Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Letters of Credit
City of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758 December 7, 2005 Whitefish Credit Union Mr. Dana Henderson Loan Officer P. O. Box 37 Whitefish, MT 59937 Re: Jeffrey H & Karen J. Thiesen, Sinopah Subdivision Dear Mr. Henderson, The developer requested that the City of Kalispell reduce the subdivision improvement financial security from $ 96,640.00 to $ 38,426.00. A recent examination of the referenced project has been performed and the City of Kalispell agrees with this request. Having received the reduced Letter of Credit in the amount of $38,426.00, we are returning the Irrevocable Letter of Credit in the amount of $96,640.00. Sincerely, Carol L. Kostman City Treasurer Enclosures: 1 cc: Mr. and Mrs. Jeffrey Thiesen 789 Fifth Avenue W.N. Kalispell, MT 59901 Theresa White, City Clerk ISSUER: WHITEFISH CREDIT UNION PO BOX 37 WHITEFISH, RAT 59937 Date of Issue:09-22.2005 Letter of Credit Number: 1134 Amount: U.S. $ 96,640.00 ( NINETY SIX THOUSAND SIX HUNDRED FORTY AND N01100 U.S. DOLLARS) For Benefit Of. For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF KALISPELL JEFFREY H. THIESEN 2481ST AVE. E., KALISPELL, MT 59901 KAREN J. THIESEN 789 5TH AVE. W.N. KALISPELL, MT 59901 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit member] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. ® Partial drawings shall not be permitted under this Letter of Credit. ❑ Partial drawings are permitted. The maximum number of drawings that may be made is DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: ® The original Letter of Credit, together with any amendments. ❑ A sight draft drawn by Beneficiary on Issuer. ❑ A signed statement by Beneficiary including the following statement: ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 12:00 P.M. (Time) on 12-31.2005 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. " ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 1 of 2) /�77 ifi City of Kalispell Public Works Department Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831 MEMORANDUM December 2, 2005 To: Carol Kostman, Treasurer 4 From: Frank Castles, P.E., Assistant City Engineer RE: Sinopah Subdivision Attached is a copy of the request by the developer to reduce the amount of the subdivision improvement financial security to $38,426.00. A recent examination of the referenced project was performed recently. Public Works concurs that the items remaining to be constructed are as they appear in the attached EXHIBIT (dated 11/23/05). Also attached is a Subdivision Improvement Agreement stating the completion date of the improvements is to be August 1, 2006. Public Works concurs with the completion date as stated in the Subdivision Improvement Agreement. Please return the existing financial security to the bondholder. Cc w/o attachments: Jeff Thieson 789 5th. Ave. W.N. Kalispell, Montana 59901 Andy Hyde, Carver Engineers Narda Wilson — Kalispell Planning Office City of Kalispell Public Works Department Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831 MEMORANDUM November', 2005 To: Carol Kostman, Treasurer From: Frank Castles, P.E., Assistant City Engineer RE: Sinopah Subdivision Kalispell, Montana OWNER: Jeff Theisen 789 Fifth Avenue EN Kalispell, MT 59901 Attached is a request from the Project Engineer requesting an extension of the completion date for the SIA for the subject project. The Public Works Department approves the extension of the completion date to December 1, 2005. G Ln 0 y �� L Inc., Carver Engineering, Consulting Engineers Civil Structural October 31, 2005 Environmental Frank Castles City of Kalispell P.O. Box 1997 Kalispell, MT 59903 Subject: Sinopah Subdivision Request for Extension of Completion Date for SIA Dear Frank: Please consider this letter as a request for an extension of the completion date for the improvements listed in the Subdivision Improvements Agreement (SIA) for this project. The current completion date established in the SIA is tomorrow, November 1, 2005. The improvements will not be finished by that date. The concrete curb & gutter has been installed and final grading of the roadway is underway. Paving is tentatively scheduled for tomorrow but whether the paving is actually installed tomorrow depends upon the weather between now & then. Please extend the completion date temporarily to December 1, 2005. By that date the another SIA, complete with new Engineer's Estimate of remaining work and letter of credit covering same will be prepared to replace the current SIA. Hopefully the weather will co-operate and there will be continued progress during the next few weeks that will reduce the amount of undone improvements. As we discussed, I will prepare the estimate before Thanksgiving to give Jeff Thiesen's banker and Marquardt Surveying some time to get the letter of credit and SIA rewritten. Please let me know if you need anything else at this time to process this request. Sincerely, CARVER ENGINEERING, Andrew J. Hyde, E.E. City of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758 October 31, 2006 Mr. Dana Henderson Whitefish Credit Union PO Box 37 Whitefish, MT 59937 Re: Letter of Credit No.139 $ 38,426.00 Sinopah Subdivision Dear Mr. Henderson, The Public Works Department has instructed me to release Letter of Credit No. 139 on Sinopah Subdivision in the amount of $38,426.00. The work has been completed as required. I have enclosed the original Letter of Credit. If you have any questions, please call me at 758-7750. Sincerely, Deb Deist City Treasurer cc: Jeff Theisen 789 Fifth Avenue EN Kalispell, MT 59901 R City of Kalispell Public Works De artraent p p Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406) 758-7720, Fax (406) 758-7831 October 31, 2006 To: Deb Deist From: Mark Crowley, Construction Manager Re: Sinopah Subdivision Dear Deb: Please release the Letter of Credit for the above -mentioned project. The engineer has certified the construction, provided as -built drawings and all other items have been addressed. If you have any questions, do no hesitate to call this office. Sincere Mark ro e -- Construction Manager Cc: Carver Engineering Kalispell Planning Dept. Date of Issue:12-01.2005 Letter of Credit Number: 139 Amount: U.S. $ 38426.00 ( THIRTY EIGHT THOUSAND FOUR HUNDRED TWENTY SIX AND N01100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY COUNCIL, CITY OF KALISPELL, MONTANA JEFFREY H. THIESEN 312 1ST AVE E., KALISPELL, MONTANA 59901 KAREN J. THIESEN 789 5TH AVE. W.N. KALISPELL, MT 59901 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. IN Partial drawings shall not be permitted under this Letter of Credit. ❑ Partial drawings are permitted. The maximum number of drawings that may be made is DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: ® The original Letter of Credit, together with any amendments. ❑ A sight draft drawn by Beneficiary on Issuer. ❑ A signed statement by Beneficiary including the following statement: ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 12:00 P.M. (Time) on 09-30.2006 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. @ 30 �&2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/1512002 (page 1 of 2) TRANSFERABILITY. This Letter of Credit is ❑ transferable ® non -transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: IN the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500 (UCP), or any later version or amendment. ❑ the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of MONTANA the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. WHITEFISH CREDIT UNION (Issuer Name) By (Signature) V(Date) DANA HENDERSON LOAN OFFICER (Signer Name and Title) EE "' ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1115/2002 (page 2 of 2)