ORDER NO. 30811 RELEASE LETTER OF CREDIT #2006-03 FROM HEBBRONVILLE RANCH PROPERTIES, LTD. Came to be heard this the 28th day of April, 2008, with a motion made by Commissioner Oehler, seconded by Commissioner Baldwin. The Court unanimously approved by vote of 4-0-0 to: Release the Letter of Credit #2006-03 from Hebbronville Ranch Properties, Ltd. For Vistas Escondidas Cypress Springs Estates, Precinct 4. ~ d ~lJ ~,) D CONIlVIISSIONERS' COURT AGENDA REQUEST P_ LEASE FURNISH ONE ORIGINAL AND TEN COPIES OF THIS REQUEST AND DOCUMENTS ~""' TO BE REVIEWED BY THE COURT. MADE BY: Leonard Odom, Jr. OFFICE: Road & Bridge MEETING DATE: Apri128, 2008 TIME PREFERRED: SUBJECT: (PLEASE BE SPECIFIC): Consider, discuss, and take apuropriate action to release Letter of Credit # 2006-03 from Hebbronville Ranch Properties, Ltd. For Vistas Escondidas Cynress Springs Estates ,Pct. 4 EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON) NAME OF PERSON ADDRESSING THE COURT: Truby Hardin ESTIMATED LENGTH OF PRESENTATION: 5 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: n, 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 towards your request being addressed at the earliest opportunity. See Agenda Request Rule Adopted by Commissioners' Court. reg4 S~P~ E QF~ oo4R~ o` ~N Kerr County Road & Bridge 4010 San Antonio Hwy Kerrville, Texas 78028 TO: COMMISSIONERS COURT FROM: LEONARD ODOM DATE: Apri122, 2008 RE: Letter of Credit # 2006-03 for Vistas Escondidas Cypress Springs Estates ,Pct. 4 Enclosed in your packet you will find a memo from Wayne Wells recommending Vistas Escondidas Cypress Springs Estates be approved. All engineering fees have been paid and all terms have been met, therefore we ask that you release the Letter of Credit # 2006-03 from Hill Country State Bank be released. Th vistas cypress springs TO: Leonard Odem, Kerr County Subdivision Administrator FROM: L. Wayne Wells, P.E. DATE: April 16, 2008 SUBJECT: Cypress Springs Estates, Phase 2-Section Two, (Vistas Escondidos) Final Inspection We met with the developer on April 11, 2008 at noon at the project site. We conducted the Final Inspection for this subdivision and found that the project had been completed in a satisfactory manner. If the roads and R. O. W. been subject to Kerr County maintenance and acceptance, they would not have met the criteria. The vegetation is lacking and there are minor problems with the paving. The developer has indicated that he will address these two minor problems and our past experience with him has proven that he will follow through on this commitment. In fact, the majority of the paving "problems" have to do with the paving/curb interface. Without the curb, the paving would meet the Kerr County requirements, except for one minor paving repair. I am therefore recommending that the subject subdivision be approved, by Kerr County at the next scheduled meeting of the Commissioners Court meeting and the security for the improvements be eliminated. This recommendation is predicated on the meeting of other requirements of the Kerr County Subdivision Rules and Regulations. If you have any questions or require any further information or assistance, please contact me. Respectfully, L. Wayne Wells, P.E. TO: Leonard Odem, Kerr County Subdivision Administrator FROM: L. Wayne Wells, P.E. DATE: April 16, 2008 SUBJECT: Cypress Springs Estates, Phase 2-Section Two, Engineering Services, Invoice # 6 Submitted herewith is the above referenced invoice, for my fees incurred on this subdivision through April 16, 2008. Professional: Includes coordination and meeting with Kerr County Road and Bridge and Developer; site visit for Final Inspection; recommendation based on the Final Inspection; and invoicing. 4.50 Hours @ $35.00 Per Hour = $157.50 Travel Time: 2.50 Hours @ $20.00 Per Hour = $ 50.00 Mileage: 85.0 Miles @ $0.505 per Mile = $ 42.93 TOTAL (This Invoice): $ 250.43 If you have any questions or require any further information, please contact me. Respectfully, L. Wayne Wells, P.E. A STATE BANKING ASSOCIATION At home with you. July 13, 2007 County of Kerr 4010 San Antonio Hwy. Kerrville, TX 78028 Re: Hebbronville Ranch Propeties, Ltd. Amendment to Irrevocable Standby Letter of Credit No. 2006-03 Dear Sir or Madam: Please be advised that the undersigned, a duly authorized officer of HCSB, A State ~"` Banking Association, hereby amends the Irrevocable Letter of Credit referenced above by extending the expiration date from July 24, 2007 to July 24, 2008. All other terms of the original Letter of Credit shall remain unchanged. Thank you for your attention to this matter. Please contact the undersigned at (830) 896- 5000 if any further clarification is required. Sinc ly, Gregg Appel Senior Vice President PLAINVIEW HART TULIA PLAINVIEW WEST P.O. Box 970 P.O. Box 300 P.O. Box 28 P.O. Box 970 Plainview, Texas 79073 Hart, Texas 79043 Tulia, Texas 79088 Plainview, Texas 79073 806-293-3635 806-938-2111 806-295-4151 806-291-8000 PLEASE VISIT US AT www.hcsb.com KERRVI LLE 1145 Junction Highway Kerrville, Texas 78028 830-896-5000 A STATE BANKING ASSOCIATION At home with you. IRREVOCABLE STANDBY LETTER OF CREDIT Letter.of Credit Number: 2006-03 Issuance Date: October 27, 2006 Expiration Date: July 24, 2007 Issuer: HCSB, a state banking association Address of Issuer: 1145 Junction Hwy. Kerrville, TX 78028 Beneficiary: County of Kerr Address of Beneficiary: 4010 San Antonio Hwy. Kerrville, TX 78028 Bank Customer: Hebbronville Ranch Properties, Ltd. Address of Bank Customer: 7091/Z Water Street Kerrville, TX 78028 Credit Amount in U.S. Dollars: Two Hundred Fifty Thousand and No/100ths ($250,000.00) . Transferability: This credit is not transferable. Legend To Be Included on Drafts(s): All draft(s) drawn under this credit must be marked "DRAWN UNDER HCSB IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 2006-03" and be addressed to HCSB, a state bank association, 1145 Junction Hwy., Kerrville, TX 78028. Required Documents: (1) Beneficiary's signed statement, submitted on Beneficiary's letterhead, Certifying to the following: "We hereby certify that the road and drainage improvements in the Vistas Escondidas de Cypress Springs Estates do not meet the plans And specifications as set by the County of Kerr." PLAINVIEW HART TULIA PLAINVIEW WEST P.O. Box 970 P.O. Box 300 P.O. Box 28 P.O. Box 970 Plainview, Texas 79073 Hart, Texas 79043 Tulia, Texas 79088 Plainview, Texas 79073 806-293-3635 806-938-2111 806-295-4151 806-291-8000 PLEASE VISIT US AT www.hcsb.com KERRVILLE 1145 Junction Highway Kerrville, Texas 78028 830-896-5000 .~ - : Y r Irrevocable Standby Letter of Credit County of Kerr October 27, 2006 Page 2 Or "We certify that the County of Kerr has incurred engineering fees in accordance with the construction of road and drainage improvements in the Vistas Escondidas de Cypress Springs Estates in the amount of $ ~~ Partial drawings are allowed and the letter of credit will be reduced by the amount of such partial draws. The sum of such partial draws shall on no account exceed the stated amount of this credit, and upon any draw or maturity that exhausts this credit, the original Letter of Credit will be surrendered to us. The amount of this letter of credit maybe reduced upon the execution and delivery to the issuer of a sworn statement on beneficiary's letterhead signed by an authorized representative of the County of Kerr indicating the amount of the reduction. Such notice must be addressed to HCSB, a state banking association, 1145 Junction Hwy., Kerrville, TX 78028. Issuer hereby establishes its irrevocable credit, in Beneficiary's favor, at the request of and for the account of Bank Customer, for a sum not exceeding the Credit Amount. This credit is available for payment, at five (5) business days, by your sight draft(s) drawn on HCSB, a state banking association, accompanied by the Required Documents so long as this credit is presented for payment on or before the Expiration Date at Issuer's office located at 1145 Junction Hwy., Kerrville, TX 78028. Except as otherwise expressly stated herein, this credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision) International Chamber of Commerce Publication Number 500. Issuer agrees with Beneficiary that draft(s) drawn under this credit and presented to Issuer, in compliance with the terms and conditions of this credit, will be duly honored. HCSB, a state banking association BY• Gregg D. Appel Senior Vice President