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HomeMy WebLinkAboutAGENDA REPORT 1986 1006 CC REG ITEM 12DJAMES D. WEAK Mayor THOMAS C. FERGUSON Mayor Pro Tern ALBERT PRIETO Councilmember DANNY A. WOOLARD Councilmember LETA YANCY- SUTTON Councilmember DORIS D. BANKUS City Clerk THOMAS P. GENOVESE City Treasurer MOORPARK = 'IC IF— M 1 21�o TO: The Honorable City Council FROM: R. Dennis Delzeit, City Engineero DATE: September 26, 1986 SUBJECT: Exoneration of the Letter of Credit for RPD -999 (Century Homes, Inc.) BACKGROUND INFORMATI STEVEN KUENY City Manager CHERYL J. KANE City Attorney RICHARD MORTON Director of Community Development R. DENNIS DELZEIT City Engineer JOHN V. GILLESPIE Chief of Police The subject development is located on the southeast corner of Charles Street and Magnolia Street. A vicinity map is enclosed for your reference. On July 18, 1984, the City Council approved RPD 999 and entered into an agreement with the developer for the construction of the public improvements. Construction of the public improvements has recently been completed to our satisfaction. The City Council at its May 6, 1985 meeting, reduced the Irrevocable Letter of Credit No. SB- 25561, issued by Peoples National Bank of Washington, from $67,514 to $20,000 due to the completion of rough grading. It is now appropriate that the remaining $20,000 be exonerated and the public improvements be accepted by the City. RECOMMENDED ACTION: Accept the public improvements constructed and authorize the City Clerk to exonerate the remaining $20,000 of the Irrevocable Letter of Credit No. SB- 25561, posted by Peoples National Bank of Washington. RDD:JW:jg Encl. JN 3476 am RMVED '.. SEP ; 0 1986 CRY OF MOORPARK 799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864 0 0 Ul'n0oIft -��HIGH N 1 SCHOOL) 1 1 &1�Ti 36 PM 19 K �7 RAd 42 r mni % P01 JDEX R, � ,,. Set�OQL .. x ?+ 32 PM 98 \\ 5 MR 18 /2 RPD -999 PROJECT SITE 2: Vflq-e.M II II ©, L. VICINITY MAP R-l� ( NO SCALD•) b IfJ8 I34 _L ,1 P. z kFRE"OlT z Q 20 PM J6 �:. 18 R5 52 among r. ©, L. VICINITY MAP R-l� ( NO SCALD•) b IfJ8 I34 _L ,1 P. z kFRE"OlT z Q 20 PM J6 �:. 18 R5 52 FboplesBBank Ir�'.`- ocable Letter of Credit Peoples National Bank of Washington International Division Po. Box 720 NO. S3 -25561 Seattle, WA 98111 March 28, 1985 AMT. US367,514.00 Clerk, City Council Moorpark P.O. Box 701 Moorpark, CA 93021 We hereby authorize you to draw on OURSELVES for the account of CENTURY HOMES, INC., Bellingham, Wa. up to an aggregate amount of SIXTY SEVEN THOUSAND FIVE HUNDRED FOURTEEN AND NO /100 U.S. DOLLARS available by drafts at ** SIGHT ** when accompanied by: 1. Your statement signed by the Clerk of the City of Moorpark to the effect that Century Homes, Inc. has failed to carry out all terms of the Turnkey Contract #CA16 -P092 -010 between Century Hoes, Inc. and the Area Housing Authority of Ventura California dated March 6, 1985 for the 30 unit Elderly Iurnkey Project with City of Moorpark or has failed to pay all laborers and materiais suppliers furnishing services for said Mork, and listing in general terms such items involved. 2. The original of this Letter of Credit. SPECIAL INSTRUCTIONS: A. Any and all banking charges other than those of the issuing bank are for account of the beneficiary. B. This Letter of Credit shall be valid until one year from the date hereof and shall thereafter be automatically renewed for a one year period upon such date and upon each anniversary of such date, unless 60 days prior to such date or each anniversary of such date, we notify the Clerk of the City of Moorpark in writing at P.O. Box 701, Moorpark, CA 93021 by personal service or registered mail, that we elect not to so renew this Letter of Credit. Upon receipt by you of such notice, you may draw hereunder by your drafts drawn at sight on us and accompanied by your signed statement to the effect that all of the terms of the above mentioned contract have not been completed as of that date. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Drafts must be marked as being drawn under this credit and bear its number and the amounts must be endorsed on the reverse hereof by the negotiating bank.. We hereby agree with the drawers, endorsers and bona fide holders of drafts drawn under and in compliance with the terms of this credit that the same shall be honored on due presentation on or before March 27, 1986 at our Head Office 1414 4th Ave., Seattle, NA, or later date as referred to above under Special Instructions B. Peoples National Bank of Washington Unless otherwise expressly stated, this credit is subiect to the Uniform Customs and Practice for Documentary Credits, established by The International Chamber of Commerce, applicable on the dale of this Letter AUTHORIZED SIGNATURE of Credit. 277 -23 ( 7/79) on n pArlu r^nov