Letter of Credit (2)
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Department of Finance & Administration
. Office of City Clerk
Lieu Ann Nicola, City Clerk
300 West Ash Street, Suite 206
P.O. Box 736
Salina, Kansas 67402-0736
City of
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Salina
?~ QQ-/J80
TELEPHONE (785) 309-5735
FAX (785) 309-5738
TOO (785) 309-5747
e-mail: Iieuann.nicola@salina.org
Website: www.cLsalina.ks.us
August 8,2003
Mr. Larry Fief
Bank of Tescott
P.O. Box 2537
Salina, KS 67402-2537
RE: Letter of Credit No. 51A
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 $128,056.25. 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.
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Lieu Ann Nicola
City Clerk
Enclosure: Original Irrevocable Letter of Credit
cc: Brad Johnson, Civil Engineer
Dan Meinhardt
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IRREVOCABLE LETTER OF CREDIT
DATE: 7-7-99
No. 51A
Advertising bank reference no.
Advising bank:
The Bank of Tescott
600 S. Santa Fe
Salina, KS 67401
For Account of:Golden Eagle Estates
Public Improvements
To beneficiary:
City of Salina
300 W. Ash
Salina, KS 67401
Amount:
$ 128.056.25
Expiration Date: 7-7-01
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 due, but unpaid, special
assessments covering the installation of the following described
improvements in the City of Salina, Kansas:
Water, Sanitary Sewer, Streets and Storm Drains in ......
(Project No. 99-1180 Subdivision Improvement Phrase III)
Said special assessments having been levied against the following
described properties listed by legal description:
Lots 1 through 3, Block 2; Lots 1 through 14, Block 3; Lots 9
through 19, Block 4; and Lots 2 through 4, Block 7, Golden Eagle
Estates Addition to the City of Salina, Kansas.
Special Conditions:
Partial drawings are permitted.
This original letter of credit must be presented with any drafts
drawn not exceeding in the aggregate a total of $ 128,056.25
Notwithstanding the expiration date noted above, it is understood
that this letter of credit shall be automatically renewed for
additional one-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, be
written instruction, authorize the release of this letter of
credit.
Drafts drawn hereunder must be marked "Drawn
The Bank of Tescott , Letter of Credit No.
(Authorizing Institution)
dated 7-7-99
under
51A
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
compliance wi th 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.
Place, date, name and
signature of the advising bank.
B
f
Sincerely,
Nicola, Lieu Ann
From:
Sent:
To:
Subject:
Johnson, Bradley
Friday, August 08, 2003 1 :25 PM
Nicola, Lieu Ann
RE: Letter of Credit
This can be released. They have 10 CO's in 26 Lots for (38%). Please let me know if you have any additional questions.
Thanks.
Brad
-----Original Message-----
From: Nicola, Lieu Ann
Sent: Thursday, August 07,20034:35 PM
To: Johnson, Bradley; O'leary, Shawn
Subject: Letter of Credit
Dan Meinhart would like to know if his letter of credit for the Golden Eagle Estates Public Improvements (99-1180) can
be released. Thanks
Lieu Ann Nicola, City Clerk
City of Salina
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