Letter of Credit
-. .
Department of Finance & Administration
fOffice of City Clerk
Lieu Ann Nicola, City Clerk
300 West Ash Street, Suite 206
P.O. Box 736
Salina, Kansas 67402-0736 Salina
P~)edq4-gqz.,
TELEPHONE (785) 309-5735
FAX (785) 309-5738
TDD (785) 309-5747
e-mail: lieuann. nicola@salina.org
Website: www.ci.salina.ks.us
~ . l
August 13, 2003
Mr. Larry Fief
Bank of Tescott
P.O. Box 2537
Salina, KS 67402-2537
RE: Letter of Credit No. 9A
Dear Mr. Fief:
Please consider this letter your release from the Irrevocable Letter of Credit issued for
Golden Eagle Estates Public Improvements in the amount of $84,656.02. The
Engineering and General Services Department of the City of Salina has determined that
Golden Eagle Estates 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
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IRREVOCABLE LETTER OF CREDIT
Date: F'ph )S. 1 qq4
No.
9A
Advising bank reference no.
Advising bank:
The Bank of Tescott
600 S. Santa Fe
Salina, KS 67401
To beneficiary:
For account of: Golden Eagle Estates
Public Improvements
Amount: $ 84,65fi.07.
City of Salina
300 W. Ash
Salina, KS 67401
Expiration date: Feb. 7.5. 1999
Gentlemen:
We hereby establish our irrevocable letter of credit in your favor available by
payment for your drafts drawn at sight on 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. 94-892
Said special assessments having been
properties listed by legal description: Lots
Thirty-two (32) and Thirty-three (33), Block
(4), Block Six (6), Golden Eagle Estates, to
Special Conditions:
levied against the following described
One (1) through Nineteen (19), and Lots
Five (5), and Lots One (1) through Four
the City of Salina, Saline County, Kansas.
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 $ R4 fiSfi n?
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.
Drafts drawn hereunder must be marked "Drawn under '['hp Rrmk or 'l'p~rot1-
Authorizing Institution
Letter of Credit No. 9A
, dated
F'eb )5. 1 gg4
"
Advising bank's notification
The Bank of Tescott
600 S. Santa Fe
Salina, KS 67401
We hereby engage with you that all drafts
drawn under and in comnliance with the terms
of this credit will be ditly honored if drawn
and presented for payment at this office on
or before the expiration date of this credit.
Sincerely yours,
Place, date, name and
signature of the advising bank.
..
Nicola, Lieu Ann
From:
Sent:
To:
Subject:
Johnson, Bradley
Wednesday, August 13, 2003 8:05 AM
Nicola, Lieu Ann
RE: Golden Eagle Estates Project No. 94-892
Not a problem Lieu Ann. You can release. Over 90% developed with C.O.'s. Please let me know if you need anything
else. Thanks.
Brad
-----Original Message-----
From: Nicola, Lieu Ann
Sent: Monday, August 11, 20032:56 PM
To: Johnson, Bradley
Subject: Golden Eagle Estates Project No. 94-892
The letter of credit for the Golden Eagle Estates Public Improvements Project (94-892) has never been released. Can
I do so?
Lieu Ann Nicola, City Clerk
City of Salina
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