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Home My WebLink AboutLID 302 - Letter of Credit MVO Mhai BURLINGTON NORTHERN RAILROAD 2600 Continental Plaza 777 Main Street Fort Worth, Texas 76102 PROPERTY TAX DEPARTMENT Telephone (817)878-7009 • March 19, 1986 Ms. Maxine Motor City Clerk City of Renton 200 Mill Street Renton, Washington 98055 Dear Ms. Motor: This will confirm our conversation regarding Burlington Northern Railroad Company furnishing Letter of Credit for Local Improvement District No. 302, Renton, Washington. As provided in the original agreement, we would furnish an Irrevocable Letter of Credit for six years. Letter of Credit covering the period May 1, 1985 through May 1, 1986, was furnished. This being the sixth year of the agreement, no Letter of Credit will be necessary for the remainder of the pay out period. I appreciate very much your cooperation in this matter and look forward to working with you in the future. Should there be any questions, please feel free to contact me at any time. - Sincerely, -%#:11e1/00(ilen H. Durwood Cochrum Director Local Assessments HDC/sg CITY OF RE TON LIAR 2 4- 198t -01I CITY CLERK'S OFFICE Jfj • t �f( . �. �.P_i� I "C" dam �— grn +. 1-; - �BURLINGTON NORTHERN RAILROADS„ (LMAR20'86 y 11 % iffaND' E: a Property Tax Department i'�` .� 7 f 0 2 2 �'. �`�[ P.U.1n�sFF{ {' 2680 Continental Plaza • r 01905 G L-- __J«• 777 Main Street ' Fort Worth, Texas 76102 , Ms. Maxine Motor City Clerk City of. Renton ' 200 Mill Street Renton, Washington 98055 • . ii:f:tittililttltilitlititlliiti First Interstate Bank _ of Washington,N.A. International Banking Operations P.O. Box 160 Seattle,WA 98111 u.s.A. Irrevocable irStTelex:32-9686 FIWSHA-SEA iI @I'S to SWIFT Address: FIWAUS 66 Letter of Credit Bank STANDBY DATE: November 15, 1985 No. SLC-18900 BENEFICIARY: CITY OF RENTON, MUNICIPAL BLDG. 200 Mill St. Renton, WA 98055 (Reference: Local Improvement Fund, District No. 302). Gentlemen: We hereby authorize you to draw your draft(s) on us at sight for the account of: BURLINGTON NORTHERN INC., 999 Third Ave., Seattle, WA 98101. Up to an aggregate amount of **US$347,265.42** **Three Hundred Forty Seven Thousand Two Hundred Sixty Five and 42/100 USDLRS** Draft(s) must be accompanied by the following documents: The original of this Letter of Credit. Certificate signed by the Finance Director that "there exists a delinquency in an assessment of part thereof for Local Improvement District No. 302 of the City of Renton upon property owned by Burlington Northern Railroad Properties Inc." at the time of such deliquency. Draft(s) and documents must be drawn and presented to First Interstate Bank of Washington, Letter of Credit Department for payment(s) on or before May 1 , 1986. Draft(s) drawn hereunder must specifically mention the number and date of this letter of credit. The amount of each draft must be endorsed on the reverse hereof. ALL BANK CHARGES, EXCEPT OURS, ARE FOR THE ACCOUNT OF THE BENEFICIARY. This credit is subject to the Uniform Customs and Practices for Documentary Credits (1983 Revision), International Chamber of Commerce Publication No. 400. We hereby engage with you that the draft(s) drawn under and in accordance with the terms of this credit shall be duly honored upon presentation. Yours respectfully, FIRST INTERSTATE BARK OF WASHINGTON, N.A. COUNTERSIGNED: 41L-Itt4149-4/464111--7 Authorized Signature Authorized Signature DELIVER THE ORIGINAL TO BENEFICIARY, RETAINING THE COPY FOR YOUR FILES. FX 077 (Rev.2/85) First Interstate Bank of Washington,N.A. International Banking Operations P.O. Box 160 Seattle,WA 98111 a First U.S.A. Irrevocable Telex:32-9686 FIWS Interstate SWIFT Address: FIWAUSHA-SEA 66 Letter of Credit Bank • . . , • • , : —;-3; • • c.;;F:",.f dray ‘r.."11r r!F-Oft(5) (.71 err Fi- ••••-, ,cr vrc 't' •-r ,;(, 2 ::, '''Ot10.11 I rw 00CUi r —•?-c,c'14'4 "•, !,)-• h. •-• ,• "1" • C 4-1 -al.;:1 nrtcl, F C ;;Torr"i-. n-; (S r•Lfc)-E 2'., L [ ) DELIVER THE ORIGINAL TO BENEFICIARY, RETAINING THE COPY FOR YOUR FILES. FX 077 (Rev.2/85) -�� First Interstate Bank aFirst of Washington, N.A. P.O. Box 160 Interstate Seattle, WA 98111 Bank 411 CITY OF RENTON MUNICIPAL-BLDG. 200 MILL STREET RENTON, W4 98055 RE LOCAL IMPROVEMENT FUND DISTRICT.NO. 302. LETTER OF-CREDIT` • - OFA. R� „ THE CITY OF RENTON N ,N. MUNICIPAL BUILDING 200 MILL AVE. SO. RENTON,WASH. 980.55 o o, BARBARA Y. SHINPOCH, MAYOR • MAXINE E.MOTOR, 9A �o CITY CLERK • (206) 235-2500 0,917 1) SEP1°O�Q` November 12, 1986 • Mr. Durwood Cochran Burlington Northern Properties, Inc. 2680 Continental Plaza 777 Main Street Fort Worth, Texas 76102 Re: Letter of Credit for Local Improvement District No. 302 Dear Mr. Cochran: This letter confirms our recent phone conversation and previous letter concerning expiration of the Irrevocable Letter of Credit on May 1, 1985.. The agreement between Glacier Park and the City required filing of an Irrevocable Letter of Credit with the City until May 1, 1986. Without this agreement, no improvement district would exist. If the Letter of Credit will be furnished by Citibank, New York, please advise when we can expect to receive a certificate. Your prompt attention will be appreciated. Yours truly, CITY OF RENTON Maxine E. Motor City. Clerk • . 911:2,.2 - ..s-s-F. 7/ 9/ _ ktil cs' ,,. W' • / - 47- 7'-' . ;,' ._ r/.. � z! fe:� � I- zEf�.rw ,� F Cyr\r\ .,e,j/fte--4-i t 0,t, --s-190 ° l f� f ._._- o, ,, Igi PI: VV 11/1/85 10/30/85 / Received phone call from Durwood Called Burlington Northern for Durwood Cochran, Ft. Worth, stating Letter Cochran in Fort Worth Tex. for Letter of Credit had been sent by Citibank of Credit. Talked with Mr. Weyandt who New York. Had to call him back will get us the Letter of Credit. He to advise hpCitibank Letter of Credit stated it has been paid for and that was for LID 314, that Letter of Credit Durwood is the right person for handling. is needed for LID 302 until 5/1/86. He assured me we would have the The address Letter of Credit. They have cancelled their St. Paul First 2680 Continental Plaza Bank accounts and will need to 777 Main St. go thru Citibank NY. r Fort Worth, Texas 76102 817-390-9103 Weyandt 817 878 7010 Cochran , . OF R. S. 0 THE CITY OF RENTON `O z MUNICIPAL BUILDING 200 MILL AVE. SO. RENTON,WASH. 98055 o o BARBARA Y. SHINPOCH, MAYOR • MAXINE E.MOTOR. 4p to CITY CLERK • (206) 235-2500 �' ? 0 SE001' July 5, 1985 Mr. John A. Novak, Assistant Vice President International Banking. Department The First National Bank of Saint Paul • 332 Minnesota St. St. Paul, Minn. 55101 Re: Letter of Credit No. 19548 Burlington Northern Properties, Inc. Dear Mr. Novak: The above-captioned letter of credit expired May 1, 1985. Terms of the Local Improvement District No. 320 require filing of renewal or replace- ment 20 days prior to the expiration of the Irrevocable Letter of Credit. Please furnish the Letter of Credit immediately. Yours truly, CITY OF RENTON Maxine E. Motor, City Clerk cc: M. J. Mulcahy, Finance Director W. Bennett, Deputy Finance Director cc: Burlington Northern Railroad 176 East Fifth St. St. Paul, MN 55101 . . Attn: P. J. Weyandt • • I % E ' First Bank,- 0010 Saint Paul The First National Bank Wholesale Banking Group-Division G of Saint Paul International Relationships and 332 Minnesota Street Nassau Branch Saint Paul, Minnesota 55101 JULY 12, 1984 IRREVOCABLE LETTER OF CREDIT NUMBER 19548 CITY OF RENTON MUNICIPAL BUILDING 200 MILL. AVENUE SOUTH RENTON, WASHINGTON 98055 ATTN: MR. M. J. MULCAHY FINANCE DIRECTOR GENTLEMEN: WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NUMBER 19548 IN YOUR FAVOR FOR THE ACCOUNT OF BN RAILROAD PROPERTIES, INC. (FORMERLY GLACIER PARK COMPANY) UP TO AN AGGREGATE AMOUNT OF THREE HUNDRED TWENTY THOUSAND EIGHT HUNDRED FIFTY ONE AND 85/100 U.S. DOLLARS (U.S. $320,851.85) . WE AUTHORIZE YOU TO DRAW YOUR DRAFTS AT SIGHT ON THE FIRST NATIONAL BANK OF SAINT PAUL, SAINT PAUL, MINNESOTA 55101. DRAFTS ARE TO BE ACCOMPANIED BY A CERTIFICATE SIGNED BY THE FINANCE DIRECTOR OR HIS HIS SUCCESSOR STATING THAT EITHER: 1) THERE EXISTS A DELINQUENCY IN AN ASSESSMENT OR PART THEREOF FOR LOCAL IMPROVEMENT DISTRICT NO. 302 OF THE CITY OF RENTON UPON PROPERTY OWNED BY BN RAILROAD PROPERTIES, INC. (FORMERLY GLACIER PARK COMPANY) ,AT THE TIME OF SUCH DELINQUENCY, OR 2) THERE REMAIN TWENTY OR LESS CALENDAR DAYS OF THE REMAINING TERM OF THIS LETTER OF CREDIT. THIS LETTER OF CREDIT EXPIRES MAY 1, 1985. THE DRAFT(S) DRAWN UNDER THIS LETTER OF CREDIT MUST BEAR THE CLAUSE "DRAWN UNDER LETTER OF CREDIT NUMBER 19548 DATED JULY 12, 1984." THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1974 REVISION) , INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NUMBER 290. WE HEREBY AGREE WITH THE DRAWERS THAT DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION TO US IF PRESENTED AT THIS OFFICE TOGETHER WITH THIS LETTER OF CREDIT ON OR BEFORE THE EXPIRATION DATE. r ERY A OURS, JOH . NOVA ASS ,TANT ICE PRESIDENT Member First Bank System . / - ' L. ._RNATIONAL BANKING DEPARTMENT • The First National Bank of Saint Paul Telephone 612 291.5506 332 Minnesota Street Cable: FIRSTBANK ST.PAUL MN Telex: 297026 St.Paul, Minnesota 55101 REF: CREDIT NO. 19548 JULY 17 , 19 R4 FAVOR OF CITY OF RENTON MAIL TO I- ., r CITY OF RENTON BURLINGTON NORTHERN RAIL1 AD MUNICIPAL BUILD]NG 176 EAST FIFTH STREET 200 MILL AVENUE-. SOUTH ' SAINT PAUL, MN 55101 RENTON, WASHINGTON 98055 L ATTN: H'aY 7��(flc/B'TTehef�CAHY I LATTN: P. J. WEYANDT I L J • Gentlemen: aEnclosed is: Letter of Credit# 19548 ❑Amendment to Letter of Credit# ❑ Please deliver original to beneficiary without responsibility on your part and retain copy for your records. ❑ Please deliver original to beneficiary adding your confirmation and retain copy for your records. ❑ We enclose the Letter of Credit ❑ Upon presentation of documents to this office we will negotiate drafts and documents drawn in compliance with the terms of the Credit. Please forward an additional copy of Commercial Invoice for our records. • ❑ Please acknowledge receipt by air mail. ❑ We add our confirmation. ❑ VERY TRULY URS • 70-1751 Authorize Signature • •{i, li 70CH.....max... 6 Y dl .i/ ' [ I 1 1 i CITY CLERI<: