HomeMy WebLinkAboutPM 2005-08 - Cashier Memo - 5/21/2007 i
City of
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DATE: February 23, 2007 cq
TO:�i Rose Saldivar
Public Works Department
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FROM: JONATHAN BARTEL
Planning&Development Department, Building and Safety Services Division
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SUBJECT: SUBMITTAL OF SECURITIES FOR PARCEL MAP NO.2005-08.
ATTACHED PLEASE FIND THE FOLLOWING ITEMS FOR PARCEL MAP NO. 2005-08.
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1. Letter of Credit in the amount of$118,800.00
2. Letter of Credit in the amount of$62,500.00
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3. Copy of credit card payment of 5%on Exhibit A in the amount of$6,300.00
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4. Copy of credit card payment of Exhibit B charges in the amount of$5,068.00
5. Copy of the Subdivision Agreement for Parcel Map No. 2005-08.
The total charges are more particularly itemized in Exhibit "A"and Exhibit"B"
of the Subdivision Agreement.
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If you have any questions please contact me at 621-8076.
Thank You ��<w
Jonathan Bartel
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Finance Control No.
City of Fresno
Security Deposit Form
To: Finance Department - Accounting Division
From: Rose Saldivar- Public Works Department
CD Passbook Other Irrevocable Instrument of Credit
Deposited At: United Security Bank
Certificate/Acct. No: Irrevocable Instrument of Credit No. 81004502
Deposit Amount: $118,800.00 Maturity Date:
Depositor: Name: Tejinder s Randhawa & Harkiran Kaur Randhawa, Trustees of the Randhawa
I Family Trust
Address: 2900 Fresno Street, Ste 105 Fresno CA 933721
Street City/State Zip
Job Address: Parcel Map No. PM2005-08
Received By: Rose Saldivar, Public Works Engineering Date: 12/04/06
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Authorization to Release
Signature Date
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Release To: Name:
Address:
Street City/State Zip
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United Security Bank
2126 Inyo Street • Fresno, California 93721 • (559) 248-4944
INSTRUMENT OF CREDIT
Performance
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City of Fresno
2600 Fresno Street
Fresno, California 93721-3615
ATTENTION: Director of Public Works
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'SUBJECT: Irrevocable Instrument of Credit No. 81004502
Gentlemen:
This Instrument of Credit is given by the undersigned financial institution to the City of
Fresno to fulfill the requirements of Paragraph#5 of that certain agreement entered into
between the City of Fresno, a municipal corporation, hereinafter referred to as "City" and
Tejinder S. Randhawa and Harkiran Kaur Randhawa, Trustees of the Randhawa Family
Trust dated November 30, 2005, hereinafter referred to as"Principal", covering certain
improvements to be installed subject to terms and conditions contained in such agreement
for that certain subdivision known and designated as Parccl A through D, inclusive of
Parcel Map No. 2005-08.
IAs required by said Paragraph#5 of the above-mentioned agreement, we hereby establish
in favor of the City and for account of Principal our Irrevocable Instrument of Credit No.
81004502 in the amount of One Hundred Eighteen Thousand Eight Hundred Dollars
($118,800.00), as performance security, to be paid by your drafts at sight on us when
accompanied by a written demand signed by the City's Chief Administrative Officer or
the Public Works Director or one of their Assistants or Deputies stating that such funds
are necessary for the performance or completion of the above-mentioned work and
improvements.
It is agreed that the above funds are on deposit and are trust funds to guarantee
performance, and shall not be subject to levy or attachment by any creditors of Principal
or to release by the undersigned financial institution until the obligation secured hereby is
performed to the satisfaction of City, as demonstrated by a written notice signed by the
City's Public Works Director or his Assistant or Deputy that the above-identified
Agreement has been fully performed, and authorizing the release of such funds.
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United Security Bank
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The undersigned financial institution expressly agrees with City that all drafts drawn
under and in compliance with the terms of this Instrument of Credit shall meet with due
honor upon presentation. All drafts drawn under this Instrument of Credit shall be
marked:
United Security Bank
2126 Inyo Street
Fresno,CA 93721
Irrevocable Instrument of Credit No. 81004502
DATED: e2420�07
UNITE CURITY BANK
o lee A. Braa
Senior Vice President/Chief Credit Officer
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(Attach Notary Acknowledgement)
Accepted:
CITY OF FRESNO
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By:
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Finance Control No.
City of Fresno
Security Deposit Form
To: Finance Department - Accounting Division
From: Rose Saldivar- Public Works Department
CD Passbook Other Irrevocable Instrument of Credit
DepositedlAt: United Security Bank
Certificate/Acct. No: Irrevocable Instrument of Credit No. 81004503
Deposit Amount: $62,500.00 Maturity Date:
Depositor: Name: Tejinder s Randhawa & Harkiran Kaur Randhawa, Trustees of the Randhawa
Family Trust
Address: 2900 Fresno Street, Ste 105 Fresno CA 93721
Street City/State Zip
Job Addrelss: Parcel Map No. PM2005-08
Received By: Rose Saldivar, Public Works Engineering Date: 12/04/06
Authorization to Release
Signature Date
Release To: Name:
Address:
Street City/State Zip
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United Security Bank
2126 Inyo Street • Fresno, California 93721 • (559) 248-4944
j INSTRUMENT OF CREDIT
Labor and Materials
City of Fresno
;2600 Fresno Street
Fresno, California 93721-3615
ATTENTION: Director of Public Works
SUBJECT: Irrevocable Instrument of Credit No. 81004503
Gentlemen:
;This Instrument of Credit is given by the undersigned financial institution to the City of
Fresno to fulfill the requirements of Paragraph#5 of that certain agreement entered into
between the City of Fresno, a municipal corporation, hereinafter referred to as "City" and
Tejinder S. Randhawa and Harkiran Kaur Randhawa, Trustees of the Randhawa Family
Trust dated November 30, 2005,hereinafter referred to as "Principal", covering certain
improvements to be installed subject to terms and conditions contained in such agreement
Ifor that certain subdivision known and designated as Parcel A through D, inclusive of
iParcel Map No. 2005-08.
IAs required by said Paragraph#5 of the above-mentioned agreement, and in accordance
with Section 12-1016 of the Fresno Municipal Code, we hereby establish in favor of the
City and for account of Principal our Irrevocable Instrument of Credit No. 81004503 in
Ithe amount of Sixty Two Thousand Five Hundred Dollars ($62,500.00), as payment
security, to be paid by drafts at sight on us when accompanied by a written demand
'signed by the City's Chief Administrative Officer or the Public Works Director or one of
their Assistants or Deputies stating that such funds are necessary for the payment to the
contractor, his subcontractors and to any persons furnishing labor, materials or equipment
to them for the accomplishment of the improvements required by the agreement.
It is agreed that the above funds are on deposit and are trust funds to guarantee
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erformance within the meaning of Section 66499.6 of the Government Code of the State
of California, and shall not be subject to levy or attachment by any creditors of Principal.
United Security Bank
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The undersigned financial institution shall continue to hold the above funds until notified
in writing by an office of the City, after the passage of six months following completion
of the required improvements,and acceptance of the work by the City, that such funds
may be released.
The undersigned financial institution expressly agrees with City that all drafts drawn
under and in compliance with the terms of this Instrument of Credit shall meet with due
honor upon presentation. All drafts drawn under this Instrument of Credit shall be
marked:
United Security Bank
2126 Inyo Street
Fresno,CA 93721
Irrevocable Instrument of Credit No. 81004503
DATED: �/.20/07
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UNIT CURITY BANK
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By.
o lee A. BA
Senior Vice President/Chief Credit Officer
(Attach Notary Acknowledgement)
Accepted:
CITY OF FRESNO
By:
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