1993-07-01 LOC Established
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(C(((II'JJJ'J~ 1\I<:)f(7"f1V\1~~7"
701 Central Avenue E.
St. Michael. Minnesota 55376
(612) 497-2131
FAX (612) 497-4353
City of Albertville
Attn: Linda Houghton,
Box 131
Albertville, MN 55301
City Administrator
Date:
Letter of Credit:
Expiration Date:
July 1, 1993
#256263
July 1, 1994
Dear Ms. Houghton:
We hereby establish our IRREVOCABLE standby Letter of Credit
in your favor for the account of Douglas psyk of
Albertville, Minnesota available by your drafts drawn at
sight on Security Bank Northwest, st. Michael, MN 55376 for
any sum or sums not exceeding a total aggregate amount of
$67,750.00.
Any draw under this Letter of Credit must be accompanied by
this original Letter of Credit, a copy of the Psyks' Fifth
Addition Development Contract dated July 1, 1993 between
Douglas psyk and The City of Albertville in the amount of
$67,750 and a statement signed by a Certified Official of
the City of Albertville stating that Douglas psyk has not
performed his obligations as required under that contract
and that the amount of the sight draft accompanying the draw
request is equal to the amounts owed by The Ci ty of
Albertville to cover expenses necessary to rectify the
failure of Douglas psyk to perform under the contract.
Except as otherwise stated herein,
the Uniform Customs and Practice
(1983 Revision), International
Publication No. 400.
this credit is subject to
for Documentary Credits
Chamber of Commerce,
The amount of each draft negotiated, with the date of
negotiation, must be endorsed hereon by the negotiating
bank, and any draft presented to us shall constitute a
warranty of the negotiating bank that such endorsement was
effected.
All drafts drawn under this credit should bear the clause
"Drawn Under Security Bank Northwest, st. Michael, MN Letter
of Credit #256263 dated July 1, 1993.
OFFICES:
Albertville: 5882 Main Street Northeast. Albertville.. Minnesota 55301, (612) 497 -3525. Maple Grove: 13370 Grove Dnve. Maple Grove. Minnesota 55369, (612) 420-3039
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City of Albertville
July 1, 1993
Page 2
All documents required by this Letter may be submitted until
its expiration date. Partial drawings are acceptable as are
multiple drawings although total draws may not exceed
$67,750.00.
We hereby agree wi th you and with negotiating banks and
bankers that all drafts drawn by virtue of this credit, and
in accordance with its terms, shall meet with due honor upon
presentation and delivery of documents as specified to
Security Bank Northwest, st. Michael, MN if negotiated, or
if presented at this office together with Letter of Credit
on or before July 1, 1994. This Letter of Credit shall
automatically renew for a one year period unless written
notice is given 60 days before expiration by Security Bank
Northwest to the City of Albertville indicating that such
renewal shall not take place.
Sincerely,
C-, C/'. /d 74- ,#/J ,;::,>'1 i/
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Gerald A. Manville
Sr. Vice President
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