hereby establishes our Irrevocable Letter of Credit No._____in favor of the Town of New Carlisle, at the request and for the account of , for any sum or sums not exceeding dollars, ($_______), available upon presentation by the Town Council of the Town of New Carlisle, St. Joseph County, Indiana (the “Council”), or any employee acting under the Council’s authority, of a letter signed by the Council enumerating any and all improvements, installations, and lot improvements (the “Improvements”) not completed as required by the Town of New Carlisle Subdivision Control Ordinance and the Council for the subdivision known as (the “Subdivision”), St. Joseph County Area Plan Commission Docket No. .
This Letter of Credit shall be applicable to the following Improvements [Check all items covered by this Letter]:
road base course | road intermediate course | ||
road surface course | street signs | ||
curbs | sidewalks | ||
sanitary sewer | water system | ||
storm drainage & retention | lot drainage | ||
erosion control | soil preservation | ||
survey monumentation | fencing | ||
debris and waste removal | grading and landscaping | ||
as-built drawings | electric system | ||
The drafts drawn under this Letter of Credit must state “Drawn under Letter of Credit No._______of , dated the_______day of ___________,________.” The amounts of the drafts must be noted on the back of this Letter of Credit by the .
This Letter of Credit is effective as of___________day of the______________,________, and shall expire on the________ day of_______________,_________, provided, however, such expiration date shall be automatically extended for successive periods of one year, unless: (i) a Release of Credit is received from the Council; or (ii) , by certified mail, return receipt requested, notifies both the Council and at least 90 days before the current expiration date, that has decided not to extend this Letter of Credit beyond the current expiration date. In the event of such notification by , the credit established by this Letter of Credit shall be available to the Council upon its sight draft or demand for payment for 90 days after receipt of such notice by the Council, as shown on the signed returned receipt.
The credit established by this Letter of Credit and the obligation to pay the same shall not be affected by the receivership, bankruptcy or insolvency of or the attachment of his or her property. Nor shall this credit and the obligation to pay the same be affected by any security agreement between and .
Whenever this Letter of Credit is drawn on under and in compliance with the terms of this Letter of Credit, shall pay the amount of the draft directly to the town or in accordance with the instructions of the Council.
By:
Signature
Printed:
Title:
Date:
(Ord. 1223, Form B, passed 5-11-2010)