ORDER N0.28840 RELEASING LETTER OF CREDIT # 2004-02 HERMOSA SUBDIVISION Came to be heard this the 27th day of September 2004 with a motion made by Commissioner Nicholson, and a Second made by Commissioner Letz, the Court unanimously approved a vote of 4-0-0 to release the Letter of Credit #2004-02. ~ 0, ~~ 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: September 27, 2004 OFFICE: Road & Bridge TIME PREFERRED: SUBJECT: (PLEASE BE SPECIFIC). Consider releasing Letter of Credit # 2004-02 issued for Hermosa Subdivision EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON} NAME OF PERSON ADDRESSING THE COURT: Franklin Johnston/Frank Vlasek ESTIMATED LENGTH OF PRESENTATION: 10 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: 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. _ ' C^' May 3, 2004 Kerr County Road & Bridge 4410 San Antonio Highway Kerrville, Texas 78028 Attention: County Engineer Dear Sir: Re: Letter of Credit Number 2004-02 EMAIL: HCSB@HCSB.COM WEB PAGE: WWW.HCSB.COM HCSB, a state banking association (hereinafter referred to as "HCSB") hereby issues to the benefit of the County of Kerr, Texas, (sometimes referred herein to as "Beneficiary") this -~°°~ irrevocable Letter of Credit #2044-02 for the account of Shepherd L.L.C., 2249 Rolling Creek, Spring Branch, Texas 78070 (sometimes referred herein to as "Developer"}, in the amount of Thirty Thousand and No/100 U. S. Dollars ($30,000.00). The Developer, Shepherd L.L.C., has petitioned Ken County for permission to develop a subdivision within the jurisdiction of Kerr County, more particularly described as follows to-wit: Abstract #2026, 177.92 acres, which is shown on a subdivision plat, entitled Hermosa subdivision, heretofore conditionally approved by the Commissioners Court of Kerr County on March 8, 2004. HCSB will honor on sight, and pay to you. upon presentation at its office located at 1145 Junction Hwy, Kerrville, Kerr Co., TX 78028, drafts drawn by you on said account, accompanied by: 1. A signed letter from the County Judge or County Engineer of Ken County, ar any other authorized representative for the County of Kerr, Texas, stating that Shepherd L.L.C., its heirs, successors or assigns, has not completed by May 10, 2005, (twelve (12) months from the date of this Letter of Credit) construction, or caused to be constructed, according to the requirements of such subdivision control regulation; the necessary site improvements within said subdivision. 2. Beneficiary's signed statement stating that the amount of the draft is due for the unpaid balance on the account of Shepherd L.L.C. Partial draws are permitted, but the combined draws by you cannot exceed the amount of this letter of credit. This Letter of Credit shall terminate upon May 10 2005, the expiration date "" hereof. This Letter of Credit is neither assignable, nor transferable. 1145 JUNCTION HIGHWAY KERRVIL_lE, TEXAS 78028-4903 PHONE 830.896.5000 FAX 830.896.5001 Kerr County road & Bridge 1?age 2 May 3, 2004 All drafts hereunder must be marked: Drawn under HCSB, a state banking association's, irrevocable Letter of Credit # 2004-02 dated May 03, 2004. Drafts drawn on this Letter of Credit are payable at the counters of HCSB, at its office located at 1145 Junction Hwy, Kerrville, Kerr Co., Texas. Such drafts will be duly honored if presented to us before the termination hereof as above provided. The amount of each draw shall be inscribed on the back hereof, and the original of this Letter of Credit # 2004-02 must itself be presented with each draft for payment as well as any draft that extinguishes this Letter of Credit # 2004-02. Except so far as otherwise expressly stated, this Letter of Credit is subject to Section 5.146 of the Texas Business and Commerce Code. This is irrevocable Letter of Credit # 2004-02 issued on May 03, 2004, by HCSB, a state banking association through its location in Kerrville, Kerr County, TX. HCSB, a state an ng associat~ .,.-_ / /J". David Williams, Chairman /cgm