30651 Quarry Ranch, LLC - OBR & Released BondsOUTSTANDING BOND REPORT
Tract Number: 30651
Development: Quarry Ranch
Developer/Owner: Quarry Ranch, LLC
Bond Company: American Contractors Indemnity Company,
9841 Airport, 9th Floor
Los Angeles, CA 90045
Outstanding / Released Bonds:
Bond Type Bond No. Amount: Date Replaced or Released
Cash Deposit Certificate of
Deposit No. 119652 $273,619.18 Released 10/31/2007 in the
amount of $223,267.99
Performance 195665 $803,021
Labor & Material 195665 $803,021
P.O. Box 1504
LA QUINTA, CALIFORNIA 92247-1504
78-495 CALLE TAMPICO (760) 777-7000
LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101
October 31, 2007
William Morrow
Quarry Ranch, LLC
78-030 Calle Barcelona, Suite A
La Quinta, CA. 92253
Re: Tract Map 30651
To Whom It May Concern:
Per authorization' from the Public Works Department, the City Clerk's Office has
received a cash deposit in the amount of $273,619.18, and hereby releases Certificate
of Deposit No. 119652 in the amount of $223,267.99
If you have any questions, please call me at (760) 777-7002.
Sincerely,
VERONICA J.
City of La Qui
nTECINO, City Clerk
, California
cc: Tim Jonasson, Public Works Director/City Engineer
File
�p a
. i
OCT ; 2007
CASH DEPOSIT STATUS �Nc �EDEPT A
Budget Account N _ -
DIN:30651 Project Location_TM 30651; Quarry; Jefferson Street Improvements (Participatory)
Developer: QUARRY RANCH, LLC; 78-030 CALLE BARCELONA, SUITE A, LA QUINTA, CA 92253
®CASH SECURITY - DESCRIPTION OF OBLIGATION PROMPTING DEPOSIT
®Dust control- []As -built plans- []Removal of temporary improvements
Other Off -Site Jefferson Street Im rovements Partici ato
❑CASH PAYMENT - DESCRIPTION OF OBLIGATION PROMPTING DEPOSIT
DEPOSIT
DATE Amount Receipt # DEBIT BALANCE
10/11/07 $273,619.18 $273,619.18
COMMENTS CASH DEPOSIT FOR JEFFERSON STREET PARTICIPATORY IMPROVEMENTS
Cash deposits placed in City administered trust accounts are typically received for two basic reasons:1) CASH SECURITY- to provide a source of funds for the.City
to draw upon if the City incurs costs satisfying obligations of the developer, or 2) CASH PAYMENT- to provide a source of funding for improvements, property, or
services to be acquired, or administered, by the City al the developers expense_ The City will release the fund balance when the developers obligations that
prompted the cash deposit are fully satisfied. The release function is initiated via the Request/Demand for Release of Cash Deposit (Form F058)
.
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PACIFIC WESTERNBANK
CERTIFICATE OF DEPOSIT CONFIRMATION
The account evidenced by this receipt is subject to and further explained in the terms and
conditions contained in the Truth -In -Savings Disclosure provided to you. The account is not
negotiable and not transferable.
Account Name: QUARRY RANCH ,LLC. FBO: THE CITY OF LA QUINTA
Address: 78-030 CALLE BARCELONA SUITE A
City, State, and Zip Code: LA QUINTA CA 92253
Certificate Number: 119652
Opening/Rollover Amount: $ 223,267.99 Opening/Rollover Date: 10-17-03
Interest Rate: .825 % Term: 90 DAYS Automatic ® Single
Renewal Maturity
Annual Percentage Yield: .827 % Maturity Date: 01-15-04
Transfer to Checking
Transfer to Savings
Interest Check
Prepared By:
® Checking Account Number:
❑ Savings Account Number:
❑ Monthly ❑ Quarterly ❑
SUNNY KONECNY
Approved By:
047-503574
MINIMUM BALANCE REQUIREMENTS: A minimum deposit of $2,500.00 is required to open a certificate of deposit. In accounts with
an opening deposit between $2,500.00 and $49,000.00, a minimum daily balance of $2,500.00 is required to obtain the annual
percentage yield listed above. In accounts with an opening deposit of $50,000.00 or higher, a minimum daily balance of $50,000.00 is
required to obtain the annual percentage yield listed above.
BALANCE COMPUTATION METHOD: A daily balance method is used by the Bank to calculate the interest on certificate of deposits.
This method applies a daily periodic rate to the principal in the account each day.
TRANSACTION LIMITATIONS: After the account is opened, no deposits or withdrawals are allowed until the maturity date.
EARLY WITHDRAWAL PENALTIES: If any withdrawal of principal is made before the maturity date, a penalty equal to 30 days
interest will be charged to the account. If the withdrawal is made within the first six (6) days after the opening of the certificate, a
penalty equal to seven (7) days interest will be charged to the account. The penalty will not be imposed if the withdrawal is made
because the depositor dies or is judicially declared mentally incompetent
RENEWAL POLICY: This account, if automatically renewable, will be automatically renewed at maturity. Accounts with terms of 30
days or longer will have a grace period of seven (7) calendar days after the maturity date. During this grace period funds may be
withdrawn without the account being charged a penalty. (There is no grace period for accounts with terms less than 30 days.) If this
account has a single maturity date, it will not renew automatically at maturity; and if it is not renewed, the balance of the certificate will
be placed in a non -interest bearing account.
Thank you for banking with Pacirlc Western Bank.