90-IIIRESOLUTION NO. 90-
A RESOLUTION OF THE CITY COMMISSION~ OF
THE CITY OF BOYNTON BEACH; FLORIDA,
AUTHORIZING THE ACCEPTANCE OF A LETTER
OF CREDIT RELATED TO COCOA PINE ESTATES·
RELEASING A PREVIOUS LETTER OF CREDIT·
PROVIDING AN EFFECTIVE DATE; AND FOR
OTHER PURPOSES.
WHEREAS, the City of Boynton Beach holds a $403,700.00
letter of credit from National Bank of Detroit in
conjunction with the completion of improvements by Land
Vision, Inc., of Florida and
WHEREAS, the City Commission previously enacted
Resolution No. 90-X authorizing a bond reduction; and
WHEREAS, a letter of credit in the amount of $11,590.00
has been submitted from Sun Bank of Florida to the City in
conjunction with a bond reduction; and
W~RREAS, the Sun Bank letter of credit is conditioned
upon release of the National Bank of Detroit letter of
credit;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1. That it hereby accepts said letter of
credit in the amount of $11,590.00, as referenced above, and
attached hereto and made a part by reference.
Section 2. The appropriate City Officials are
authorized to release the National Bank of Detroit letter of
credit.
Section 3. This Resolution
~iately upon adoption.
becomes
effective
PASSED AND ADOPTED this /7 day o~
, 1990.
CI
· FLORIDA
ATTEST:
Mayor
Com~s~sioner
/
(Corporate Seal)