R96-021RESOLUTION NO. R96-~/
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING THE SUBSTITUTION OF SURETY
FOR THE PROJECT KNOWN AS BOYNTON FESTIVE
CENTER, PHASE II IN THE AMOUNT OF
$57,000.00; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City currently holds a Letter of Credit No.
SM-00349-095 in the amount of $57,000.00, issued by
NationsBank of Florida, N.A., on April 17, 1995, on behalf of
applicant Florida Retail Properties, Inc.; and
WHEREAS, the property was sold on January 26, 1996 to
Agree Limited Partnership, and the new applicant has submitted
a substitute Letter of Credit, issued by Michigan National
Bank to be drawn on Barnett Bank of South Florida in the
amount of $57,000.00, No. LC-017721-MA;
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 the release of surety to
Florida Retail Properties, Inc., (L/C #SM-00349-095), and
substitutes the Letter of Credit, No. LC-017721-MA in th
amount of $57,000.00, issued by Michigan National Bank on
behalf of new applicant, Agree Limited Partnership.
Section 2. That this Resolution
effective immediately upon passage.
shall become
PASSED AND ADOPTED this ~ day of February, 1996.
CITY OF BOYNTON BEACH, FLORIDA
Mayor
Vice Mayor
~ / ~ '.,
'~ Commi~iCer
ATTEST:
City Clerk -
(Corporate Seal)
Commissioner
Sub. L/C($57,000)
W 15196
Boynton Festive Center
NationsBank of Florida, N.A.
International Department
80 SW 8th Street, 23rd Floor, Miami, Florida 33130 U.S.A.
PO Box 019624, Miami Fl 33101-9624
ISSUE DATE: 17APR95
IRREVOCABLE LETTER OF CREDIT NUMBER:
Telephone (305) 358-0327
Telex: 6733602 NATIONSBK MIA
SWIFT: NABKUS3B
APPLICANT:
FLORIDA RETAIL PROPERTIES, INC.
P.O. BOX 772530
CORAL SPRINGS, FL 33077-2530
BENEFICIARY:
THE CITY OF BOYNTON BEACH, FLORIDA
100 E. BOYNTON BEACH BLVD.
P.O. BOX 310
BOYNTON BEACH, FL 33423-0310
ATTN: PETER MAZZELLA
EXPIRY DATE: / PLACE
O1APR96 OUR COUNTERS
AMOUNT: $57,000.00
WE HEREBY AUTHORIZE YOU TO DRAW ON NATIONSBANK OF FLORIDA, N.A., 80
S.W. 8TH STREET, 23RD FLOOR, MIAMI, FL 33130, BY ORDER OF NEXT
FLORIDA RETAIL PROPERTIES, INC. UP TO AN AGGREGATE AMOUNT, IN
UNITED STATES FUNDS OF FIFTY SEVEN THOUSAND AND 00/100 DOLLARS
($57,000.00), AVAILABLE BY YOUR DRAFTS AT SIGHT BEARING THE CLAUSE
"DRAWN UNDER NATIONSBANK OF FLORIDA, N.A. IRREVOCABLE LETTER OF
CREDIT NO. SM-00349.-095", ACCOMPANIED BY:
WRITTEN STATEMENT PURPORTEDLY
FOLLOWING WORDING:
SIGNED BY THE BENEFICIARY WITH THE
"FLORIDA RETAIL .PROPERTIES, INC. FAILED TO COMPLETE PHASE II OF THE
INSTALLATION OF THE WATER DISTRIBUTION SYSTEM FOR THE PROJECT KNOWN
AS BOYNTON FESTIVE CENTER LOCATED AT THE N.W. CORNER OF CONGRESS
AVENUE AND OLD BOYNTON ROAD, BOYNTON BEACH, FLORIDA BY OCTOBER
1995, AND IS THE COST TO COMPLETE THE INSTALLATION OF SUCH PHASE
II OF THE WATER DISTRIBUTION SYSTEM IS $57,000.00".
'THIS CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY" CREDITS (1993 REVISION) INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 500, AND THE LAWS OF THE STATE OF FLORIDA
IN THE EVENT OF ANY CONFLICT THE LAWS OF THE STATE OF FLORIDA SHALL
APPLY.
THIS LETTER OF CREDIT SHALL BE ENFORCEABLE IN A COURT OF COMPETENT
JURISDICTION IN PALM BEACH COUNTY, FLORIDA.
PHASE II OF WATER DISTRIBUTION SYSTEM SHALL BE DEEMED COMPLETED
WHEN THE WATER DISTRIBUTION SYSTEM FOR THE TWO RETAIL STORES ON THE
WEST SIDE OF 'THE PROPERTY HAVE BEEN COMPLETED AND UPON OUR RECEIPT
OF WRITTEN APPROVAL FROM THE BENEFICIARY AUTHORIZING CANCELLATION
OF THIS LETTER OF CREDIT.
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN
COMPLIANT WITH THE TERMS AND CONDITIONS OF THIS CREDIT SHALL BE
DULY HONORED IF DRAWN AND PRESENTED FOR PAYMENT AT THIS OFFICE ON
'OR BEFORE O1APR96.
CJ
NATIONSBANK OF FLORIDA, N.A.
Authorized Signature ~...~_.
l~i±¢heJ_e Broussard, V±¢e-Pre$±denr
MEMORANDUM
To:
From:
~Date:
_Subject:
Grady Swarm, Finance Director
' Utilitie:
John A. Guidry, Director of
-,4e,,I. ,.,, :,
Bond/~ee Transmittal -
Amount
6;~, oo
CASH BOND:
Check No.
Amount - $
ADMIN/INSPECTION FEE:
Check No.
Amount water
Amount' Sewer - $ .
Total--
SEWER TELEVISING FEE:
(@ $1.35/L~F.)
~Check No. -
Based on
COST DOCUMENTATION:
(Check One)
Engineer°-s Estimate
Copy of Contract
Other: Plans
dmt
Mic.ldgan
National
Ban
:]SSU]NG BANK:
Hichigan National Bank
27535 West Eleven Mile Road
Southfield, MI
480~4
PLACE ANO DATE OF iSSUE:
Southfield. MI
i996 JANUARY 26
27-03
IRREVOCABLE
STANDBY
LETTER OF CREDIT
APPLICANT: ~
AGREE LtMiTcD PARTNERSHIP
S1850 NORTHWESTERN HIGHWAY
FARMINGTON HILLS, MI 48SS4
NUMBER
LC-Ot7721-MA
ADVISING BANK:
BARNETT BANK OF SOUTH FLORIDA
701 8RICKELL AVE~, 8TH FLOOR
MIAMI, FL 5~15I
]PLACE AND DATE OF EXPIRY:
AT COUNTERS OF.A~:)VISING BANK
1996 OCTOBER 1
PARTIAL DRAWINGS: PERMITTED.
iBENEFICIARY:
THE CITY OF 80YNTON 8EACH. FLORIDA
ATTN: PETER MAZZELLA
lO0 E. BOYNTON 8EACH 8LVO
BOYNTON BEACH, FL
.
AMOUNT: USD57,000.O0
UP TO AN AGGREGATE THEREOF
CREDIT AVA!LABLE WITH:
BARNETT B~NK OF SOUTH FLORIDA
MIAMI, FL S3!S1
BY: PAYMENT
Against presentation of documents
detailed herein and drafts at:
SIGHT
Drawn on:
BARNETT BANK OF SOUTH FLORIDA
701 BRICKELL AVE., 8TH FLOOR
MIAMI, FL SS15i
We hereby issue our irrevocable standby letter of credit in favor of
beneficiary.
Documents Required:
NONE.
THIS LETTER OF CREDIT IS CLEAN AND IRREVOCABLE AND SHALL REMAIN
ENFORCABLE UNTIL RELEASED BY A RESOLUTION ADOPTED BY THE CITY
COMMISSION.
THIS LETTER OF CREDIT tS RELATIVE TO INSTALLATION OF WATER
DISTRIBUTION SYSTEM FOR THE PROJECT "BOYNTON FESTIVE
CENTER"LOCATED AT N.W. CORNER OF CONGRESS AVENUE ANO OLD
Continued on page 2.
'02 ~10 92,~- -
Mic_ gan
National
Bank
Page: 2
Letter of Credit No. LC-O17721-MA
01/26/1996
BOYNTON ROAD. BOYNTON BEACH, FLORIDA.
WE HEREBY ENGAGE WITH YOU THAT EACH DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THE
TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED IF PRESENTED TO OUR OFFICE
AT 27335 WEST ELEVEN MILE ROAD (27-0~), SOUTHFIELD, MICHIGAN 48034, ON OR BEFORE
THE EXPIRATION DATE.
THIS ORIGINAL LETTER OF CREDIT MUST BE SUBMITTED TO US TOGETHER WITH ANY
F ~
DRAWINGS HEREUNDER FOR OUR _NDORScMENT OF ANY PAYMENTS EFFECTED BY US AND/OR FOR
CANCELLAT!ONx
THIS LETTER OF CREDIT IS ENFORCEABLE IN A COURT OF COMPETENT JURISDICTION IN
PALM BEACH COUNTY, FLORIDA, AND 1S TO BE INTERPRETED BY FLORIDA LAW.
REIMBURSEMENT INSTRUCTIONS: UPON RECEIPT OF YOUR TESTED TELEX QUOTING OUR
LETTER OF CREDIT NUMBER AND AMOUNT OF DRAWING, WE SHALL REIMBURSE YOU ACCORDING
TO YOUR INSTRUCTIONS.
49O2 (10~921