HomeMy WebLinkAbout03-00500144- 00076546 FROM:
ISSUER:
IRREVOCABLE LETTER OF CREDIT
DATE:
TO BENEFICIARY: City of College Station
Attention: Director of Development Services
1101 Texas Avenue
College Station, Texas 77840
IRREVOCABLE LETTER OF CREDIT NO.:
ISSUE DATE: 12:00 Noon Central Standard Time, , 2003
EXPIRATION DATE: 12:00 Noon Central Standard Time, , 2003, or upon the
completion and final payment to all contractors, whichever occurs first.
LOCATION OF PROJECT:
AMOUNT: THOUSAND HUNDRED
AND NO /100 DOLLARS ($ .00)
ACCOUNT OF: , (herein "DEVELOPER ")
GENERAL TERMS & CONDITIONS:
The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO.
in favor of the CITY OF COLLEGE STATION, TEXAS, in accordance with Chapter 5, V.T.C.A. TEXAS
BUSINESS AND COMMERCE CODE and pursuant to the Code of Ordinances of the City of College Station,
Chapter 9: Subdivisions, for the Account of DEVELOPER for an amount of up to
THOUSAND HUNDRED AND NO /100 DOLLARS
($ .00). This amount is available by your draft(s) payable at sight when accompanied by
the following:
1. Sworn Statement by a duly authorized representative of the City of College Station, Texas,
stating that Developer has/have defaulted and failed to complete the performance and
construction of the improvements described below in accordance with the Chapter 9 of the Code
of Ordinances of the City of College Station, Texas, and that the proceeds from this Letter of
Credit will either be utilized by the City of College Station, Texas, to complete such construction
or will be retumed by the City of College Station to the Issuing Bank.
:tie /mvdnr.,/fnrmv/11rrrdf_rvv1N1 dnr
SPECIAL TERMS & CONDITIONS:
1. All banking fees/expenses/charges incurred are for the account of Developer. This Letter of
Credit is issued in conjunction with the development of Developer in the City of College Station,
Texas, specifically for the following:
To guarantee the payment and performance of the proposed construction of the
water, sanitary sewer, storm sewer and street improvements in
, a proposed addition to the City of College Station,
Texas, for a period not to exceed one (1) year from the date hereof.
2. Disbursements pursuant to this Letter of Credit will never exceed the above - stated amount, Tess
any amount released by the City of College Station, Texas. The amount of credit under this
Letter of Credit may be reduced upon approval and acceptance by the City of College Station of
completed improvements, which reduction may only be made with the written authorization of the
Director of Development Services of the City of College Station.
3. In accordance with Section 5.106 of the TEXAS BUSINESS AND COMMERCE CODE, this Letter of
Credit may be modified, upon the execution and delivery to Issuer of a sworn statement giving
consent to modification by the Director of Development Services of the City of College Station.
4. The Issuer of this Letter of Credit has caused this Letter to be signed by the undersigned officer
who has attached proof of his authorization to sign, together with attestation by Issuer's
authorized attesting officer and sealed with the seal of Issuer.
ISSUER:
BY:
Authorized Officer
Attested By:
STATE OF TEXAS *
COUNTY OF BRAZOS *
This instrument was acknowledged before me on , 2003, by
, the authorized officer of
Issuer, a Texas Banking Corporation, on behalf of said Banking Corporation and in the capacity stated.
Notary Public — State of Texas
is /r /m;,dnr c/fnrmc /hrrrdt_ro,ill) dnr