HomeMy WebLinkAbout1993 - standby letter of credit TO: John Gerhardson, Public Works Director
FROM: Jeanne A. Mabusth, Building & Zoning Administrator
DATE: July 13, 1993
SUBJECT: Standby Letter of Credit Number S400941 for Robert Waade
I have enclosed a copy of the original letter of credit in the amount of $5,000.00 that expires
August 31, 1993. It is hoped that the City will complete the drainage/grading improvements and
draw upon the funds prior to the expiration date. As your letter of June 3, 1993 fully presents
the City's intentions concerning this required improvement, it does not appear necessary that a
second letter be sentout to Mr. Waade advising that we will draw against the letter of credit.
Please get back to me if you need additional information.
cc: Tom Kuehn, Finance Director
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NORWE T BANKS
ag-70R NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION
INVESTORS BUILDING
733 MARQUETTE AVENUE
MINNEAPOLIS, MINNESOTA 55479-0093 ' OI1YO`
LETTERS OF CREDIT ORONC
TELEX NUMBER 822008
SEPTEMBER 09, 1992
TO: 'SEP 1 0 1992
CITY OF ORONO
P.O. BOX 66
CRYSTAL BAY, MN 55323-0066
ACCOUNT PARTY:
ROBERT L. WAADE
998 WILDHURST TRAIL
ORONO, MN 55364
OUR STANDBY LETTER OF CREDIT NUMBER S400941 DATED AUGUST 28,
1991
AMENDMENT NO. 002
1. THE DOLLAR VALUE OF THIS LETTER OF CREDIT IS DECREASED BY
30,000 . 00 U.S . DOLLARS (THIRTY THOUSAND AND 00/100 USDLRS) TO A
NEW TOTAL OF 5, 000 . 00 U.S . DOLLARS .
2 . THE EXPIRATION OF THIS CREDIT IS EXTENDED TO AUGUST 31,
1993 .
THIS AMENDMENT IS ONLY OPERATIVE UPON RECEIPT BY NORWEST BANK
MINNESOTA NATIONAL ASSOCIATION OF BENEFICIARY' S WRITTEN
AGREEMENT. PLEASE INDICATE YOUR AGREEMENT OR DISAGREEMENT
BY SIGNING ATTACHED COPY AND RETURNING TO US.
AGREEMENT DATE
DISAGREEMENT DATE
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
NORWaES�T� BANK MINNESOT�A,,� NATIONAL ASSOCIATION
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AUTHO: ZER SIGNATURE AUTHORIZED SIGNATURE
IC 42745 MUL(5-97-70474)
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I CITY of ORONO
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Post Office Box 66
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June 3, 1993
Mr. Robert Waade
998 Wildhurst Trail
Mound, Minnesota 55364
Dear Robert:
This letter will confirm our conversation of June 2, 1993 regarding restoration of properties at
999 and 1001 Wildhurst Trail.
As I stated during our conversation, the City is proceeding with obtaining a contractor to
complete the restoration and will pay for the work from the amount retained in your letter of
credit.
I am still hopeful that you can complete the work before we take the above measures.
Sincerely,
77 _41 /-
PI
John R. Gerhardson
Public Works Director
JRG/ch
cc: Jeanne A. Mabusth, Building & Zoning Adm.
Harlan Olson, Field Inspector
Thomas M. Kuehn, Finance Director
TELEPHONE—473-7357•FAX-4734e"10