HomeMy WebLinkAboutRESOLUTION NO. 2006-72 RESOLUTION NO.
A RESOLUTION EXTENDING A LETTER OF CREDIT FROM GUARANTY
BANK& TRUST COMPANY FOR PUBLIC IMPROVEMENTS IN PRAIRIE
CREEK ESTATES THIRD ADDITON TO THE CITY OF FAIRFAX, IA
WHEREAS, Synergy Development Group, LCC has requested approval of the
Final Plat for Prairie Creek. Estates Third Addition to the City of Fairfax, prior to the
completion of the public improvements in said subdivision, and
WHEREAS, Synergy Development Group, LLC has submitted a Letter of Credit
from Guaranty Bank & Trust Company in the amount of$600,000.00 to secure the cost
of improvements in Prairie Creek Estates First and Second Additions; and
WHEREAS, On the 14th day of February 2006„ Resolution No. 2006-04 was
passed and approved by City Council of the City of Fairfax, Iowa, in which the Letter of
Credit from Guaranty Bank&Trust Company was revised to the amount of$240,000.00
for the completion of public improvements in Prairie Creep Estates First and Second.
Additions to Fairfax, Iowa,
WHEREAS, Hall & Hall Engineers, Inc, has recommended approval of
extending the revised Letter of Credit from Guaranty Bank & Trust Company in the
amount of$240,000.00 for said improvements in Prairie Creek Estates Third Addition to
the City of Fairfax, Iowa.
BE IT RESOLVED, By the City Council of the City of Fairfax, Iowa, that the
revised Letter of Credit from Guaranty Bank and Trust Company, in the amount of
$240,000.00, submitted by Synergy Development Group, LLC, to secure the completion
of the public improvements in Prairie Creek Estates First and Second Additions to the
City of Fairfax, Iowa, is hereby extended to secure the completion of the public
improvements in Prairie Creek Estates Third Addition to the City of Fairfax, Iowa.
NOW,THEREFORE, BE IT RESOLVED, By the City Council of the City of
Fairfax, Iowa, that the Mayor and City Clerk are hereby authorized and directed to
execute said Resolution.
Passed and approved this day a , 2006
AYES:
NAYS:
ABSENT: 1(2
Bill Voss,, Mayor
AT EST:
Connie Frame, City lerk
The foregoing Resolution No. � " paving been approved this date by the
Cit 'Council, reby approve the same by affixing my signature as City Clerk on this
day o , 2006.
IRREVOCABLE STANMDY LETTER OF CREDIT
t 4SUtRt—GUA11AKTY SAUX&TRUST COMPANY
PTt BOX 18117
�U2 TIiIRl3 AIR SE
CEDAR RAPIDS,IA 524015
Date o I stae.l���7�d� ---
Amount; U<5, flMLIC1DAD
w,
{ SEX I UN.PLEP TESUU AND AT40 N01120U.S,DOIJwA. S)
For I3t ttefir Of
For A owl t Of,
Denerteiury Dame andt11tkm Agpl£cuttt Name and Address �
CITY OF FAIRFAX SYNERGY DEVELOPMENT GROUP,Lt4,
a25 VrA�JCSRaII.T ST,FAMFAX,IGV$A 52225 118 N.HtLLCRE T M.
CENTER POINT,IA 52213.5552
LE11 ER Of CREDIT. Issuer establishes Wig Irrevocalrte Stturdby Litter or Crsx¢t ([. tttsx of �:xr�tssj in f�v�yr c�i ;Iwrzefi:Itrx1 in the
attracttrttt indicawd abmte. Beneficiary nay dray can chis Ixttt<x of Cr Wit Avith a lir}fit. (or Drifts, if Itie Maxiluum number of d-m ir$=s. ix
matt than e) logether wifit 'tie 00==w00==wdescribed `bej%v. Each raft shall be signed coil. Frelaal€ of 3ert�ftcituy and be
its t.d�i3
"Dr4wrl orArr f1s.ctrer rtomej Lwwr of Credit No. fetter of Credh nx nbarl "led Ib ter rpt t rt d:<f rlrrr�)." Drafts rttrtst t*c pxe8ri7trd w
lsst c's address shown apse Ob Or hei`nre the Expiratiau Bate. 'Glee presentatinta of arq T1raft shall rt�#rtt:x the Amount awiJable s ldU;'r
this Lt:mer of Credit by the amount of tltu Draft.
ilius
Law of C:xedh sets forth is full tltt tt~rttts of Issuerlc obliAatiott to I3cnefieiary.: `Itis oblipti, tart be tutrtlisIed la,
r i"ernatce in ads Leger of Credit, or my. doctrrr eut,to wlticlt this l:etttsr of i i�dit srrul^ Irt relarod.
s' G1i tis Jxttcr of Cr lit edits ort tktr��p rata sra Data
El I ���,`IltXta5.
T*artkd drawings shalt.not tv perrrtitwd.uadcr.this Letter of CtvdiL
IN I'.`rrri it dcawirrp are pertalued, lite attaxinttstis,,,,hatter err drags lugs t°hal may 1v imade Ips Ulm L1M T .._..T.. .__.,.. ..-.
I:1aIC t li*f i 1�1 l'S. lsailt Pratt isaust be nuc ttxrtpnird bar the killtae ing, in orighul turd two utrpies"C;c P, a:g costed;
I'll.a Original L,ctter tat CT141a together tvith'wy arta rtiitta�tttt.
x- 3 A Mgty draft,ba tt by kletrcftcittr)' tan IVIMer.
A s:grled ztatct�tttna hK betaefwl try iticMltt�g tl fs 111 tvittg srrtletttettt. SY iRGY CI<1a1 I fil'i i tt f SROUP 11P f AS I i 4 ED TO PAY THE SUMM)I iE
ACC[IItLPit HYING INVOMS 4VHtf;I DUE AND SAID SUM 1S 401y 10 08
9a Queer&P'Ltule;tts:Cq'l'IES Or CUI I EREIA!,ildtlllGES SIG115i1,GATED Aldp trl ilE DAYS i S IrAST DUL
IAAi1XEh"t1CIPAlII".
lssaer wall l eirtitictl to taecelsc u daft.and Owdoctimentatlon de arlltccl al3�Qvo, as rctiazirad J)y tttc tertai of this Letter tit"CltdiL ffixil
1. any persup purpraing to bt an autborit cd officcr tsar rg)rescntatNv of F attoficiary wittlout,any Wigat'tcara or rltrry on ttts pan of l�taer r
verify tare idetttir ;.sr;�tit13€,z`irr of dtc etson ,;°set ia-, the draft and iawb.Jocualont�ation.
x: .s y la I >,
S111,C1A �`l�l.
.L INS )C`I'lONS C)i DRAFT l"USTSTATE THAT 1T IS"VARl ZIN UNDER GUARANTT BANK 8 fiAWq'T=PM-41Y001#4M-Q4 86
DAT EC AUGUST 55,2005%
EXPIRATION DATE, This Later of Cradit txpims at tliC slate of busine s at lssurr*� addre s at����1,.�.__ a� , �,,.� (Tin �
. iI 1).tttgl Fsctrex ,t4=r s to honor all Draf-,. ltt^t.st ra ed ill
strict oc%liplialwe With The provisk,Fts of this Ixqtt~t° of Crt&t o t or l et fore div rxjti attt tl l�;tte
L." .If Ian aielamt Ila$ oot drawn the ftaU mttrwil of this later of Credit prior 'tta tine l��lr3.mioa Date, tilt,; 1.µ�dry.crtaratt Date A11,01 IV
t?tcttde =tar a perfoo of —days§ 4ftnm tib I xpi.r°�titttt hate, ,Wriest'I.sstct rtr�tiT.t s Bart tact rs} ill�vrimittg yet 1t Hst
days prior to the l"xltlrtrci(jta'I)Aw brat Isstrt:t°cicets rm tv a xitnd this lbt:tt4r of Credit, In vmy evc1t, toss Letts°
of Crodit shall expire on witlrom early 110tice: frota Issuer w I10ttellc ary,
WIN rwro Lt-MMNX:aV U1 3L'«.fW
'I` AN FE ILABILfITY. `his Utter of Credit is ° trangfcrriblc tion-tt-afcb
APPIA'L':ABLE L.kW, 11is Letter of Crcdh shall teggovmW by. ,
IV Ihe. Unip-4-111 custom and Practiee ftsr 13 c�ucsnerutary t ccriit=s, 1993 ReviSioa, int ruatutunA Chamber of coo' wrco Publication
No, 500(VOP), or a0y I-tttrr v trim or anwifteut,
0 the Intrmatitnal Standby Frndces 1998JSI'98))
huts Letter of Credit slut [ also be SmTratd I the l7*'a =i iO A . , the United Smus of
Aun rico, so loq as such laws are noL irrconsistcatt with titre UCP or IS?,as a lsl abR-
At`.Y BANK&TRUST COME—ANY
ti apt Nuur
KEVIN CARLSON VICE PRE.SIDEffl
I
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