1996-0102_KI/FKLA RANCHO REALTY_Staff Memo M R'
4VIEMORANDUM
TO: Tony Foster, Engineering Assistant
FROM: Cheryl Johnson, City Clerk
DATE: January 2, 1996
SUBJECT: Substitution of Surety. PM 85-306 (Rosan/Bedford/
Kaiser/Kemper Realty)
Attached is the original Letter of Credit No. 1-83068 dated July 6, 1987, received from
Wells Fargo Bank in the amount of $764,000. We have received substitute bonds this
date.
111 Sou, " it i85i
WEILS FAR, G 0 1RAN ,N.A.
ES] P.O.BOX 63022, SAN FRANCISCO,CALIFORNIA 94163
E 9000 FLAIRE DRIVE, EL MONTE,CALIFORNIA 91735
LETTER OF CREDIT OPERATIONS
525 MARKET STREET, 25TH FLOOR
SAN FRANCISCO, CA 94163
LETTER OF CREDIT
City of San Juan Capistrano
32400 Paseo Adelanto
San Juan Capistrano, CA 92675
Attention: Stephen B. Julian, City Manager
RE: IRREVOCABLE LETTER OF CREDIT NO. 1-83068;
PARCEL MAP 85-306/ROSAN RANCH
Gentlemen:
We have been informed by Kaiser Development Company, a California,
corporation, hereinafter referred to as "Principal", but have not independently
confirmed, that this, letter of credit is given to fulfill the requirements of
that certain agreement entered into between the City of San Juan Capistrano, a
political subdivision of the State of California, hereinafter referred as
"City", and Principal covering certain improvements to be installed in that
certain subdivision known and designated as Parcel Map No. 85-306/Rosan Ranch by
Principal, and in accordance with said agreement.
At the request of Principal, we hereby establish in favor of City and, for
the account of Principal our Irrevocable Letter of Credit No. 1-83068 in the
amount of SEVEN HUNDRED SIXTY-FOUR THOSAND U.S. DOLLARS (U.S.$764,000.00) to be
paid by drafts at sight on us if accompanied by a certificate dated and signed
by the City Manager or City Attorney of City in the, following form:
The undersigned, the [City Manager or City Attorney3 of the City
of San Juan Capistrano, California, hereby certifies that:
1. Kaiser Development Company has failed to perform its
obligations under that certain agreement entered into
between the City of San Juan Capistrano and Kaiser
Development Company covering certain improvements to
be installed in that certain subdivision known and
designated as Parcel Map No. 85-306/Rosan Ranch in
accordance with said agreement;
2. The amount of the sight draft accompanying this certlifieate—
is . - -7 U.S. Dollars
) and the amount of this draft is now ,
due and payable-to the City of San Juan Capistrano under;; 1 '
said agreement.
• •
(CONTINUED ON PAGE 2)
•
Since,((([ 1852
WE LL S FAR�G 0 BANK,N.A.
El P.O.BOX 63022, SAN FRANCISCO,CALIFORNIA 94163
❑ 9000 FLAIRE DRIVE, EL MONTE,CALIFORNIA 91735
LETTER OF CREDIT OPE ATIO
525 MARKET STREET, 25TNS
H FLOOR
SAN FRANCISCO, CA 94163
- Page 2 -
Our L/C No. I-83068
All drafts under this Letter of Credit shall be marked:
NAME OF BANK
ADDRESS
IRREVOCABLE LETTER OF CREDIT NO. 1-83068
We expressly agree with you that all drafts drawn under and in compliance
with the terms of this Letter of Credit shall meet with due honor in accordance
with Section 5112 of the Uniform Commercial Code of the State of California.
Partial drawings are permitted hereunder.
This Letter of Credit expires at our above office on June 30; 1989 and
shall be automatically extended without written amendment to June 30 in each
successive calendar year unless not less than sixty (60) calendar days prior to
any June 30 (including June 30, 1989), we have sent notice to you in writing by
registered mail at your address above that we elect not to renew this Letter of
Credit beyond the June 30 next succeeding by at least sixty (60) calendar days,
the date we send you such notice.
This Letter of Credit is subject to the Uniform Customs and Practice for
Documentary Credits (1983 Revision) International Chamber of Commerce,
Publication No. 400 ("UCPA") and to the Uniform Commercial Code of the State of
California ("UCC"). In the event of any conflict between the UCPA and the UCC,
the UCC shall prevail and control.
DATED: JULY 7, 1987 WELLS FARGO BANK,
NATIONAL A - lCIATION
der
By: L/
Authorized Signature
CAACE O.Y.HUNG
MEMORANDUM
TO: John Gibson, City Treasurer
FROM: Dawn Marie Schanderl, Records Coordinator
DATE: Jul 9, 1987 _ _ _ _
SUBJECT: Letter of Credit No. I-83068, Parcel Map 85-306 - Rosan
Ranch/Kaiser Development Company
Letter of Credit No. I-83068, dated July 7, 1987, was received from Well Fargo Bank in
the amount of $764,000.00 for Parcel Map 85-306 Rosan Ranch/Kaiser Development
Company. The letter is forwarded to you for placement in the safety deposit box.
Mary Ann Hanover
MAH/dm
cc: Tony Foster, Assistant Engineer