Subject: RE: Jericho Security Deposit
From: "Greg Missal" <[email-masked]>
To: "Rita Becker" <[email-masked]>, "Paul Smith" <[email-masked]>
Date: Wed, 30 Jan 2002 09:45:07 -0500

Hello Rita and Paul,
 
I hope you both are keeping well.
 
I am in the process of looking into the administration of the one letter
of credit that Rita has listed as expired.  The letters of credit are
suppose to be renewed automatically by the TD bank.  If this happened
they should have sent the payee (I.e. the Receiver General in this case)
a copy of the renewal at the very least.  In the case of
1020-9383975-03, we did not receive a copy of this renewal either.  We
will be contacting TD this morning and requesting copies of this renewal
- once I have received them I will forward both of you a copy.
 
One other point related to this, is letter of credit # P76397V00010
($50,000), which I believe was put in place in 1996.  This letter of
credit applied to water license # N7L2 - 1666, which was the predecessor
of the current water permit.  When the amount of the security deposit
was determined for the current license, the $50,000 was subtracted from
the total amount, therefore this letter of credit should also be
included on the list that Rita has compiled.
 
If either of you have any questions, please contact me.  Thanks to both
of you for your assistance.
 
Regards,
 
Greg

-----Original Message-----
From: Rita Becker [mailto:[email-masked]]
Sent: Tuesday, January 29, 2002 5:29 PM
To: Paul Smith
Cc: Greg Missal
Subject: Jericho Security Deposit

HI Paul,
I got an e-mail from Greg Missal asking me to confirm the amount of
security that they have in place as they need a letter like this with
regards to discussions on a possible joint venture.
 
This is what I have in my files:
 
- Letter of Credit 1020-9383975-05 expirying Feb. 21 / 03 for
$200,000.00
- Letter of Credit 1020-9382975-01 expirying Jan 5/03 for $200,000.00
- Letter of Credit 1020-9383975-04 expirying Nov 8/02 for $100,000.00
- Letter of Credit 1020-9383975-07 expirying June 28/02 for $100,000.00
- Letter of Credit 1020-9383975-06 expirying Apr 11/02 for $100,000.00
- Letter of Credit 1020-9383975-03 expired May 24/01 for $100,000.00
????

- Cash of $68,000.00 paid cheque 12741 dated May 28, 1999

Tahera calculated the total letter of credits to total $850,000.00 and
the $68,000.00 in cash.  As it is possible that NWB might be missing
some copies of the security deposit as the originals are forwarded onto
DIAND (seems we might be missing 1020-9382975-02), I was wondering if
you'd be able to confirm the amount of security deposit? I don't know
what is easier for you, but either of the following would work for me:
- confirm to me the amount and I'll send a letter to Tahera with the
confirmation
- send a letter directly to Tahera addressed "To whom it may concern"
and cc. NWB a  copy.
 
Thanks Paul!

Rita Becker
Licensing Administrator
Nunavut Water Board
Phone: 867-360-6338
Fax:867-360-6369