R98-067RESOLUTION NO. R98-~;~'
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. Sl17969) IN THE AMOUNT OF
$54,498.35, AS SURETY FOR COMPLETION OF REQUIRED
IMPROVEMENTS; AND PROVIDING AN EFFECTIVE DATE.
WltEREAS, the City Commission of the City of Boynton Beach, upon recommendation of
staff, does hereby accept Letter of Credit No. S117969 issued by First Union Bank'in the amount of
$54,498.35 as surety fOr the completion of construction of a water distribution system 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 Lane in Boynton Beach, Florida.
NOW, TltF~REFORE, 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. S 117969, submitted by Home Depot Expo Design Center
and issued by First Union Bank in the amount of $5.4,498.3500.
Section 3. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this 7' day of April, 1998.
~e ~ ~0~.
Ci~ Clerk
(Co¢orme Seal)
CITY OF BOYNTON BEACH, FLORIDA
~Com/~issloner
/ Commissioner
/ C~~omm~
cakreso\letter of creditkl-Iome Depot Expo -S 117969
LiF'.:_' H E: i:':: E !:~ Y O P E: N i::.i.f.J
F:'AV"OR '"'"~") "P:":"" , , , , 'r.-.',!F', '., '," ~""
fL,;,'. THE: A"':":Oi NT OF :": ...'. ~': :::. J.':EPO'¥ U S A ........ ]:r~.
.... .. . .. ~p.I ~-.~i::'"f'Y
,'-':', U G R E: G A'i"i:.-:: A N O U N"I- C'F' F:' :[ F* T Y F' O U R T H O U S A N {:) F:' O U i:' ! , :,: D R E i] i'-.'.' :i: .....
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F:"rF-¥iT AND 75/']0F:, t iNJ. ;. .... STATES OOL. L. AP"-~ ~'.:~!-!",-~,, ~"~"" 3:'.5 ~'~J'~" '"'"~ '"
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P A Y i'i E H"F 0 F'" y (? ~ I R E.,' R,4 F'¥' < S > A T '..:i; i G H'I' B R A ~,.IN 0 N 0 U R S Ei... V E S H H!E N
A-":::: C O M F' A N :I: i.{: [.i i::~ Y "f' H E: J::'
:i.. A STA"f'EMEN'¥ F'"L.IRF'"OR'i-EDLY SIGNED BY AN AU'i"HORIZE:D RE:PRE:SE:N"i"A"FiVE
'" ' q" r ~..~ -<.' l i,i IE N T '.:;'i" A T :[ N G "'i" H I:'
Oi::' "t" t-.iiE C 'J: 'i" Y O F:' l:,~ 0 Y N T O N 8tE A CI--I :::U i t ...... i. N (:ii t:) E ¢ "' ..... ,...
F:' l.j N B ::.:;" i] R,4 H N U N l:.i iE I:':'. T H .i S L E 'i- "t" iE I:-": O F:' C F: F.': Et I T A R I:: i',I E IE t::ilE D "f' O P ,4 Y F O R
'i' i"! i.:.': C: (::li'g..'E: T {'::'.' LJ C 7' :I: lC.'.,' N (:) F ,4 1,,.I A'T' E: J;:: O ]: ~.::; T I::. ]: L-] t.j 7' ]: O ~. S Y S'¥' E i~i ]: N A C (:.'.' O R D A i>.~ C E ,
i....j:['¥'i-i THE C:i:TY 'S LAND OiE. Vi'Z!...OP?i!.::NT COl:iF-:: IN CCll',tNi:C'i".IO.."',! {,.lIl'H THE
I:: ii: (:) J::' (:) S J:.':: [:I J"J(."Ji"tE [)I::.J:""OT I.:.':XF"t.'.) j]J::.'~::[Gi',..1 f.:::E~%~TJ:[J:~ AT {~.{,,I [:.I(:')J"JTI"I .'.'-3'Ti:.':EET
I:~L.iI:!F)t...E i-t:('[AINIT i. JAY AND HOf'iE DEPOT U,S,A,, ]:NC, HA.S FAIL. lED TI]
COi'IF~i...ETE THE 140RK STATE[:I".,' AND.
'> "i'HE Ol:;.'Zg.l.l~fJ.,d... L1ETTER OR CREDIT AND ANY ,:.~JE),':,l::.t-4. t..lt::.i4, ,
:i:"F :[:iii; A E'C.1NI:.I:I:'t":I:C'IN OF THIS CREDIT 'T'HAT IT SHAi...L. BE OE:iEi'!EE0
AUTONAT:i:C,4L.L.Y E:XTENBED, W:[THOUT ,4HE:NDMENT, FOR ADDITIONAL ()NE:
YEAR PEi"--!:i:OOS UNL. ESS !,.JE Iu.'OT.IFY YOU ti",i i,..JR:i:TING AT LI.=.:AST 90 0AYS
BEFORE: THE CUI:~RENT OR ,4NY FUTURE EXPIF-:ATION D,4TE THAT I,..JE EL. Ii:CT
NOT "f'O EX"['E:NB TH.IS CREi]]:T FOR ANY StJCH AOD.IT:[ONAL ONE YEAR
PERIOD, NOTICE TO THE CITY THAT THE LETTER [.iF.- CREDIT I, tIL. L.
EXPi'RE: PRIOR TO THE PERFORMANCE O!"- THEE OIi~,L!'G,4'f'.IC'INS GU,4RANTEEi]
FJY THIS L.E;TTER OF:' C'REBIT, SH,4LL BE: DEIEHEB A DEF'ALIi._T ,4ND Si'iALL
ENTITLE C.ITY "f'O COLLECT ON TH.IS L. ETTER (:.'iF' CI:~EBIT BY PRESENTATION
OF' S.IGHT DRAFT(S) AND A ST,4TEMENT F;URPORT['EDLY SIGNED BY AN
AUTHORtZIED REPRESENTAT.IVE OF THE CITY (;:iF BOYNTON BEACH BU.ILDING
BEF~ARTME. NT -STA"['iNG "t.,IE ARE I'N REC:.EIPT OF' N. ON""RENEWAL. NOTICE FOR
TH.IS LETTER OF. CREDIT AND TI'iE I::'UND,S BRAI,,iN UNDER THZS LETTER OF
OF' CF'-".EDiT ARE NEEOED TO PAY FOR THIE TI"IE CONS]'t'(UCTiON OF' A NATER
!::t:!:STR.IBU'i'.ION SYSTEH iN AC.';CC)RDANC'E I4:[TH THE C.ITY'S LAND
DEMEi...CIPMENT CODE .IN CONNECTION t4.ITH "['HE PI'~OPOSED HOME DEPOT EXF-~O
BESIBN CENT['£R AY S,~-. 'E]:GH"f'H STI~IEET ~NB PURPLE I.iEART !,.J~Y AND
HOf'-'iE I]EPOT U,S,.A., ZNC, HAS FA]:LEB TO CO?iPI._ETE THE I,,IORK STATED,"
'T'HE LETTER OF CRE0:[T IS ]:RREgC~C::ABI...E AND SHALl_ RE:HA.IN ENFORCEAf~LE
UNT.IL. F::EL. EASEB BY ~ F~:SOLI. JTION A[;IOP'f'EB t.~Y THE ~.ITY COMPi.ISS.ION OR
'f'HE CURRENT OR ,4NY FtJ'f'URE EXPIRY DATE, t,~t"I.ICHEVER .IS E-AP..L.IER,
'f'l-l.i:i.:; t..IETTIER OF CRED.IT IS I-ENFORC:EA~.~L.E .'IN ,4 COUP. T OF' COHPE'i"ENT
,.J U R ' c, ,- ....
].,.~,].[CT.I. ON :i:N PALM BEACH COUNTY, FLORBIA: AND .IS '1'O BE:
IN'¥'E:RPI~.li:TE0 I~Y F'LOR[.~tA L.,4H,
CON"['ZNJt:_'B (:;IN NE:X"[' PAGE i^tH:[CH F'ORMS AN.!N'¥E:'G~:AL PART (:;ii:' TI"!];S
L. E T T E: R O F C R E 13 :i: T
P A G E N O , 2
r'~..~k ~'-:~ O'f'F[EF'.W]]SE EXF'F;~::'S.qj Y :iiYi"A'~'ED t"i!EREZN "FHZS ~:R[:'i:)i-f' I
S...~,....i:]i-:T TO THE L;:'N]]F'(]F,'M C'....:~.~TC)HS AND F'!:?.ACT]]C;E F'OF,-': [)OC!JNE]NTARY
C F?. Ei il) i "J S '" ]. ? ? 3 "; ~'"~ ' '" S ]il O N" T N T E R N A'¥' iii O N '"'~ C'["i¢'~i"i P-~::'
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]]*'u*'::'c'c'i~iFi]TEri DY F'L..f)RZLH'Z~ hr.~¥,, i...]i"~'ZfBJ::IT]._.Ipt J"IERii']Lji".,I[)ER iff
:]]i; H A L.L.. E~ E i N A C C} U R '1" (] J::' C' (Z} H F:' E "f' E N'¥' J t..-I F;.'. Z :.:.:~ [) ]1C"t" ]i (i} N ]Z N F" A L. H Iii: E A C H
C (3 Lt N T Y , F L.. C) F: i D A ,
Wi!i: I"tlEI;~EiE',Y AL:.~REiE t.J]:"l"i-i YOU 'f'HA"f' DF~AF'¥'(S) DRAJ,-JN UNDER AN(} :lin
C:(iiiid F'L.. i r-":~N C E J..-J iil T H T t.,! E T E F?. H S A N D C (ii hi D Z T Z C',:N E; C) F' T H ]1S C F.:E i] ]1T S !..!A I... L. i]~ E
1'1 t
f ] i".? ]' P~ ;[ i}4 ¢'., L
Tt-?YCiN S'¥'i-?EET, ]:NTEF::NATIONAL.
F'i F?.ST UNZC)N N¢'¢f'IONFd... BANI<:
]: N l:: 0 iq: M A T Z O N P U R F' O ::_-'!;Iii: S O N I... Y
AT 'THE 'f':l:iYJE: OF' ]:S.':'~;UP~NCL~: OF' "i"HE I...ti~:'rTER C}F:' CREDIT., .r.t~N[i AT ¢fi...L TIMES
SL.IBS[i:C,:!Uii.:!~T THERETL] AND ~c..-...f.-~ LONG A..c..; THE LE:"f'TER DF:' C;F-HEBi'T ZS
E:NF'{')F;'.C,TAI.:.*,L. tE, FriRST UN.T. ON N:~'f'ICINFtL BANK, HLtST I-.IFtVE ¢~ HINiHUf"i
':PEiii:l? C.)RC)tJF'" R(4T:[NG OF F'.t:F"1"Y (50) ZN THE L..tZYYEST SHESHUNOFF
QU,/-~.F:TEF~L..Y L..ZSTING OR A H.INI'HUH I:-h::~T].'NC.) OF:' ONE I.-IUNL]I~ED Tt,,IENTY-FigE
(125) :IN "f'Hii.:. L~Vf'EST iEiC B¢~NK FINANCI~."~L. L;.iUr::iRT[<RL.Y L_ISTZNG, AT
¢-~NY TI?iE: DURING -f'HE:: LIFrE OF THE L_ETTER OF:' CREDIT, SHOLIL. D OUR
F;.:f-~T]:NG F:'AI_I_ bi:.LC,.J !~f]-rH OF THE MINIi'"iUFI
OR SHOUL. I] WE i'-'iERGE i, JiTH P~NO'f'HER F:'INANCZAL INSTITU'rICfN, OR
C':C)NSERV¢Ci"C~R OR RECEiMER ¢~PPO:[NTF..-:!] TO StJF~ERMiSE OR CONTROL THE
OPER¢.Vi'IONE.-; (:if OUR BUSINESS, C)R BEC. Oi"iE ZNSOLJJENT, I--IOHE DEPOT
U.S,A,., ]]NC, J~JUS'¥', Wi(THiN SIXTY .(,_50) CALEND{-~R L)f-~YS ¢~I::"f'ER
NOTIFZC::AT]:C)N BY THE CZTY OF {~NY OF THE ABODE',
A, F;:L-T.F'L..AC'.E '¥'HL:~: EX]:'STZN8 LET]"ER OF:' C::F',ED].'T I,-JiTH A REPL~.Fl-CEHENT
LE-FTER C)F' C':F.~:EDIT FROM A FIN¢'d'-4. CZf.~I... ZN.STZTLITZC)N t,,fiTH EITHER OF
THE H]:NZMUM F.~A'¥']:NGS F~S SPEC:]:FIEL]
B, cfr' THE CITY'S C)PTZON, REPLACE THE L. ETTIER OF-- CRE:B.T.T BY OTHER
SURETY ¢'~CCtEPTA.r..iL..E TO THE CITY lin ¢~C'-C:(]RI]ANCE (,JI"f'H THE C]:"f'Y'S
E X I S T i N 6) S U R IE'f' Y F"' O L.. i C i E S , t '
I ! ~' '" ' '
I,I I1 D
I,'19981,
IDE~PARTMI~NT OF DEVELOPMENT