HomeMy WebLinkAboutLOC #1389
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4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
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December 27, 2007
Bob Facente
Prior Lake State Bank
P.O. Box 369
16677 Duluth Avenue SE
Prior Lake, MN 55372
RE: Independent School District 719
Irrevocable Letter of Credit No. 1389
Dear Mr. Facente:
The City of Prior Lake hereby releases the above listed Letter of Credit, and via this
letter, is returning the original copy of Irrevocable Letter of Credit No. 1389, issued for
the Independent School District 719.
If you have questions, please contact me directly at 952-447-9812.
Sincerely,
~Q.~
U~ne ~ansier, AICP
Planning Director
Enclosure
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www.cltyopnorlake.com
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Phone 952.447.9800 / Fax 952.447.4245
PRIOR LAKE STATE BApc;ci~ ,~;. \ 1-
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IRREVOCABLE LETTER OF CREDIT NO. 1389
September 6, 2005
City of Prior Lake
16200 Eagle Creek Avenue
Prior Lake, MN 55372
Dear Sir or Madame:
RE: Independent School District 719
EXPIRATION DATE: December 31, 2006
Prior Lake State Bank hereby establishes an Irrevocable ~etter of Credit
in the amount of One Hundred Seventy Eight Thousand One Hundred Thirty
Five and 00/100 ($178,135.00) u.S. Dollars, in your favor for the period
beginning September 6, 2005, and expiring December 31, 2006, for the
account of Independent School District 719.
This credit shall be available against your draft at sight on us
accompanied by the original Letter of Credit.
This Letter of Credit sets forth in full terms of our undertaking. Such
undertaking shall not in any way be modified, amended or amplified by
reference to any document, instrument or agreement referred to herein or
in which the Letter of Credit is referred to or to which this Letter of
Credit relates. Any such reference shall not be amended to incorporate
herein by reference any document, instrument or agreement.
Your draft so drawn must bear this clause: "Drawn under Prior Lake State
Bank, Prior Lake, Minnesota, Irrevocable Letter of Credit dated September
6,2005.
We hereby agree with the drawers, endorsers and bona fide holders of all
drafts drawn on and in compliance with the terms of this credit that such
drafts ..Fill be duly hcnored upon prase~'ltation to the drawee. Iu
connection herewith, we specifically waive our rights (if any) including
but not limited to Section 5-122 (1) A & B of the UCC Code, to defer or
delay honor of any sight draft.
This Letter of Credit is subject to the Uniform Customs and Practices for
Documentary Credit (1993 Revision) International Chamber of Commerce
Publication No. 500.
RJF:maf
Two Locations:
P.O. Box 369, 16677 Duluth Avenue SE, Prior Lake, MN 55372-0369 (952) 447-2101 FAX (952) 447-3337
14033 Commerce Ave NE, Prior Lake, MN 55372 www.priorlake.com