HomeMy WebLinkAboutFirst National Bank of Long Island & M&T Bank ACCOUNTING&FINANCE DEPT. o���F So(/�yQl TOWN HALL ANNEX
John A.Cushman,Town Comptroller O 54375 Main Road
Telephone(631)765-4333 P.O.Box 1179
Fax(631)765-1366 G Q Southold,NY 11971-0959
E-mail:accountingCa)town.southold.ny.us http://southoldtown:horthfork.net/
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RECEIVED
TOWN OF SOUTHOLD OCT 19 2016
OFFICE OF THE SUPERVISOR
Southold Town Clerk
October 19, 2016
Dear Betty,
Please find enclosed the original Irrevocable Stand By Letter of Credit from Federal Home Loan
Bank to collateralize the Town's deposits at The First National Bank of Long Island.
Please keep this document in a secure place.
Sincerely,
John Cushman
r
Federal Home Loan Bank_
~^A N,EW YORK=
Irrevocable Stand- 'relit V —,E
'Date- October 18,2016, 201610180017
OCT 1 9 2016 � �
Town of Southold
Attn::John Cushman
54375 Main Road P.O.Box 1179 TOWN OF SOUTHOLD
Southold,NY 11971 ACCOUNTING&FINANCE DEPT. '
Gentlemen' ,
At the request and for the account of T6e``First National Bank of Long Island (the "Customer"), and in"order to facilitate certain
transactions between the Customer and third parties,the Federal Home Loan Bank of New York(the "Bank")hereby establishes in favor of
you,as beneficiary, its irrevocable stand-by Letter of Credit("LOC"),numbered as set forth above,whereby, subject to the below terms and
conditions,"the Bank authorizes you to draw on the Bank, in one or more drawings, up to an'aggregate.-of US $3,900,000.00 (the "Credit
Amount"), at.any time from the date hereof until the close of the Bank's business on October 18;20.17, or on.any earlier date on which this,
LOC is terminated as herein provided(the"Expiration Date").'
Funds under this LOC:are available to you following your,presentation,to the Bank, on a.day upon which the Bank is open for business.(a m
'Business Day")prior to the Expiration Date,the original of this LOC and of your written'drawing certificate prepared in the form,of Exhibit-
A included in the Bank's LOC Guide. Upon each payment made by the Bank hereunder,the Credit Amount shall be automatically reduced
by the amount of such payment. Rules governing the Bank's specific responsibilities with regard to the time of presentment are included in
the Bank's LOC Guide.
--If a drawing,certificate presented by you does not conform in,any instance to the terms and conditions of this LOC,the Bank shall'give you
notice to that effect, stating the reasons therefore and that the Bank is holding such drawing certificate at'your disposal or is returning the
same to you,as the Bank may elect. Any attempt to correct any such non-conformance by submitting a corrected drawing certificate shall be
treated as a new drawing certificate.
Presenfation'of your drawing certificate,-delivery'of all notices to the Bank.required hereunder and other'communications with respect to this
LOC must be made at the Bank's offices at 101 Park Avenue,New York,New York 10178,Attention: Vice President and Director,Member
Services Operations. Such presentation of your drawing certificate or other communications shall be deemed given only when actually
received'by the Bank and`shall be inailed'or delivered to the Bank;or'(excepi with'respect to preseniatiori or other required delivery of the
original of this LOC) may be sent to'the Bank by'teleeopier,to.(212) 949-0651. The briginal of any"such document delivered,by
telecommunication shall be delivered to the Bank on or before the next Business Day after such telecommunication.
If requested,payments under this LOC may be made by wire transfer of immediately,available funds to,such,account as is designated in your
drawing certificate.. If no such request is made,payment shall'be made by a check drawn by the Bank Iand mailed to your address as indicated
above.Except as otherwise herein provided, only'ryou may,make-a drawing under this LOC. The Bank may accept or°pay any drawing
certificate signed or issued by any administrator, trustee in bankruptcy, debtor in possession, assignee for benefit of creditors, liquidator,
receiver,conservator,or similar representative of you as beneficiary of this LOC.This LOC may be terminated by the delivery to the Bank of
your,written Consent thereto, substantially in,the form of Exhibit B contained`in the Bank's-LOC Guide. Any such Consent must be` ;
accompanied by the original"of this LOC. This LOC is issued subject,to the International Standby Practice`s 1998 and, to the extent not
inconsistent therewith, by Article 5'of the niform Commercial Code s'in effect in the State of New York. This LOC is not transferable F
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except with the express written consent of the Bank. Requests for such transfer shall be substantially in the form of Exhibit C contained in
the Bank's LOC Guide. "
"rlThis LOC sets forth in full the undertaking of the Bank.' Except as otherwise,herei'n provided, this LOC shall not be modified, amended or' T'
amplified except by writing executed by the Bank and by you or your successor or permitted transferee.
'Sincerely,
FEDERAL HOME LOAN BANK'OF NEW YORK L
'By
Michael•Des�—ideerio
Title: AVP, Credit Officer