HomeMy WebLinkAboutResolution - 2004-R0223 - Irrevocable Standby Letter Of Credit For Drainage Improvements - Compass Bank - 05_06_2004Resolution No.2004-R0223
Nay 6, 2004
Item No. 35
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Manager of the City of Lubbock, or his designee, BE and is
hereby authorized to execute any documents or instruments necessary or advisable to
draw or draft, or to exercise any and all of the City's rights, upon the Irrevocable Standby
Letter of Credit issued by Compass Bank. The Irrevocable Standby Letter of Credit No.
S26099T from Compass Bank in the amount of $76,000.00 is in regard to paving and
drainage improvements in the Western Estates Subdivision of the City of Lubbock, and
expires May 14, 2004. A copy of the Irrevocable Standby Letter of Credit is attached
hereto and incorporated in this Resolution as if fully set forth herein and shall be included
in the minutes of the Council.
Passed by the City Council this 6th day of
ATTEST:
Reb cca Garza, City Secretary
APPROVED AS TO CONTENT:
/ �, 1-e�
Keith Smith, Senior Civil Engineer
APPROVED AS TO F
Richard K. Casner
First Assistant City Attorney
ke/ccdocs/Letter of Credit. Res
April 26, 2004
3
Resolution No. 2004-RO223
12 Compass Bank
P.O. Box 4444
Houston, Texas 77210-4444
713 499-8645 / Fax 713 499-8659
Toll Free 888 627-8860 / Fax 888 627-8861
www.compassweb.com
International Trade Services
IRREVOCABLE STANDBY LETTER OF CREDIT NO. S26099T
PLACE AND DATE OF ISSUE:
HOUSTON, TEXAS MAY 14, 2003
APPLICANT:
INDTVISA CORPORATION
A TEXAS CORPORATION
2001 KIRBY DRIVE, SUITE 1001
HOUSTON, TEXAS 77019-6033
BENEFICIARY:
CITY OF LUBBOCK
P.O. BOX 2000
LUBBOCK, TEXAS 79457
GENTLEMEN:
DATE AND PLACE OF EXPIRY:
MAY 14, 2004 HOUSTON, TEXAS
ADVISING BANK:
NOT APPLICABLE
AMOUNT: USD76,000.00
(SEVENTY SIX THOUSAND AND NO/100
U.S. DOLLARS)
WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NO. S26099T IN YOUR FAVOR FOR ACCOUNT OF
INDIVISA CORPORATION WHICH IS AVAILABLE UP TO AN AGGREGATE AMOUNT OF SEVENTY SIX THOUSAND
AND NO/100 U.S. DOLLARS ($76,000.00) BY PRESENTATION OF BENEFICIARY'S SIGHT DRAFT(S) DRAWN ON
COMPASS BANK ACCOMPANIED BY THE ORIGINAL OF THIS LETTER OF CREDIT AND THE FOLLOWING
DOCUMENT(S):
• BENEFICIARY'S STATEMENT SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE CITY OF LUBBOCK
READING:
"WE HEREBY CERTIFY THAT THE CONSTRUCTION OF MUNICIPAL PAVING AND DRAINAGE IMPROVEMENTS
HAVE NOT BEEN COMPLETED ON WESTERN ESTATES IN COMPLIANCE WITH APPLICABLE STATUTES,
ORDINANCES, CONTRACTS OR OTHER APPLICABLE RULES AND REGULATIONS, OR THAT THE
IMPROVEMENTS ARE DEFECTIVE."
SPECIAL CONDITIONS:
THIS IRREVOCABLE LETTER OF CREDIT SHALL BE HONORED UP TO THE AMOUNT OF SEVENTY SIX THOUSAND
AND NO/100 U.S. DOLLARS ($76,000.00) UNTIL FINAL ACCEPTANCE OF THE PROJECT BY THE CITY OF LUBBOCK,
BUT IN ANY EVENT NO LATER THAN MAY 14, 2004.
DRAFT(S) MUST BE MARKED: "DRAWN UNDER COMPASS BANK LETTER OF CREDIT NO. S26099T."
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH ALL THE
TERMS AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED IF DRAWN AND PRESENTED, BY TRACEABLE
COURIER OR IN PERSON, FOR PAYMENT BETWEEN THE HOURS OF 8:00 A.M. AND 4:00 P.M. MONDAY THROUGH
FRIDAY ON A DAY WHEN THE INTERNATIONAL TRADE SERVICES OFFICE IS OPEN FOR BUSINESS AT 24
GREENWAY PLAZA, INTERNATIONAL TRADE SERVICES, SUITE 1601, HOUSTON, TEXAS 77046 ON OR BEFORE THE
EXPIRATION OF THIS LETTER OF CREDIT.
THIS CREDIT IS SUBJECT TO THE LAWS OF THE STATE OF TEXAS.
AUTHORIZED SIGNATURE
VICE-PRESIDENT