R98-074RESOLUTION NO. R98-~'4d~
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF BOYNTON BEACH, FLORIDA, APPROVING AND
ACCEPTING A LETTER OF CREDIT SUBMITTED BY HOME
DEPOT EXPO DESIGN CENTER, AND ISSUED BY FIRST
UNION BANK, (NO. Sl17971) 1N THE AMOUNT OF
$!09,539.65, AS SURETY FOR COMPLETION OF THE
CONSTRUCTION OF PURPLE HEART WAY; AND
PROVIDING AN EFFECTIVE DATE.
Wl~REAS, the City Commission of the City of Boynton Beach, upon recommendation of
staff, does hereby accept Letter of Credit No. SI 17971 issued by First Union Bank in the amount of
$109,539.65 as surety for the completion of construction of Purple Heart Way in accordance with the
City's Land Development Regulations for the project known as the Home Depot Expo Design Center
located at S.W. 8t~ Street and Purple Heart Way in Boynton Beach, Florida.
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
approves and accepts Letter of Credit No. S117971, submitted by Home Depot Expo Design Center
and issued by First Union Bank in the amount of $109,539.65. A copy of said letter of credit is
attached hereto as Exhibit "A."
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this '7 day of April, 19982
o
C~ Clerk
(Co¢orate Seal)
CITY OF BOYNTON BEACH, FLORIDA
Vice MaWr
Co~ission~
Co~issioner
caXreso\letter of credit~Iorn~ Depot - Pmple Hrt
4/7/98
CITY OF t ~UI[L:'BI'NG OEP ~'ME:N:T,: ~'
~OO -EAST
BO'YNTON ,BE
ME HEREBY'OPEN OUR
F6VOR FOR THF 6¢'ICnl~NT]'-SF ~: THE
m.~¢.',~- ~- .- ~,-'~. ' · -~%- ~i~ r~--
~ooR~:GMTE. ~MOUNT 'OF ON~ HUNI]RED i.-miO FI~E
THE FOLI...OB.,.NG ,OUU,~MENT~'o): ..... .~,,.:~,;;.:' ?:? :*:, -~,' ':-:~. .....
CONSi'RiiC'FinN nF/Pttt~PL E i-:iF'~'RT' ~AY 'iN-:'~'~C0:'RD~NCF: :WITH C'I'TY'"~
u:.¥~::.~._~.rr.=~ COOE IN CONNECT!oN'yI. TH THE"PROPOSEB'.HOME BEPOT:EXPO
........... · -- ' F.~o'~' f, JA.Y ANn'
OESTRN r:FN-FFR AT S~W, .EIGHTH S]!4E. ET'~ANB,..PURPL:E H_,..~,
BEPOT U,S,A,, ']NC, HAS FAILED TO COHRL. ETE,;THE WORi< STATEB,"
2, THE ORiGiNAL L.E:'KFER"OR 'CRE[~iT ANi3;:,.&~?i~"]:;~i.UBsEE~UENT AMEN'D'MEk~t:S;;
' ..;' ;:;', ~ . . '. ;. :" /.,:' ...:. ':' ~ ,; .,~:.: .....
i T i S A CON O-I Ti ON-': 0F} :'~:H IS"C RE O l T TRAY ?i'T,¢S~I?~LE:?BE:: DEEMED ~';
YEAR PERZOBS UNLESS WE NO"fZFY YOU ZN I.~Ril::[NG AT LE.?~.=,i ¢,a
. . F ................ ANY FUTUr<E EX, .l. kA1 ...... ~.,} BATE 'Tru.*-'f Wt: Ei ECT
r<tJt TO l:A~b.¢'40 TH-iS bR~=.Li~.i r't_R ANY oLi(~rl ~BOZTI'ONAL ONE YEAR
PERIOD. NOTICE: TO THE CITY THAT THE L. ETTE;R OF CRE:D:ET WZL:L
i:.~qr'.i.i<~:.,r'r<ZOR TO THE PBRFf'iRMANCE OF ,,1... OBLIGATIONS GUARANTEE:O
BY TH]:S L. ETTER OF CREBZT, SHALL ,;:u: E!E:E:biED ~ ~:FAUL"F ANO ~,h-~L.L
E:NTiTLE CiTY TO r~ni.i E'RT ON THIS L. ET'TER OF E:REED:[T BY PRESENTATION
OF' SIGHT Bi~:AF'T(S) ¢~;qr~ A STATENENT PU!qPOI;~TEBLY RTRNFD BY AN
D E P A R T M E N T " ...... .........
S'f'A'~.t. NG Wb. ARE .LN RECEIPT OF NON-"t~ENIEMAL NOTICE FOR
''- ....' ........ -'* .... "H" .... i~ ........ p¢,'r" UNu~:.R TFiZS "-" ....... OF:'
r~l::. C,.tr-r~-.T r~-. ~ ..... ~r ..... ) T~-~I:: .... ~r- [.UI~c; ~ -~t "T 'ii*: "~i
.... ~.:.u~. A:,[:. ~,~E:.b~.B TO PAY FO ........ Jim= .... ' ..... "r,~.¢C,] ....'~ OF
I--I~AR'T' WAY IN ¢:i['[*[]DrtAMF'E' MiTi"i' RT'f'Y'¢' ~*~'q [,*-,,* ......... [,~ ....... R¢]DE ZN
~.<.,hu,~:.~,i~. Tuu. Hr]ME PPT PO ~=.c~.or~ CE:N'I"EI~ A'f'
S, ,~". ...... E ! G !--! TI--i S T R F E T A N O ~':*,..* i ,. r ~_=.~ "" '"' i'-IE A R'f' W A Y A N B t',~..ru="**='- ,.~=,' uq'"' = ..... ~', ,~".. S, A , ,
T X~ r' H A S "' * ......
........ r, .,.,..~:B TO CONPLETE THE [,JORK STATEO,"
THi.:.': LETTER Or-:' C'.~-""n'r'¥' iS
· t,,~:_ .... :I:i:.:':E'EiVOCABLF AND SHAL. i._ REMAIN ENFORCEABLE
"~'r"~-' "'-'"'"" '~ .~...¢.r. ABOPTE:i:.I BY THE' C*'"r'' crlf-~M]:SST. ON OR
,._,.,.,,t .,L F::EL.E:ASI.-".:D BY A ~,~Ec.,~..,l...b~'"'Pt'J
i-' ' '~ r:, '::' i', ~' rl ')
TI"IE ~.LJR,-c.L..,.:t- :..i':. ANY F'-UTURF EXPIRY OA.TE, i,,IHiC..HEMER iS EARLIER
TH]:S L. ETTE:i'?. OF:' r:REO.I'T TS ENF'ORCEABi...E IN A ("F..'L ~T OF COMPI!i:TENT
JURISDiCT:[ON T.N PALPi BF_AC'H COUNTY, FL. ORBiA., ANB :iS 'TO BE
'_' N"f' E R F' R E T i.!: ,:.1 B Y F-- L O R [.1Z A L A M ,
CONTINUED ON NEXT PAGE WH:rC:Fi FO;sM,~ AN INTI::.o~<A~_ PART P ..... L. ETTER OF' CRF.':I]IT
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· 'IEREBY ~'~OREE klI.]FH'YOU T'HAT DRAFT(S) t'.:,q;tANN. UN'BER .ANI] :-.,Z'i'4. ,,
,..-- -- -"~- ~ 's'. T cF ' )" '~,,? ; , ~,, * ;-.,~.~-- ~. -- - .E~ ~ ~ ~¢~ Dc-' -~-~ '-t' ~ · · -'t
ir'i* C- '":,~"2~ '. ~J Z' ~, /, . *j : ~'~ "-- - '.~ ........ "',-- ;'~O~ ' -'-'~;~'*~ :' ' '
ENDED DA'T'E AS' PROVZDLED;EoR HEREZN; 'DRArz'T(~'~'.,:'DRA!~IR"UNDiER
S CRE:OZT HUST SPECZFZCALL. Y REFERENCE: OUR LETTE:R C)F
BAN K
r~.H¢~-'¢~¢,x~ PURF. OR~S p;,.q v..
TFfE 'TINE OF 'i'q::~ii~NOFZ OF THE: ~ .... ~= ¢, ,-~-r -
............... L~_~ i,_R OF ,,R~_ .... !, AND AT'ALL. TZNE:S
¢'""o u"'~r," -,',, '
ORCE:ABL. EE, FIRST UNION NATZONAL BANK, HUST HAVE A HZNZMUM
ER GROUP" RATING OF FiF'TY (50) tN THE: LATEST SHE:SHUNOFF
RTERL. Y LZSTZNG OR A HZNZMUH RATZNG OF ONE HUNDRED T~JENTY-FIVE
5) ZN THE: L. ATEST Z0C BANK FZNANCZAL qUARTERLY-LZSTZNG,
TiME DURING 'FHE'L:[FE OF' THE LETTER OF CREBZT, SHOULD OUR
lix~ F'AL..I_ [:, ~:: [.. [¢ ~ BOTH OF_ THE.,~,,:~'tTi~'~.~r~u~'~ ...... ~,~= ..... ~ .~.~'I~,:.'~'~ l~O:" ZCATEB ~:,(J~zr_*~'-'~',
SHOULD ~JE MERGE 6.JZTH ANOTHER FiNANCiAL INSTZTUZION, OR HAVE A
SERVATOR OR RECEiV!ER APPOINTED TO SUPERVZSE: OR CONTROL THE
RATIONS OF' OUR BUE;INESS, OR BECOME: ZNSOLVENT, HOME i:}EPOT
A ZkiFt MUST t.J i THZN c, .r v----y
....... ..... ~ ..... ~. (60) CAi...E:ND~R DAYS h~,r ~ i::.~-~
ZF:!:CATZON BY THE CZTY OF ANY OF THE ABOVE:
RE:PL. AC~ THE E:XiSTZNC~ LETTER OF CRE:BIT t, JZTH A R~PL.~CEHENT
._~:.~ ,F:R n~:' E:RiEDZT r'kOr$ A FINANCZAL ]:NS'1"ZTUTZON ~J:!:TH E:[THER OF
'f'HE HZNZHUH RATZNGS .~S SPECIFZED ABOVE,
AT THE: CZTY'S OPTZON, REPLACE THE LE:TTER OF' CREDIT BY OTHER
BURE:TY ACCEPTABLE TO THE CZTY ZN AC::COROANCE 1,jZ'i"Fi THE CZTY'S
E X i E.:; T i N G E.:; U R E:"[' Y P O L l C l E S .