Letters of CreditCity of Kalispell Public Works Department
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831
MEMORANDUM
November 27, 2006
To: Deb Deist, City Treasurer
From: Frank Castles, P.E., Deputy Public Works Director/Assistant City Engineer
RE: Sunnyside Subdivision, Phase I & II
The referenced project was constructed in accordance with the approved plans and
specifications. Public Works approves the release of the financial security held for the
referenced project(s).
Cc w/o attachments:
Mark Owens
Owl Corporation
500 Palmer Drive
Kalispell, Montana 59901
Sean Conrad, Kalispell Planning Office
City of Kalispell
_ Y p
Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758
November 22, 2006
Glacier Bank
Dave McNutt
P.O. Box 27
Kalispell, MT 59903-0027
Re: Letter of Credit No. 1-04-223 $34,178.00
Sunnyside Subdivision, Phase I & II
Dear Mr. McNutt,
The Public Works Department has instructed me to release Letter of Credit No. 1-04-223.
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,
C�C&Q'V-�
Deb Deist
City Treasurer
cc: Mark Owens
Owl Corporation
500 Palmer Drive
Kalispell, MT 59901
\BANKER COPY
IRREVOCABLE STANDBY LETTER OF CREDIT
FOR SUNNYSIDE SUBDIVISION
City of Kalispell Letter of Credit No. 1-04-223
PO Box 1997 Date: July, 12, 2004
Kalispell, MT 59901 Expiration Date: July 12, 2005
Amount: $34,178.00
We hereby establish in your favor an irrevocable letter of credit up to the
aggregate amount of Thirty-four Thousand One Hundred seventy eight and
00/100 U.S. Dollars ($34,178.00) at the request of Owl Corporation.
If Owl Corporation fails to maintain the city infrastructure improvements in the
time period listed above, we will pay on demand your draft or drafts for such
funds, to the limit of credit set forth herein, as are required to complete said
improvements. All drafts must indicate the number and date of this letter of credit
and be accompanied by a signed statement of an authorized official that the
amount is drawn to repair improvements, and specifying the default or defect in
question.
All drafts must be presented prior to the expiration date stated above, and this
letter of credit must accompany the final draft for payment.
This letter may not be withdrawn or reduced in any amount prior to its expiration
date except by your draft or written release.
Unless otherwise stated, this Letter of Credit is subject to the Uniform Customs
and Practices for Commercial Documentary Credit (1983 Revision) International
Chamber of Commerce.
GLACIER BANK
Dave McNutt
Vice President
OPPORTUNITYMEMBER FDIC AN EQUAL
d
at
City of Kalispell Public Works Department
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406) 758-7720, Fax (406) 758-7831
August 10, 2004
Carol Kostman
Assistant Finance Director
City of Kalispell
Re: Sunnyside Phases I & II - Maintenance Bond
Dear Ms. Kostman:
Attached is the letter of credit for Sunnyside Subdivision Phases I &II's Maintenance Bond. This
letter of credit is good until July 12, 2005 and is for the amount of $34,178.00. The maintenance
bond is required of all subdivisions after the terms of the Subdivision Improvements Agreements
are fulfilled as part of a "warranty" on the work performed.
The previously posted Landscaping bond for Phase I and the Street Grading/Paving, Sidewalks,
Street Signs, Landscaping - Site Restoration, Street Trees, and Engineering Bond for Phase II, as
part of the Subdivision Improvements Agreements, can now be released. These bonds are in the
amount of.$2,406.00 for Phase I and $150,420.00 for Phase II.
If you have any questions, please feel free to contact me.
Since ly,
rAndrew D. Sorens T.
Associate Civil Engineer
a City p p of Kalispell Public Works Department
Post Office Box 1997, Kalispell, Montana 59903-1997 - Telephone (406)758-7720, Fax (406)758-7831
TRANSMITTAL LETTER
TO: Carol Kostman
Assistant Finance Director
RE: Maintenance Bond
Sunnyside Subdivision
We are sending you:
DATE:
07/19/04
PROJECT NO.:
X
FOR YOUR USE
PLEASE COMMENT
FOR YOUR REVIEW
PLEASE SIGN & RETURN
FOR YOUR APPROVAL
PLEASE CORRECT & RETURN
PER YOUR REQUEST
X
PLEASE SEE COMMENTS
BLUEPRINTS
TECHNICAL SPECIFICATIONS
VELLUMS
COPY OF LETTER
DRAWINGS
X
OTHER
Attached is the maintenance bond for the referenced subdivision. The
Improvement Agreement Bonds for the referenced subdivision should be released
to the owner.
Thank ,
Th
rank Cas
Assistant City Engineer