HomeMy WebLinkAboutRESOLUTION NO. 2007-53 IRREVOCABLE STANDBY LETTER C:F CREDIT
ISSUER;;FAIRFAX STATE SAVINGS BANK
00 V'ANDERBILT STREET
P.1 BOX 277
FAIRFAX,IA 52228
Date of Issue:08-30-2007 Letter of Credit Number;: 08302007 ^
Amount: U.S. $ 500,000,00
FIVE HUNDRED THOUSAND AND NO1100 U.S. DOLLARS')
For Benefit Of: For Account Of:
Beneficiary Name and Address Applicant Name and Address
CITY OF FAIRFAX SEVIG CONSTRUCTION
525 VANDiEIRBILT ST,FAIRFAX,IA 52228 PO BOX 88
WALFORD,IA 52351.0088
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 [L,ettex- 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.
IRAWINOS.
❑ Partial drawings shall not be permitted under this Letter of Credit.
CXI Partial drawings are permitted. The maximums number of drawings that may be made is 5
DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated:
❑ The original Letter of Credit, togetber with any amendments.
❑ A sight draft drawn by Beneficiary on Issuer.
1@ A signed statement by Beneficiary including the following statement: WE HEREBYCERTIFY THAT IMPROVEMENTS HAVE NOT BEEN COMPLETED
AS AGREED FOR PRAIRIE VIEW HEIGHTS ADDITION-PHASE 2. WE
❑ Other documents: FURTHER C'ER'TIFY THAT PAYMENT IS DUE TO US IN THE AMOUNT OF
THE ACCOMPANYING DRAFT
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 AM (Time)
on 08-30-2008 (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.
Exp---7-4-" Q2001 Bankers SW.ms,Inc„St,Cloud,MN Fwrr.LC-STiA,NGSY IOF,12002 i(Page f of 2)
zjo a6ad) ZOOKiSl/L k8CINVIS-Dl wao=i NW'PnoM'}s"Dul'sweis4S sjaNueg Y,OIDZ . C
(aUtZ pias a���.�a�fS)
1N30153»d SIf'dHn]N,O OIAVO
J� Ag
(ause�y aanss�}
NNVO SWAV's 31iViS XVJUIV'3
•olgeoildde Su `dSI ao dDfl aTp Tpm juaIslsmoom aou ase smj eons sE guol os `Eauaurd
Jo saauIS palIun J41 VMOI 3o smel all Aq pauiaeo9 oq osle IlWs 1ipoTj jo xajja-1 sTLU
`(Midsl) 8661 saotaoExd /[gPuE15 IeuolTEuxa114 aul ❑
•JUDMPuaaru Jo uolSnA xaIel Sue zo `((TDn): dog 'ON
uo qnd aaxautuioD 3o iaq�uj IeuolaeruaIu1 `uotsleD-d £661 `salpaxD fjEauauanooCr xo3 aolaauid puu suiolsnD uuolpfl aqa 1V
7P :Aq pouianoR oq llugs 7?POID 3o JODO I STU '/1CV-1 U"dldVDI'Idd-V
Y 0190
(77"
•algExa3sttexj uou N algexalsrruaj ❑ sz jipaaD,lo jam-1 slt❑, -X„TI'IIq''d2I'ddSNV?3.L
RESOLUTION NO. r
RESOLUTION TO RESCIND RESOLUTION NO. 2007-43 REDUCING THE
LETTER OF CREDIT FOR PRAIRIE CREEK ESTATES FIRST, SECOND,AND
THIRD ADDITIONS TO $25,000.00
WHEREAS, The City of Council of the City of Fairfax, Iowa, at the meeting
dated July 10, 2007, passed and approved Resolution No. 2007-43 Reducing the Letter of
Credit for Prairie Creek Estates First, Second,and Third Additions to $25,000.00.
WHEREAS, The City Council of the City of Fairfax, Iowa, previously passed
Resolution No, 2006-106 Reducing Letter of Credit Synergy Development Group, LLC —
Prairie Creek Estates First, Second, and Third Additions to $10,000.00.
BE IT RESOLVED, By the City Council of the City of Fairfax, Iowa, that
Resolution No. 2007-43 is contradictory to Resolution No. 2006-106 and is therefore
rescinded in its entirety.
NOW, THEREFORE, BE IT FURTHER RESOLVED, By the City Council of
the City of Fairfax, Iowa, that the Mayor and the City Clerk are hereby authorized and
directed to execute said Resolution.
Passed and approved this day of , 2007.
LIP
AYES:
NAYS:
n
ABSENT: R .
y
Bill Voss,Mayor
ATTEST:
Vickie Kindl, City Clerk
The foregoing Resolution No. L, havin bean approve this date by the:Fairfax City Council,I hereby approve
the sama y affixing my signature on this day of Z;1D1Ie,
'Vickie Kindl,City Clerk