HomeMy WebLinkAboutAGENDA REPORT 1994 0817 CC REG ITEM 08DITEM
AGENDA REPORT
CITY OF MOORPARK
TO: THE HONORABLE CITY COUNCIL
FROM: DIRK LOVETT, ASSISTANT CITY ENGINEER
DATE: AUGUST 5, 1994 (CC MEETING OF AUGUST 17, 1994)
SUBJECT: REQUEST FOR RELEASE OF LETTER OF CREDIT FOR THE
KAVLICO CORP. (DP -318 MAJOR MODIFICATION NO. 1)
BACKGROUND:
The Kavlico Corporation is located at 14401 Los Angeles Ave. in the
City of Moorpark. Staff has received a letter requesting release
of the grading security for DP -318 Major Modification No. 1. A
copy of this request has been attached.
Installation of all grading and drainage related items for the
project have been completed. Alt conditions for the reduction of
the security have been met.
It is therefore appropriate to exonerate the Letter of Credit LASB-
217910 (Bank of America) in the amount of $66,539. A copy of the
security letter has been attached
RECOMMENDATION:
1. Accept the grading improvements for Major Major Modification
No. 1 as complete.
2. Authorize the City Clerk to exonerate the aforementioned
security.
CC: City Manager; Deputy City Manager; Department Heads
Kavlico Bond EX #5088963, #5090703
�02PARK, CALIFOR;%'A
C;'), CoJ ncll
c S- // X
7� 199 `/
ACTION: C.6�lihtin/
By
;
RECEIVED
J U L 2 9 199
FRED KAVLI
Chairman and CEO
July 28, 1994
City of Moorpark
799 Moorpark Avenue
Moorpark, CA 93021
Attn: Chris Oberender
RE: Kavlico Corporation
Project: 14401 Los Angeles Avenue, Moorpark, CA 93021
Dear Chris,
As requested by you I am requesting release of the Grading Bond for
DR 318., Major Mod. #1. Please call 805 - 523 -2000, extension 2300,
if you should need to contact me.
Sincerely,
sa Lewis
Purchasing Assistant
14501 Los Angeles Avenue • Moorpark, California 93021 USA
1 0rlrl r_r-) - rrnnn - F-I.", Cr_- 1 /l 09 - cnv rnnc) r-)r-=
of America
TRADE FINANCE SERVi(:&S
r :333 SOM BEAUMY AVENUE, 20TH
"0"'; ANGUM, CALIFORNIA 90017
CITY OF MOORpARK
CLERK CITY aXWCIL
799 NO09PMK AVENUE
MORPAW, CA 93021
ATTN: DICK IDVSTT
FLOOR
APRIL 16, 1993
v
kitULIVED
APR 1 91993
EXPIRATION DATA:
APRIL 16, 1994
AT TIJIS OFFICE IN IDS ANGELES
of Moorpark
BY ORDER OF THE CITY OF MWARK AND FOR ACCafW OF FRED KAVLI, 14501 IDS ANGELES
AVENUE, MWARK, CALIFORNIA 93021, WE HEREBY Atllii WZE YOU IRREVOCABLY TO DRAWN
ON BANK OF AMERICA UP TO AN AGGRZaM MotNT OF $66,539_00 AVAILABLE BY YOUR
DRAFTS AT SIGHT, SIGNED BY THE CIS OF THE CITY OF MORPARK WHEN ACCOMPSNIED BY
A STATMW TO THE EFFECT THAT FRED K&VLI HAS FAIIAD TO CARRY OUT ALL OF THE
TERMS OF = GRADING PERMIT ISSUED BY THE CITY OF HOWARK AND LISTING ITEM
INVOLVED_
THIS LETTER OF CREDIT SHALL BE VALID UNTIL ONE YEAR FROM THE DATE HEREOF, AND
SHALL THEREAFTER BE AUMKTIC1lIZ.Y R== POR A ONE YEAR PERIOD, UPON SUCH DATE
UNLESS AT LEAST 45 DAYS PRIOR TO SUCH DATE NOTIFY YOU IN WRITING BY RNGISi�
�L, RETURN RECEIPT REQUESTED, THAT WE EE. = NOT TO RENEW THIS LS'TTER OF CREDIT
FOR SUCH ADDITIONAL PERIOD_ UPON RECEIPT BY YOU OF SUCH NOTICE, YOU MAY DRAW
HEREUNDER BY YOUR DRAFTS DRAWN AT SIGHT ON US AND ACCOMPANIED BY A STATWW TO
THE EFFECT THAT ALL OF THE TERMS OF SAID PERMIT HAVE NOT BEEN OOMPLIED.WITH AS
OF THAT DATE_
ALL DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR ITS RATS AND NUMBER AND THE AMOUNTS
MUST BE ENDORSED ON THE REVERSE SIDE OF THIS LETTER OF CREDIT.
WE HEREBY AGREE WITH YOU THAT ALL DRAFTS DRAM UNDER AND IN UMKaANCg WITH THE
TERMS OF THIS CREDIT THAT SUCH DRAFTS WILL BE DULY HONORED UPON PRESENTATION_
THIS CREDIT IS SUBJECT M THE UNIFORM CUSTOMS AND PRACTICE FOR DO(XM1TAItY
CREDITS (1983 REVISION), INTERNATIONAL cumfm OF CMM?CE BROCHURE NO. 400.
* * * * * * * * * * **
AIL DRAFTS DRAM UNDER THIS .CREDIT !LUST
!LUST BE ENDORSED ON THE "RSyjWB SIDE OF-R
WE HEM AGREE WITH YOU, ,MW ALL DRAFTS
TE M OF THIS CPMIT THAT SUCH DRAFTS
�:'
THIS CREDIT IS SUBJNCT q"t ,
CREDITS (1983 REVISION) ,
X ;
W An $R AND Nib AND T o AMUNM
OF Q2EDIT_r
t AND WITH THE
HONORED UP(Xi NATION.
MR. , DQ MMARY
g BROQif1RB `80. 400_
AUTHORIZED COUNTERSIGNATU
AUTHORIZED SIGNATURE
PROVISIONS APPLICABLE TO THIS CREDIT: This credit is subject to the Uniform Customs and Practice for Documentary Credits,
1983 revision, International Chamber of Commerce Publication No. 400.
Please examine this instrument carefully. If you are unable to comply with the terms or conditions, please communicate with your
buyer to arrange for an amendment. This procedure will facilitate prompt handling when documents are presented.
FX -1313 11 85 (Reprint 7 -90)