2007-22 RESOLUTION NO 2007- 22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND TERRACE,
APPROVING FINAL PARCEL MAP AND ACCEPTING A LETTER OF CREDIT
FOR STREET IMPROVEMENTS FROM ROBERT FERNANDEZ AND MARIA
ROSARIO.
WHEREAS,Parcel Map No. 16945 has been previously approved by the Planning
Commission on January 20, 2005.
WHEREAS, all the conditions of approval for Parcel Map No. 16945 have been met
by owner, Robert Fernandez and Maria Rosario.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Grand
Terrace that the City Council approved Parcel Map No. 16945 and accepted the Irrevocable
Letter of Credit No.3089340 for the street improvements to be performed on Grand Terrace
Road and Vista Grande Way.
BE IT FURTHER RESOLVED that the Mayor be authorized to execute the Parcel Map
Agreement on behalf of the City.
APPROVED AND ADOPTED this 13th day of November , 2007
,or
O
ATTEST:
CITY CLERK
f
Resolution 2007-22
Page 2
I,BRENDA MESA, CITY CLERK of the City of Grand Terrace, do hereby certify that the
foregoing Resolution was introduced and adopted at a regular meeting of the City Council of the City
of Grand Terrace held on the 131' day of November, 2007 by the following vote:
AYES: Councilmembers Cortes, Miller; and Buchanan; Mayor Pro Tern
Garcia and Mayor Ferre
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk
Bank®fAmerica
- ECEIED
BANK OF AMERICA - CONFIDENTIAL PAGE. 11 V
DATE: OCTOBER 16, 2007 OCT ! 8 2007
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3089340 DEPT.OF ,:'+"'r,4L,-;tTETY
ISSUING BANK
BANK OF AMERICA, N.A.
1000 W. TEMPLE STREET
7TH FLOOR, CA9-705-07-05
LOS ANGELES, CA 90012-1514
BENEFICIARY APPLICANT
CITY OF GRAND TERRACE ROBERTO FERNANDEZ AND MARIA ROSARIO
22795 BARTON RD. FERNANDEZ
GRAND TERRACE, CA 92323 1412 S. DAHLIA AVE
SEATTLE, WA 98109-0271 ONTARIO, CA 91762
AMOUNT
NOT EXCEEDING USD 110, 822 . 62
NOT EXCEEDING ONE HUNDRED TEN THOUSAND EIGHT HUNDRED TWENTY TWO AND
62/100' S US DOLLARS
EXPIRATION
OCTOBER 12, 2008 AT OUR COUNTERS
AT THE REQUEST OF ROBERTO & MARIA ROSARIO FERNANDEZ, WE HAVE
ESTABLISHED THIS CLEAN, IRREVOCABLE AND UNCONDITIONAL LETTER OF
CREDIT IN YOUR FAVOR FOR DRAWINGS UP TO ONE HUNDRED TEN THOUSAND
EIGHT HUNDRED TWENTY TWO AND 62/100 U.S. DOLLARS (110, 822 .62) .
WE HEREBY UNDERTAKE TO PROMPTLY HONOR YOUR SIGHT DRAFT(S) DRAWN ON US
FOR ALL OR ANY PART OF THE AMOUNT STATED ABOVE, UPON PRESENTATION OF
YOUR DRAFTS) DRAWN ON US AT OUR OFFICE.
DRAFTS UNDER THIS CREDIT MUST BEAR THE PHRASE: "DRAWN UNDER BANK OF
AMERICA, N.A. LETTER OF CREDIT NO. 3089340 DATED OCTOBER 16_, 2007 .
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT IS DEEMED TO BE
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM THE EXPIRY
DATE HEREOF, OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST 30 DAYS
PRIOR TO ANY EXPIRATION DATE WE NOTIFY YOU IN WRITING BY REGISTERED
MAIL OR OVERNIGHT COURIER SERVICE AT THE ABOVE ADDRESS THAT WE ELECT
NOT TO CONSIDER THIS LETTER OF CREDIT EXTENDED FOR ANY SUCH
ADDITIONAL PERIOD. IN THE EVENT OF SUCH NOTICE OF NON-RENEWAL, THE
BENEFICIARY MAY DRAW HEREUNDER WITH A DRAFT STATED ABOVE AND
ACCOMPANIED BY BENEFICIARY' S SIGNED STATEMENT STATING THAT YOU HAVE
RECEIVED A NON-RENEWAL NOTICE FROM BANK OF AMERICA, N.A. AND YOU HAVE
NOT RECEIVED A REPLACEMENT LETTER OF CREDIT ACCEPTABLE TO YOU.
EXCEPT AS STATED HEREIN, THIS UNDERTAKING IS NOT SUBJECT TO ANY
REQUIREMENT OR QUALIFICATION. OUR- OBLIGATION UNDER THIS LETTER OF
CREDIT IS THE INDIVIDUAL OBLIGATION OF THE BANK AND IS IN NO WAY
ORIGINAL
05-17-1486B 7-2000
Bank®f America
®�-
BANK OF AMERICA - CONFIDENTIAL PAGE: 2
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3089340
CONTINGENT UPON REIMBURSEMENT WITH RESPECT THERETO, OR UPON OUR
ABILITY TO PERFECT ANY LIEN OR SECURITY INTEREST.
THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY
PRACTICES 1998, ICC PUBLICATION NO. 590.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
TRANSACTION, PLEASE CALL 213-580-8345 .
Q�-
AUTHORIZED SIGNATURE
THIS DOCUMENT CONSISTS OF 2 PAGE(S) .
ANAUE W.MATIAS
ORIGINAL
05-17-1486B 7-2000