Form Boe-487-Dcb - Irrevocable Letter Of Credit
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2BOE-487-DCB (FRONT) REV. 1 (10-10)
STATE OF CALIFORNIA
IRREVOCABLE LETTER OF CREDIT
BOARD OF EQUALIZATION
ISSUING BANK NAME
BANK LETTER OF CREDIT NUMBER
ISSUING BANK ADDRESS (city, state, zip code)
LONG TERM BANK DEPOSIT RATING OF ISSUING BANK (as stated in
Moody’s Bank Credit Research Monthly Ratings List)
PLACE FOR PRESENTATION OF DOCUMENTS
EXPIRY DATE
PLACE OF ISSUE
DATE OF ISSUE
BENEFICIARY
State Board of Equalization
Special Taxes and Fees
PO Box 942879, Sacramento, CA 94279-0088
APPLICANT NAME
ACCOUNT NUMBER
CR ET
APPLICANT ADDRESS (city, state, zip code)
BANK NAME
AMOUNT (U.S. $ spell out amount in U.S. dollars)
BANK CONTACT NAME
PHONE NUMBER
BANK ADDRESS (city, state, zip code)
Credit available with
by payment at sight against presentation of
(name of bank)
the documents detailed below and your draft(s) during normal business hours at
(branch of bank)
drawn on
at the request and for the account of the following named parties
(name of bank)
the undersigned
(enter legal name of taxpayer/entity to be covered)
issuing bank hereby establishes in your favor this irrevocable letter of credit in the amount of U.S. dollars $
payable
within three (3) business days (as hereinafter defined) after presentation to
(name/address of bank)
of
demand(s) for payment in the form described above.
Drawings honored by the issuing bank under this letter of credit shall not, in the aggregate, exceed the total amount of credit set forth
above and each drawing honored by the issuing bank shall reduce the amount set forth pro tanto. Partial drawings are permitted.
DOCUMENTS REQUIRED
1. A signed beneficiary’s statement executed by the Executive Director of the Board of Equalization (BOE) or authorized representative of
the Executive Director that
has done any of the following:
(name of taxpayer)
a) failed to comply with its obligations under Part 13 of Division 2 of the California Revenue and Taxation code including, without
limitations, payment of all taxes, interest, and penalties;
b) filed for bankruptcy; and/or
c) failed to renew or substitute acceptable security for tax liabilities within the ten (10) day requirement before the expiration date of
this letter of credit.
2. A draft signed by the Executive Director of the Board of Equalization or authorized representative of the Executive Director for the
amount of the drawing requested under this letter of credit and including a reference to the letter of credit number and original date
of issue of this letter of credit; and
3. The original letter of credit documents and all amendments thereto and any confirming bank’s original letter of credit document and
all amendments thereto.
Note: A draft accompanied by a statement indicating that the named taxpayer listed in paragraph 1 under “Documents Required” has
failed to renew or substitute acceptable security for tax liabilities within the ten (10) day requirement before the expiration date of this
letter may not be presented to the issuer of this letter of credit earlier than ten (10) calendar days before the expiration of the letter of
credit.
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