CCR1998095AMENDED
COMMON COUNCIL -CITY OF MUSKEG0
RESOLUTION #95-98
APPROVAL OF ASSIGNMENT OF LETTERS OF CREDIT
FOR DEER CREEK AND DEER CREEK ADDITION NO. 1
WHEREAS, The developer of Deer Creek and Deer Creek Addition No. 1, Premier
Development, has requested that the Letters of Credit for said developments be
replaced by another financial institution; and
WHEREAS, This request must be approved by the City; and
WHEREAS, The Finance Committee has reviewed the Letters of Credit for Deer Creek
and Deer Creek Addition No. 1 and has recommended approval to the Common
Council.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego, upon the recommendation of the Finance Committee, does hereby approve
the replacement of the Letters of Credit for Deer Creek and Deer Creek Addition No. 1
to M & I Marshall & llsley Bank.
0 DATED THIS 26TH DAY OF MAY, 1998.
SPONSORED BY:
FINANCE COMMITEE
Ald. Mark Slocomb
Ald. David Sanders
Ald. Nancy Salentine
Deferred 5/12/98
This is to certify that this is a true and accurate copy of Resolution #95-98 which was
adopted by the Common Council of the City of Muskego.
0 5/98jmb
a
APPROVAL OF ASSIGNMENT OF LETTERS OF CREDIT
FOR DEER CREEK AND DEER CREEK ADDITION NO.
WHEREAS, The developer of Deer Creek and Deer Creek
Development, has requested that the Letters of Credit for said
assigned to another financial institution; and
WHEREAS, This request must be approved by the City; an
WHEREAS, The Finance Committee has reviewed thyletters of Credit for Deer Creek
and Deer Creek Addition No. 1 and has recommended approval to the Common
Council. ,I
/
/
NOW, THEREFORE, BE IT RESOLVED That de Common Council of the City of
Muskego, upon the recommendation of the Fihance Committee, does hereby approve
the assignment of the Letters of Credit for Deer Creek and Deer Creek Addition No. 1
to M & I Marshall & llsley Bank. /’
DATED THIS DAY OF MAY~1998. /
/
SPONSORED BY:
FINANCE COMMllTEE
Ald. Mark Slocomb
Ald. David Sanders
Ald. Nancy Salentine
Deferred 5/12/98
/
This is to certifithat this is a true and accurate copy of Resolution #95-98 which was
adopted by the Common Council of the City of Muskego.
Clerk-Treasurer
5/98jmb
SENT BY
**Draft+*
DATE' Kay _, 1990
IRREVOCABLE STANDBY LETTER OB CREDIT NO. SB 4810
BENEFICIARY:
Cit.y of Muskego
W182 5'8200 Racine P.venue
Muskego WT 51150
attn
MAXI" Anom:
USD 98,387 14
EXPIRY DATE AT OUR COUNTBRSr
November .I, 1996
Wc hereby Gpen out' Irrevocablr Sr~-dhy LFtter &F Credit No 58 1810 in
your favor. for the account cut Premier: Development, :nf: , which :s
Tliodndrld, Eighty-seven and 14/IUO II 5 DOL.L,?LRS (USD 58,087 14) ["Mar.imum
available by your draft 3t SiGM!T up to the amount of Ninety clghr
Amount"idI'a,m on the Mh'l narchall L Ilairy Dank bearlng the clrlu~e
"Drawn under Letter OE Credit Nn 5B 48i3 dated May _, 199R or thr M&n:
Marshall & Iloley Bank I' Your draft must be Accompanied by t.he €ol!owi:1g
document ( 8)
AI
arnendlnent (8) ,whlck. mllst Leax yoilr written ap?!:nva? nr
This oriqj-a1 Lett?:- cf cl-edit and drly ccbcequcr?c
rejection
El Beneficiar'y'c dated S!arcmrii:, on its lctterheab d11cl aiyrled
by an individual puLTorting t3 be one Of it? offi-ials
warranting "I. the unrkrsigned, am an authorized 2fficia1 of
tb.e City of Nuskeyo. and duly certify Premier Development,
I)P:rPlnper Agrecmellt dated
Inc 11~s r4lt.d to fulfll. its obllgaclons outllnecl in a
i998, by and betceen
subdiviaim known az UP~K Creek "
the City of M~skego and ?l'eniel- rJe-J~-!lop!\ent, Iilc for the
Tho Maximum. Amount of t.his Let'rer' r,f Crrdir mdy I,? reduced upon cur
receipt of the Clty of LluskfqO'P notice C'omplat-Pd in the f@rrnat attached
hel'cI:c> afl Exhibit 1 (page 3:, 011 iiH letterhe25 and or:qinally Higned
prenented and paid ':he oxiqioal better of cverlir. will be returl-red to
Partial dIa&ingz/redirctinnn al-e pcm.i.ktod If a pal-ti.31 drawing is
you If your rlrlwing erhscsts the outstanding halancc. the Letter JE
Cledit will be r-ccained by 11s
SENT BY:
e
PAGE 2, wh.1ch foi.ms dl1 integral part ot lrrevocable Standby Letrer- of
Credit No SB 46Iu dated P!ay _, 19518. icsued io favor of the City of
Muskego
TI116 Lettel- of Credit sets fo?-t~ll in full our ~~ndertaking. and fmch
underraking shall noc i(1 dlly way be Inlorlified, anlpllfled, 01- 1imit.ed by
reference t.n any ficrurnent. inncr.urrent or ayl'eement referrcd to in this
Lettel- of Credit, except only th? iini.lorm Customs and Practice referred
to herein. and any such retc?el!ce shall not be deemed to incorporate
herein any reterence to .1 document, inatrument 01 agreement
The Letter of Credit is suuject rn rlw lrniform CUS~OWPI and Practice $01-
Docuinentary CI?Cll.tR (1993 F!c?v<eiorll, Internat~.?nai Chaxber- oE Comnerce
Fublication No 5Dci
Prnaonration and paywrrt. of your d:dxingr. undel- chi3 Letter G€ Credit ~\TE
reurricted to our counters
PuL-suanc co U S Law. we are prohibited fror lsnning, transferring.
accepting or paying ?ettel-s OF c ?dit to nny !'M~LV or entity identified
bv :he Otfice of Foreign AsEet C3nrv.r:I. IJ :: Lkpal-crnent. of Treasury, or
flubject to the lwnia! of Erporr ?-ivilegen by the U S Depa?'trner.t of
Commerce
'n'e hereby onqage uirh you that ~ny dra,xing:s) uncle>: and in sowpl idt:c?
slit11 the terms and conditions or this Lettel- of Credit 61m11 be rlc,ly
honored by us upon OUT receiyc cf your origimlly signed docgments (a:~tn
Internatlvnal Depai-trnent. 710 N Water Street , 4th floor, M.i Iwaukee IkI
Monday through Fl-irlAy, on or hefore the current E%piry Uate, upon which
53102)~ before the close or out business ar 4 00 pm (Milwaukee tinlei
date this Letter of Cred~t. exoil-e; ev-n rhmugh the original Letter of
Credlt and amendment Is), if dlly, re nor returned to our counterz
M&I WRSHALL & TL5LEY BANK
DpbBU
Authorized Signature/Title
SENT BY:
*+Draft**
Credlt SB 4ti'1!i dated May _, 19YR. issued in fa.dor CJP the City of
Page 3, Expihit 1, which fox-mF; and inteql-al p:t of IrrevocJble LetteK of
Muskego
and all appr0priat.c fields are cornp1etr:d)
(The following tc appeal- on tk? eeneficiary'r letterhead, duly signed,
.."~ ~........ ...~ "" """" ~"...--- ."~~
CERTIFICATE OR REDUCTION TO LETTER 01 CREDIT SB 4810
DATE . "
Regard8
City of MuHhego
Authorized signature / Tlrle
cc Applicanl
SENT BY
0
**Draft**
DATE, Ray -, 1958
IRREVOCABLE STRHDBY LETTER OF CREDIT NO. 6B 4809
BEREPICIARY:
Ci.ty of hskegrr
attn
MAXI" AMom:
USD286.761 U2
APPLICANT:
Promier Dcveloprnent, ltrc
EXPIRY DATE AT OUR COWERSr
November 4, 1998
We her-ehy open 0111' Irrevrlrablr. :t.sndby Letter of C1-ed.il. b!o SB 4uu9 in
your favor.. fol tie account of Prernjcr De.Jelopment., In:: , which i3
available by your dl~aft at S':G.qT IIC: to the anount of Twilo HGnrJred, Eighty
Six Thousald, Seven ilundred. Sixty-tu0 and 02/:00 9 S DOLLARS
:USD286,762 02) ("l.l~xlmurn Arnount")draw:n WII the MtiI Marshsi! & lleley Bank
bearing th? clause "D1-aic.n cnder Lcrtpr of Credit No 38 4009 datr;l Play
acco!npaniod by c!le €01 ?or;iny dccun1e:rt !s;
- , :790 iif the M&I PlarshA-?l S Ilslcy Bank I' 'four ciraft must Le
A) Thi~e c,-i.jin,?l Lette~' c.f CredLt and any subnecpent
anlendmerit is: .which must ;>ear your: wrir.r.en appl-o'?al or
rejection
E) Beneficial.,.':: dated StntemeItI, oil Its letterhead and zigned
by an indi'dldual puqmttin,g to be one of it.8 dff,uinlo,
.xa.rrantiny "1. the unders~qned, am a!> autho~ized official 9f
the Ci;y ot Yuskego, and duly certify Premier Development.
requi1:W tln3cIr thc ;evelcpes Agl'eelnt.!:t dat.ed No\,erber 1.
Inc har .rdileti t.0 zorcy:et? rile Suhdivi eion Trnpl~oYen!ent; as
1997, by and bstreen tn? City nF Muukeqo and Fremier
Develcpmenp, Inc for Che ;ubdivi$ion known an Deer Creek lat
Ldddtion; 'we at-e ent.irled to draw upon this Letter; of Credit
SB 4809: and these funds will bc used towjr:ds the completion
of the Subdlvisim 1mp"o'vernentp. "
The Maximum Amotlrit of this Lett?r of Credit may be reduced upon ~UI-
receipt of the City (JC Muske.yo'5 rj?ticr! completed il: the format attached
hereto dB Exhibit ? (pay 3). on ~tr. 1ct.terl:pad and originally ei~ned
Farcirl. dl3UinqE/reduct,lons ale pc~mitt.ed
pregented and paid, clie 01-iqinal Letter of Cledic wi~ll be retul-ned to
If a partla1 drawing is
Credit will be retained by us
you If' your dl-.>winq exhaustu tt.0 nuts:anding balance. the Letter oE
Conti.nued on Page 2
SENT BY
WLI MARSHALL L 1LSLEY BANX
SENT BY
**Draft.*
C1-edit SM 48uY dacecl May , 199R. issued In Eavor of the City of
Page 3, Exhibit 1, which forlna and integral part. of irrviocable Letrel- of
Muel..ego
(The follo.ding to appear nn %e Seneficiary'z letterhead, duly 6;gned.
and all applopriate fields are comp)r.tPCI:
.-
. . . . . . . . . . """ ....~.~.~. ................
CERTIFICATB OF REDUCTION TO LETTER OF CRKDIT 58 4809
Regardo,
City of Muskeyo
Authorized Siynat.llre / Titl?
cc Appl 1 cant