ORDER NO. 7212 AFRROVAL OF A NEW LETTER OF CREDIT ISSUED FOR FALLING WATER SUBDIVISION On this the 27th day of August c@@1, upon motion made 6y Commissioner Letz, seconded by Commissioner Gr^iffin, the Court unanimously approved by a vote of 4-@-@, a~athor•ize Frank Johnston to notify Mr•. Cr•enwelge of the need to replace existing Letter^ of Credit Number @8@@5 for Falling Water• Subdivision with a Letter of Credit conforming to the requirements of Subdivision Regulations . COMMISSIONERS' COURT AGENDA REQUEST -- PLEASE FURNISH ONE ORGINAL AND NINE COPIES OF THIS REQUEST AND DOCUMENTS TO BE REVIEWED BY THE COURT. MADE BY: Franklin Johnston, P.E. MEETING DATE: August 27, 2001 OFFICE: Road & Bridge TIME PREFERRED: SUBJECT: (PLEASE BE SPECIFIC) Consider Letter of Credit issued for Falling Water Subdivision EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON) NAME OF PERSON ADDRESSING THE COURT: Franklin Johnston. ESTIMATED LENGTH OF PRESENTATION ] 0 minutes IF PERSONNEL MATTER -NAME OF EMPLOYEE: Time for submitting this request for Court to assure that the matter is posted in accordance with Title 5, Chapter 551 and 552, government Code, is a follows: Meeting scheduled for Mondays: 5:00 P.M. previous Tuesday THIS REQUEST RECEIVED BY: THIS REQUEST RECEIVED ON: nae. All Agenda Requests will be screened by the County Judge's Office to determine if adequate information has been prepared for the Court's formal consideration and action at time of Court Meetings. Your cooperation will be appreciated and contribute towazds your request being addressed at the eazliest opportunity. See Agenda Request Rule Adopted by Commissioners' Court. KERR COUNTY ROAD & BRIDGE MEMO DATE: AUGUST 21, 2001 TO: COMMISSIONERS COURT FROM: FRANKLIN JOHNSTON, P.E. RE: LETTER OF CREDIT The Letter of Credit # 08005 for Falling Water Subdivision is about to expire (Oct. 10, 2001) and roads aze not complete. Pazagraph 9.01 of Kerr County Subdivision Rules states the Security Bond (or Letter of Credit) be for a three (3) yeaz period and to be approved as to form and Legality by the County Attorney. 't'his Letter of Credit was delivered on same date that Plat was approved, Oct. 10, 2000. The Letter of Credit was approved, Oct. 10, 2000. The Letter of Credit delivered was for "Maintenance of roads...," but should be for developer to "complete such improvement' shown on final plat. I recommend the Letter of Credit be reissued with above changes, reviewed by the County Attorney and to expire Oct. 10, 2003. OCT. Ot :0 :V,9N) 11.?4 CcC i'.'A7F. MANX ':OSIFORT P,yp 995 445> S~CL'RITI'r~' TATF, $AN~ ~llTD TRUST HOME OFFICE' FO. BD%d71 • FREDERICKSBURO. TEXAS 7BEEa Fn, (530j 9R79575 • (MO) BBd-OOdP C)ctober 2, 2000 Prsnk Johnston Kerr County Engineer Kerrville,'Tczas 78023 Faz;630-896-848; 1]ear Frank: PAD£.! t am writing to inform you Security State Hank & Trust has approved and is wmmitted to issuing a Standby Letter Of Credit in favor of Kerr County on behalf of Crenweige, LLC The better pfCrcdit will be issued for a cumulative total rat tv exceed X350,0000 OC The purpose is for the constn)otion of additional roadways ir. the Falling 1Y`ater Subcivision ft is my understanding from visiting with Dale Crenweige the replat of Falling water is schedeied fpr presentation and apprpval in Kerr Cvu~~ty Commissioners ~ourt on October 1.0,2000. Ottr bank is cu,~rently in the process of preparing dpcuments and will have the Letter Of Credit ready by t7ctobcr I0, 2000. Thank you fpr your time and I look forward to working with you vn this project. If you have any additional questions yr need additional information contact me at 830-995- 4483. Si rely, i~~ 7 ff I an cnior Vice President cc: 1Jale Cremvelge 9PhNCH Gfl~A: CRN:C•I OfRCC CRANCIt CPFICE CRANC••kl qil"IW ORgNCI+O~'ICE CR/.NCN OFGICC CFM1MQ IOFFICE OR@+6i OIFKF e ~. A(1%Yd FP. OGX IG6 4Q. Y(1X lR P.O. BpX 2X10/ P.O. ROKTU. Pp. RO); iFq Pq. RA%n5 PO.NOXON! i:'%~CIKro0. 1%niCXl YIN(+:~NuO. 'M ~itlYY NgRIF11.'fl v{16]'. KCHHVILLL TX TEON M0.115LC IACt9.7X 1!644 pOC9hl.'Y 15006 PUWEM102. i%l8R] GOM FJHC iX;~013 ~~ l51t126d^3A +915i WIY05]~ (OYJ7UW-IM1W 191-1696~2]W (0]6>E9:f-5559 l9]O)RGA-9392 IA1L; C111~GINP (9fip+!Y.iT<.tK9 MEMBER FGIG SECURITY STATE BAND AND TRUST HOME OFFICE: P.O. BOX 471 FREDERICKSRURG, TEXAS 78624 .. PH: (830) 997-7576 • (800) 880-0649 ~@' TO: COUNTY OF KERB FROM: SECURITY. ~p~ E SrYNIi 4010 SAN ANTONIO HWY P.O. BOX 220 KERRVILLE, TEXAS 78028 COMFORT, TEXAS 78013 LETTER OF CREDIT NO #08005 (Maintenance of Roads, Streets and Alleyways) in Falling Water Subdivision) A DEPOSIT ON BEHALF OF Crenwelge LLC. This is an ircevocable letter of credit issued to you the County of Kerr, Texas, at the request of Dale A Crenwelee, in accordance with Chapter S, V.T.C.A., Texas Business and Commerce Code. This Bank promises to pay to the order of the Kerr County, Texas, upon presentation of a sight draft, any amoulrt not exceeding the cumulative total of ($) 350.000.00 on or after October 10, 2000. This is not a notation credit, and Kerr County, Beneficiary shall be entitled to payment without the presentation of documents. [n accordance with Section 5. l06 if the Texas Business and Commerce Code, this letter of credit may be modified by the reduction of the total outstanding and unused amount of this credit, upon the execution and delivery to issuer of a sworn statement making demand by the County Engineer of Kerr County, or by anyone purporting to be his duly authorized agent, and presenting a document to that effect on Kerc County letterhead. This letter of credit shall expire on October 10, 2001 IN WITNESS WHEREOF, the Issuer has caused this letter to be signed and attested by its duly authorized officer(s) who has attached proof of this authorization to sign, and sealed with the Issuer, this the 10th day of October 2000. ISSUER: SECURITY STATE BANK & TRUST COMFORT, TEXAS 78013 BY: JEFF~'iOLDI)QAN, SR. VICE P '. aiaNCH OFFICE BRANCH OFFICE BRANCH OFFlCE BRANCH OFFICE BRANCH C/FFICE BRANCH OFFICE BRANCH OFFICE BRANCH OFFICE ,1 BOX 25U ~ PO BO%t5d5 PO. BO%38 P.O BO%2900E PO.BO%]69 P.O. 80%164] PO BOX 85 PO. BO%220 ~PiC4 WOOD. !% 10669 KINGBf AND. iX ]0639 HARPER i% ]0631 KERRVILLE, T% ]8029 MARBLE FALLS. i%]8654 ROERNE TX 10006 flULVERDE TX ]0169 COMFORT, (%]Htl' Ba 8900 (9151 3003535 (6:10) 064 -In00 1830) 695-2000 (630) 6935559 (0001 2)99292 (630) 438-46d6 1830) 9`t5 x460 MFMIIF R FDIC Section [X GUARANTEE OF PERFORMANCE 9.01 Security Bond: The developer will file an agreement to provide a security bond prior to final plat approval. The plat shall not be recorded unless the developer has filed with [he Commissioners Court a bond executed by a surety company holding a license to do business in the Stale of Texas, and acceptable to the County, in an amount equal to [he cost of the road and drainage improvements required by these Regulations as estimated by the design Engineer and approved by the County, conditioned [hat [he developer will complete such improvements within throe years after approval of such plat, such bond [o be approved as to form and legality by [he County Attorney. In lieu of such bond, developer may execute a trust agreement whereby he shall be required to deposit with an approved institution or escrow agent a sum of money in trust agrcement is to be approved by the County Attorney. Developer shall remain obligated on said bond or trust agreement until the County Engineer has certified compliance with these provisions to the County. 9.02 Maintenance Bond: The developer shall also fde agreement in writing [o provide a maintenance bond for one (I) year prior to fmal subdivision plat. Subdivider shall furnish the County a bond, executed by a surely company holding a license to do business in the State of Texas, and acceptable to the County, in an amount equal to ten percent (t0%) of the total cost of the streets, curbs, sidewalks, and drainage improvements required to be constructed in said subdivision, as estimated by the design Engineer and approved by the County, conditioned that upon completion thereof, and upon approval of same by the County F.ngincer, the developer will maintain such strcets, drainage improvements, etc., in good condition at his expense for a period of at Icast one year aficr date of Cinal approval of the completed construction by the County Engineer and until acceptance thereof by the County. The Commissioners Court shall not accept such streets and sewers in behalf of the County Cor a period oC at leas[ one year after such proper completion, as certified by the County Engineer, and not then unless and until the County Engincer again certified that they have been maintained in good condition for said period of one year and arc in good condition at such time. The County shall accept such strcets and drainage improvements only by written resolution duly passed at a regular or legally called special meeting of the Commissioners Court, and the developer shall remain responsible for [he maintenance of such improvements until [his is legally accepted by the County. Maintenance of the road is to include such items as drainage by others, spilled concrete on [he strcets, mud and debris in the streets, unknown springs, etc. Maintenance of the drainage improvements includes removing debris, resodding eroded areas and the installation of additional concrete riprap where designated by the County to permanently prevent erosion. 9.03 Security Bond Extension: Where good cause exist, the County may eMend the period of the time for completion under Paragraph 10.01 of these Regulations for an additional period of time not to exceed six (6) months if the developer has not completed the required site improvements or completed such improvements in compliance with these Regulations. No such extension shall be granted unless the developer to cover the extended period of time firs[ provides additional security of the type provided in Paragraph 9.01. •• -- A Certif Copy "age ~ of ^!~sst~ Jannett Pieper, Kerr County Clerk KC Suh Rules & Rcgs Revision Page 42