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Home My WebLink AboutRelease - Certs of Deposit - De Anza Well Site XI I " 4 CITY OF PALM DESERT PUBLIC WORKS DEPARTMENT STAFF REPORT REQUEST: RELEASE CERTIFICATES OF DEPOSIT FOR THE DE ANZA WELL SITE SUBMITTED BY: Mark Greenwood, P.E., Director of Public Works APPLICANTS: Bighorn Development, LLC Attention: Sue Babington 255 Palowet Drive Palm Desert, CA 92260 CD NUMBERS: 123861 and 123863 DATE: May 25, 2017 CONTENTS: Certificates of Deposit Vicinity Map Recommendation By Minute Motion, release Certificates of Deposit for the De Anza Well Site. Strategic Plan Objective This action has no impact on the Strategic Plan. Background The subject property is located at the corner of San Carlos Avenue and De Anza Way. At the time of permit issuance, a Certificate of Deposit in the amount of $20,231 for Faithful Performance, and a Certificate of Deposit in the amount of $10,116 for Labor and Materials for storm drain improvements to the CVWD Well Site were accepted. All construction for this project has been completed and inspected. Staff recommends that City Council authorize the release of the Certificates of Deposit. Staff Report Release Certificates of Deposit for the De Anza Well Site May 25, 2017 Page 2 of 2 Fiscal Analysis There is no fiscal impact associated with this action. Prepared By: Dep n Head: e ctukta.‘„ ,c,c/ Christina Canales, Assistant Engineer Mark a nwood, P.E., Director Public Works M. Moore, Director o Finance Approval: / Lauri Aylaian, City Manager - PACIFIC WESTERN BANK 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. Customer Information Account Name: BIGHORN DEVELOPMENT LLC FBO CITY OF PALM DESERT (DE ANZA WELL SITE FAITHFUL PERFORMANCE) Address: 255 PALOWET DRIVE City, State, and Zip Code: PALM DESERT CA 92260 Certificate Number: 123861 Held for Collateral if Box is Checked: ❑ Loan Number: Term Opening/Rollover Amount: $ 20,231.00 Opening/Rollover Date: 07/10/07 Interest Rate: 4.25 % Term: 365 DAYS Automatic ® Single ❑ Renewal Maturity Annual Percentage Yield: 4.25 % Maturity Date: 07/10/08 Interest Disposition Interest may be paid monthly, quarterly, annually or at maturity. If interest is not paid at maturity it will be paid to another account or by check(s). Interest paid at maturity will be compounded to the certificate of deposit. Interest will be paid quarterly on certificates of deposit with terms greater than 365 days;the interest will be compounded to the certificate of deposit unless noted otherwise below. Interest Paid ® Monthly ❑ Quarterly ❑ Annually El At Maturity If interest is paid monthly, quarterly, or annually, interest will be paid as indicated below: Transfer to Checking Z Checking Account Number: 045-520048 Transfer to Savings ❑ Savings Account Number: Interest Check ❑ Prepared By: Paula Tapia Approved By: N l� Disclosure of Fees and Account Terms 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 $99,999.99, 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$100,000.00 or higher, a minimum daily balance of$100,000.00 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 renewed at maturity. Accounts with terms of 30 days or longer will have a grace period of seven (7) calendar days, which includes 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 AT PACIFIC WESTERN BANK. RF11ICFn n'w iInc MIMI N41.1,r PACIFIC WESTERN BANK 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. Customer Information Account Name: BIGHORN DEVELOPMENT LLC FBO CITY OF PALM DESERT (DE ANZA WELL SITE LABOR & MATERIAL) Address: 255 PALOWET DRIVE City, State, and Zip Code: PALM DESERT CA 92260 Certificate Number: 123863 Held for Collateral if Box is Checked: ❑ Loan Number: Term Opening/Rollover Amount: $ 10,116.00 Opening/Rollover Date: 07/10/07 Interest Rate: 4.25 % Term: 365 DAYS Automatic ® Single ❑ Renewal Maturity Annual Percentage Yield: 4.25 % Maturity Date: 07/10/08 Interest Disposition Interest may be paid monthly, quarterly, annually or at maturity. If interest is not paid at maturity it will be paid to another account or by check(s). Interest paid at maturity will be compounded to the certificate of deposit. Interest will be paid quarterly on certificates of deposit with terms greater than 365 days;the interest will be compounded to the certificate of deposit unless noted otherwise below. Interest Paid ® Monthly ❑ Quarterly ❑ Annually ❑ At Maturity If interest is paid monthly, quarterly, or annually, interest will be paid as indicated below: Transfer to Checking ® Checking Account Number: 045-520048 Transfer to Savings El Savings Account Number: Interest Check • ❑ Prepared By: Paula Tapia Approved By: 'ViQM Disclosure of Fees and Account Terms 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 $99,999.99, 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$100,000.00 or higher,a minimum daily balance of$100,000.00 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 renewed at maturity. Accounts with terms of 30 days or longer will have a grace period of seven (7) calendar days, which includes 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. FrAG A THANK YOU FOR BANKING AT PACIFIC WESTERN BANK. InalccR nv�iin5 MRAI LIU ilipriw• c/ , . ..1 Air a�v COQ co it?. ,:i 4%fr icC NG&z , j ' 14 44 J Illa 61 �Q c a > AL ESSA NDRO DR 15 W CO _ ALLEY -4 ALESSANDRO DR ALESSAN a Z Z c ' ( PALM DESERT DR N PALM DESERT DR N PALM D HWY 171- - HWY_ 4.?'!"?"-r34. DE ANZA WELL SITE titie �= APN: 627-1 53-014 e , _' CO ` ORMA�� VICINITY MAP