HomeMy WebLinkAboutAGENDA REPORT 1993 0818 CC REG ITEM 08KITEM g. K•
MOORPARK, CALIFC^N'A
AGENDA REPORT City Cou cII Meet:,-
CITY OF MOORPARK or g / 199-3
ACTION:
THE HONORABLE CITY COUNCIL
B
DIRK LOVETT, ASSISTANT CITY ENGINEER
AUGUST 3, 1993 (COUNCIL MEETING OF AUGUST 18, 1993)
EXONERATION OF LETTER OF CREDIT FOR WICKS ROAD
IMPROVEMENTS (HOLMES ENTERPRISES)
In July 1991, the City Council signed an Improvement Agreement with Holmes Enterprises to
co truct street improvements on Wicks Road as a condition of Parcel Map 3408. A location
map is attached for your convenience.
street improvements have been completed in conformance with the conditions of approval
approved plans. All conditions relating to reductions of the securities have been met. The
roved conditions of the Improvement Agreement allow reduction of all securities to 10% for
period of one year following the City's approval and acceptance of each improvement item.
It s therefore appropriate to accept the street improvements as complete, and reduce the
im rovement security as show below.
Valley Bank Irrevocable letter of credit #1063.
90% Reduction Retainer
111 11 0000000115151 1 111 11
REPORT
AUPUST 3, 1993
PACE 2
1. 1 Accept the above improvements as complete.
2. Authorize the City Clerk to reduce the original surety referenced herein to 10% for the
pee od of one year following City's acceptance of the right -of -way and improvements. Bonds
sha 1 immediately be exonerated at the end of that period and after review and approval by the
City Engineer.
81.067
Q P��
S3 st .. t00
in
(805) 49 •041;
1
Jcotmos
6niorpri8es inc.
,.J
� 1
3, 1992
Ci y of Moorpark
79 Moorpark Avenue
Mo rpark, CA 93021
Re Wicks Road, PM 3408 '
tlemen:
RECEIVED
3f P - 4 1992
City of IfOr
We hereby request that you perform a final inspection on street
im rovements for referenced project and initiate steps for the
re ease of bonds for same.
Ve y truly yours,
HO ES ENTERPRISES, INC.
DA9 P. HOIMES
Px9sident
A file
10 W. Kelly Road 0 Newbury Park, California 91320 0 State License No. 386822
Cit
c/o
799
of Moorpark
City Clerk
hoopark Avenue
park, Ca. 93021
Cer t.lemen:
SimiyaffeyBank
Irrevocable Letter• of Credit #1063
Date: August 20, 1990
S i M t VAL' � i dill ui u
, is � clllN fw fli1�
We hereby establish our (:-revocable Letter of Credit in your favor on the
Account of Holmes Enterprises, Incorporated up to an aggregate amount
of ($30,`300.00) Thirty thousand dollars exactly available by yo9ar
dr f t(s) drawn at sight on us and accompanied by the d.oc.1 -Dnept specified
be ow:
E
VIA 3 4-o p
j-.(
Irrevocable L/ F* .vrPn j'
A statement, s?gned by one of your Officers, chat Holmes Enterprises,
Incorporated has failed to carry out all terms of the contr - -.ct referenced
above or has failed to pay all laborers and material supplJer4 furrishir;g
se. *r_ :_s �r zL= 5A work.
s t;attzr of Credit shall be valid until one year from date hereof and
311 therefore be automatically renewed for a one year-period upon such
te, unless 60 days prior to such date on each anniversary of such date,
notify you in writing at 799 Moorpark Avenue, Moorpark, California,
321, by personal services or registered mail that we may elect not to
renew the Letter of Credit. Upon receipt by you of such notice, you
Y draw hereunder by your drafts drawn at sight on us and accompanied
a statement f-o the effect: that:
A- All of the terms of said contract have not been completed as of
that date.
''A 1 drafts drawn under this credit must bear its date and number and must
b endorsed on the reverse side of this Letter of Credit by the negotiating
nk.
hereby agree with the drawers, endorsers, as of bonafide holders of
1 drafts drawn under and in compliance with terms of3 this Credit that
ch drafts will be duly honored upon presentation to Simi Valley Bank,
175 E. Los Angeles Avenue, Simi Valley, California 93065.
Lis Credit is subject to the Uniform Customs and Practices for Documentary
-edit (1983 Revision) ICC Brochure No.400.
By:
J. Palmer, Vice Preside:c, Manager- W. Duchanin, Senior Vice President