18, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$8,742.02
$8,512.41
$~
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01
1.02%
W/E: 12/7/01
From: htto:/ /www.federalreserve.gov/releases/hI5
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $334.97 $289.46 $624.43 $31.22 $655.65
12/20/03 $350.21 $274.22 $624.43 $31.22 $655.65
12/20/04 $366.14 $258.29 $624.43 $31.22 $655.65
12/20/05 $382.79 $241.64 $624.43 $31.22 $655.65
12/20106 $400.21 $224.22 $624.43 $31.22 $655.65
12/20/07 $418.41 $206.02 $624.43 $31 .22 $655.65
12/20/08 $437.44 $186.99 $624.43 $31.22 $655.65
12/20/09 $457.34 $167.09 $624.43 $31.22 $655.65
12/20/10 $478.15 $146.28 $624.43 $31.22 $655.65
12/20/11 $499.90 $124.53 $624.43 $31 .22 $655.65
12/20/12 $522.64 $101.79 $624.43 $31.22 $655.65
12/20/13 $546.41 $78.02 $624.43 $31.22 $655.65
12/20/14 $571.27 $53.16 $624.43 $31 .22 $655.65
12/20/15 $597.26 $27.17 $624.43 $31.22 $655.65
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$6,363.14 $2,378.88 $8,742.02
$437.10 $9,179.12
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16797
95-938A Total Future Assessments Due:
Lot 19, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$6,589.68
$6,625.22
(~)
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01 W/E:
1.02% From:
12nt01
http://www.federalreserve.gov/releases/h 15
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $677.81 $276.55 $954.36 $47.72 $1 ,002.08
12/20/03 $677 .81 $213.51 $891.32 $44.57 $935.89
12/20/04 $677 .81 $187.08 $864.89 $43.24 $908.13
12/20/05 $677.81 $159.29 $837.10 $41.86 $878.96
12/20/06 $677.81 $130.14 $807.95 $40.40 $848.35
12/20/07 $677.81 $99.64 $777 .45 $38.87 $816.32
12/20/08 $677.81 $67.10 $744.91 $37.25 $782.16
12/20/09 $677 .81 $33.89 $711.70 $35.59 $747.29
12/20/10 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/11 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/12 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/13 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/14 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/15 $0.00 $0.00 $0.00 $0.00 $0.00
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$5,422.48 $1,167.20 $6,589.68
$329.48 $6,919.16
OJ
City of Salina
Special Assessment Prepayment Form
Summary of Findings:
Tract #
Job Number
Other Description:
16797
99-1198A Total Future Assessments Due:
Lot 19, Blk 5 Georgetown Amount of Prepayment Required:
Addition Replat 4, 10, 11, Savings on Prepayment:
12
$6,685.98
$6,510.38
$~
Date of Payment or Sale
Discount Rate Used:
Date First Prepaid
Assessment is Due
12/17/01
1.02%
W/E:
From:
12/7/01
htto:/ /www.federalreserve.gov/releases/h15
12/20/02
Total Due
First prepaid assesment Scheduled Principal Escrow Adm. From
due Scheduled Principal Interest and Interest Fee Escrow
12/17/01 (This is the Date Paid) 0
12/20/02 $256.19 $221.38 $477.57 $23.88 $501.45
12/20/03 $267.84 $209.73 $477.57 $23.88 $501.45
12/20/04 $280.03 $197.54 $477.57 $23.88 $501.45
12/20/05 $292.77 $184.80 $477.57 $23.88 $501.45
12/20/06 $306.08 $171.49 $477.57 $23.88 $501.45
12/20/07 $320.01 $157.56 $477.57 $23.88 $501.45
12/20/08 $334.56 $143.01 $477.57 $23.88 $501.45
12/20/09 $349.78 $127.79 $477.57 $23.88 $501.45
12/20/10 $365.69 $111.88 $477.57 $23.88 $501.45
12/20/11 $382.33 $95.24 $477.57 $23.88 $501.45
12/20/12 $399.72 $77 .85 $477.57 $23.88 $501.45
12/20/13 $417.91 $59.66 $477.57 $23.88 $501.45
12/20/14 $436.92 $40.65 $477.57 $23.88 $501 .45
12/20/15 $456.79 $20.78 $477.57 $23.88 $501.45
12/20/16 $0.00 $0.00 $0.00 $0.00 $0.00
Totals
$4,866.62 $1,819.36 $6,685.98
$334.30 $7,020.28
BankofAmerica ~
,. .: (,.
Co~1
DATE: FEBRUARY 9, 2000
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3023074
BENEFICIARY
CITY Oi' SALINA
DEPARTMENT OF ENGINEERING AND
GENERAL SERVICES
300 W. ASH
SALINA, KS 67401
APPLICANT
REALTY ASSOCIATES, INC.
2103 SOUTH OHIO STREET
SALINA, KS 67401-6809
AMOUNT
USD 51,384.32
FIFTY ONE THOUSAND THREE HUNDRED
EIGHTY FOUR AND 32/100 US DOLLARS
EXPIRATION
FEBRUARY 1, 2002 AT OUR COUNTER
GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR
AVAILABLE BY PAYMENT OF YOUR DRAFTS DRAWN AT SIGHT ON BANK OF AMERICA,
N .A., AND ACCOMPANIED BY A STATEMENT SIGNED BY AN AUTHORIZED REPRESENTATIVE
OF THE CITY OF SALINA CERTIFYING THAT THE AMOUNT OF THE DRAFT PRESENTED
THEREWITH CONSTITUTES A PENALTY FOR NONPAYMENT OF SPECIAL ASSESSMENTS
COVERING THE INSTALLATION OF THE FOLLOWING DESCRIBED IMPROVEMENTS IN THE
CITY OF SALINA, KANSAS:
(PROJECT NO. 99-1198)
SAID SPECIAL ASSESSMENTS HAVING BEEN LEVIED AGAINST THE FOLLOWING DESCRIBED
PROPERTIES LISTED BY LEGAL DESCRIPTION:
SEE ATTACHED EXHIBIT "A"
SPECIAL CONDITIONS:
PARTIAL DRAWINGS ARE PERMITTED.
THIS ORIGINAL LETTER OF CREDIT MUST BE PRESENTED WITH ANY DRAFTS DRAWN
HEREUNDER AND THE AMOUNT AVAILABLE SHALL BE REDUCED BY THE AMOUNT OF ANY
DRAFTS DRAWN NOT EXCEEDING IN THE AGGREGATE A TOTAL OF $51,384.32.
NOTWITHSTANDING THE EXPIRATION DATE NOTED ABOVE, IT IS UNDERSTOOD THAT THIS
LETTER OF CREDIT SHALL BE AUTOMATICALLY RENEWED FOR ADDITIONAL TWO-YEAR
PERIODS UNLESS WE NOTIFY YOU IN WRITING AT LEAST SIXTY (60) DAYS PRIOR TO
THE THEN RELEVANT EXPIRATION DATE THAT IT WILL NOT BE RENEWED AT WHICH TIME
YOU MAY DRAW UP TO THE FULL AMOUNT OF THE CREDIT AVAILABLE AT THAT TIME.
UPON DEVELOPMENT (ISSUANCE OF OCCUPANCY PERMITS BY THE CITY OF SALINA) OF
35 PERCENT OF THE ABOVE-DESCRIBED PROPERTIES, THE CITY OF SALINA WILL, BY
WRITTEN INSTRUCTION, AUTHORIZE THE RELEASE OF THIS LETTER OF CREDIT.
, I
DRAFTS DRAWN HEREUNDER MUST BE MARKED "DRAWN UNDER BANK OF AMERICA, N .A.
LETTER OF CREDIT NO. 3023074, DATED FEBRUARY 9, 2000."
"
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED IF DRAWN AND PRESENTED
FOR PAYMENT AT THIS OFFICE ON OR BEFORE THE EXPIRATION DATE OF THIS CREDIT.
Bank of America, N.A. Trade Operations
Mail Code: (' Al)- 703-19-09
DJ S. Beaudry Avenue. 19th FllH\r. Los Angeles, CA 90017
OO-]5-0202'JSB 9-1999~CA9 19
#. ..1
'..: Recycled t"aper
Bank,of America ~
;. .
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NO. 3023074 AND MUST BE
ATTACHED THERETO.
THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 500.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
TRANSACTION, PLEASE CALL 213-345-6630.
JEFFERSON
MANUEL LOPEZ
Bank of America, N.A. Trade Operations
Mail Code: CA9-703-19-09
333 S. Beaudry Avenue. 19th Floor, Los Angeles, CA 90017
00-35-0202NSB 9-1999 _CA9 19
#.
'""~ Recycled IZaper
~~~kof America ~
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NO. 3023074 AND MUST BE
ATTACHED THERETO.
EXHIBIT "A"
THE CURBING, GUTTERING, PAVING, GRADING AND DRAINAGE FOR PHEASANT LANE FROM
SEITZ DRIVE TO THE WEST PROPERTY LINE OF LOT 8, BLOCK 5, REPLAT OF BLOCKS
4, 10, 11 & 12, GEORGETOWN ADDITION, TO SERVE LOTS 15 THROUGH 19, BLOCK 4;
LOTS 8 THROUGH 10, BLOCK 5; AND LOTS 14 THROUGH 19, BLOCK 5, REPLAT OF
BLOCKS 4, 10, 11 & 12, GEORGETOWN ADDITION TO THE CITY OF SALINA, KANSAS.
THE CURBING, GUTTERING, PAVING, GRADING AND DRAINAGE FOR PHEASANT CIRCLE TO
SERVE LOTS 4 THROUGH 6 AND 8 THROUGH 16, BLOCK 5, REPLAT OF BLOCKS 4, 10,
11 & 12, GEORGETOWN ADDITION TO THE CITY OF SALINA, KANSAS.
THE INSTALLATION OF A SANITARY SEWER MAIN TO SERVE LOTS 8 THROUGH 21, BLOCK
5, REPLAT OF BLOCKS 4, 10, 11 & 12, GEORGETOWN ADDITION TO THE CITY OF
SALINA, KANSAS.
THE INSTALLATION OF A WATER MAIN TO SERVE LOTS 16 THROUGH 18, BLOCK 4, AND
LOTS 8 THROUGH 16, BLOCK 5, REPLAT OF BLOCKS 4, 10, 11 & 12, GEORGETOWN
ADDITION TO THE CITY OF SALINA, KANSAS.
Bank of America, N.A. Trade Operations
Mail Code: CA9-703-19-09
333 S. Beaudry Avenue, 19th Floor, Los Angeles, CA 90017
00-35-0202NSB 9-1999_CA9 19
#. .:l
~J Recycled t-'aper