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Security Deposits (Letters of Credit & Cash Deposits) Development Finance & Investments is responsible for the safekeeping of letters of credit and cash deposits. A letter of credit is required under various agreements to guarantee financial or performance obligations to the City. A conforming Letter of Credit will be accepted. To conform a Letter of Credit must meet the following criteria: 1) Be issued by any of the following six Canadian Chartered banks set out in Schedule 1 of the Bank Act a) Bank of Montreal; b) Bank of Nova Scotia; c) Canadian Imperial Bank of Commerce; d) Royal Bank of Canada; e) TD Canada Trust; f) National Bank 2) The Letter of Credit must: a) state that it is Irrevocable; b) be in the City’s standard format; c) be issued in favour of The Corporation of The City of Vaughan at the address as it appears in the sample format. No department or person’s name can be added; d) be issued in Canadian funds; e) describe the purpose for which the Letter of Credit is being provided, legal description of property and Project file number or building permit; f) include an automatic renewal clause for the expiry date Follow the Letter of Credit wording in the sample formats below: Subdivision Agreement Site Plan Agreement Site Plan Letter of Undertaking Building Permit Security Standard Letter of Credit Alternatives to a Letter of Credit are certified cheque, bank draft or money order (cash deposit). The City shall hold the cash deposit and process the release or draws in the same manner as a letter of credit. Cash deposits will be non-interest bearing. RELEASE OF SECURITY Municipal Services - Subdivisions Release and reduction requests are processed upon direction from Development/Transportation Engineering Contact Engineering Department 905-832-8585 extension 8364 Building Permit Securities - Subdivisions Contact Building Standards for release requests at 905-832-8585 extension 8232 Building Permit Securities – Site Plans and Unit Alterations Prior to the release of the security, the Owner and/or Permit Holder shall have all required Building inspections approved prior to contacting Development Finance & Investments at 905-832-8585 extension 8377 Site Plans Upon completion of required works pursuant to your agreement contact Development Finance & Investments at 905-832-8585 extension 8377 Industrial & Residential (not part of a site plan) & Pools Upon completion of required works pursuant to your agreement contact Development Finance & Investments at 905-832-8585 extension 8377 Other Refer to release conditions in the agreement
Subdivision Agreement
Site Plan Agreement
Site Plan Letter of Undertaking
Building Permit Security
Standard Letter of Credit
Alternatives to a Letter of Credit are certified cheque, bank draft or money order (cash deposit). The City shall hold the cash deposit and process the release or draws in the same manner as a letter of credit. Cash deposits will be non-interest bearing.
Development Finance and Investments