R99-152 RESOLUTION NO. R99-/,.~,~'
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING ACCEPTANCE OF LETTER OF
CREDIT SUBMITTED BY CASCADE LAKES
LTD., (NWA LESTER PUD PLAT 3) AND
ISSUED BY BANKATLANTIC (NO. BA416), IN
THE AMOUNT OF $371,200.00; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, a Letter of Credit, No. BA416 in the amount of $371,200.00 has
been issued by BankAtlantic as surety for construction of the water and sanitary
sewer systems for the project known as Cascade Lakes Ltd., (a/k/a Lester PUD plat
3), which Letter of Credit is attached hereto as Exhibit "A"; and
WHEREAS, Cascade Lakes is a single family residential subdivision located
in the City's service area, but outside of the City Limits, being south of Golf Road, on
the west side of Military Trail, and surety is required to guarantee that water and
sewer service will be available to the future homes; and
WHEREAS, upon recommendation of staff, the City Commission deems it to
be in the best interests of the citizens and residents of the City of Boynton Beach to
accept said Letter of Credit.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida,
hereby authorizes acceptance of the Letter of Credit No. BA416, in the amount of
$371,200.00, issued by BankAtlantic as surety for the construction of the water and
sanitary sewer systems to serve the project known as Cascade Lakes Ltd., (a/k/a/
Lester PUD plat 3), which Letter of Credit is attached hereto as Exhibit '%".
Section 2. This Resolution shall become effective immediately upon
passage.
PASSED AND ADOPTED this /~ day of ,,Y~, , 1999.
Ma~or /t' ' ~ _.....~.~
Vice/Mayor
Mayor Pro Tam
Commissioner
ATTEST:
lerk
October 4, 1999
RO. Box 8608
Ft. Lauderdale, FL 33310-8608
(954) 760-5000
IRREVOCABLE STANDBY LETTER OF CREDIT BA-416
BENEFICIARY:
City of Boynton BcaclCUtilities
I00 East Boynton Beach Boulevard
Boynton Beach, Florida 33437
Amount: $371,200.00
Date of Expiry:
Place of Expiry:
October 4, 2000
BankAtlantic, a Federal Savings Bank
1750 East Sunrise Boulevard
Fort Lauderdale, Florida 33304
We establish our clean Irrevocable Letter of Credlt Number BA-416 dated October 4, 1999, in
your favor for the account of Cascade Lakes, Ltd., 6561 Cascade Isles Boulevard, Boynton
Beach, Florida 33437 against the terms and conditions described below accompanied by drafts
drawn on BankAtlantic, a Federal Savings Bank at sight, and which bears the signature of
Utilities Director of Boynton Beach.
Drawing(s) may be presented at BankAtlantic, a Federal Savings Bank 1750 East Sunrise
Boulevard, Fort Lauderdale, Florida 33304, attn.' Commercial Loan Operations.
This Letter of Credit is issued for completion of the on-site }anitary sewer and water distribution
sho~n on 98-204F, pages 1 through 11 of the plans by the Wantman Group titled water and
sewer plans, Lester PUD, dated April 30, 1999.
Drafts drawns under this credit must indicate: "Drawn under BankAtlantic, a Federal Savings
Bank Letter of Credit number BA-416, dated October 4, 1999."
Documents Required:
This original Letter of Credit number BA-416.
Beneficiao"s signed statement as follows:
· "Aniaffidavit signed by an authorized agent of the City of Boynton Beach indicating that the
amount drawn represents the total cost to completed the on-site sanitary sewer and water
distribution for the project known as Lester PUD."
(This credit consists of two pages, the second page forms an integral part hereof)
Page Txvo
Letter of Credit No. BA-416
October 4, 1999
At the time of the tinal drawing, ti~e original letter of credit should be returned along with the
documents as stated herein.
Partial draws are pem~itted.
It is a condition of this Letter of Credit that it shall be deemed automatically extended without
amendment for one ye,'u' from the present or any future expiration date hereof unless at least
ninety (90) days prior to such date we shall notify you in writing by certified mail, return receipt
required, or hand delivery at the above address that we elect not to consider this Letter of Credit
ren,ewed for such additional period.
Please present your documents with an additional copy for our records to our Loan Operations
Department at t se following address: 1750 East Sunrise Boulevard, Fort Lauderdale, Florida
33304.
We hereby engage w th you that drafts drawn and presented in conformity with the terms of this
cred t will be duly honored. Payment will be made VIA check in the name of the Beneficiary
listed above, and will be mailed to the Beneficiary address listed above.
Except as otherwise expressly stated herein, this credit is subject t the Uniform Customs and
Pradtice for Documentary Credits (1993 Revision), International Chmnber of Commerce
Publication Number 500. As to matters not covered by UCP, this credit shall be subject to and
governed by the laws of the State of Flor/da. This letter ofqredit is enforceable in a court of
competent jurisdiction in Palm Beach County, Flor/da.
BankAtlantic, a Federal Savings Bank
MarCia K Snyder
ExecUtive Vice President
caslc416