R00-154RESOLUTION NO. R00-I~
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
BOYNTON BEACH, FLORIDA, APPROVING AND ACCEPTING A
LE1-FER OF CREDIT SUBMiT1-ED FOR THE PROJECT KNOWN
AS WAL-MART SUPERCENTER, AND ISSUED BY BANK OF
AMERICA (NO.3029736) IN THE AMOUNT OF $305,330.30;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton Beach, upon
recommendation of staff, does hereby accept the above referenced Letter of Credit (No.
3029736) from Bank of America, in the amount of $305,330.30, as surety for the
construction of potable water and sanitary sewer lines for the project known as Wal-Mart
Supercenter.
NOW, THEREFORE, BE IT RESOLVED BY THE CZI'Y 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 a Letter of Credit (No. 3029736) from Bank of America, in the amount
of $305,330.30, as surety for the construction of potable water and sanitation sewer lines
for the project known as Wal-Mart Supercenter.
Section 2. That this Resolution
passage.
PASSED AND ADOPTED this ~
shall become effective immediately upon
day of November, 2000.
Vice Mayor
Commissioner
Bank .of America
ISSUING BANK:
BANK OF AMERICA, N.A.
333 S. BEAUDRY AVENUE
19TH FLOOR, CA9-703-19-23
LOS ANGELES, CA 90017-1466
ISSUE DATE: SEPTEMBER 26, 2000
IRREVOCABLE LETTER OF CREDIT No. 3029736
APPLICANT:
WAL-MART STORES, INC.
702 SOUTHWEST 8TM STREET
BENTONVILLE, AR 72716
BENEFICIARY:
CITY OF BOYNTON BEACH
UTILITIES DEPARTMENT
5469 W. BOYNTON BEACH BLVD.
BOYNTON BEACH, FL 33437
ATTENTION: PETER MAZZELLA
TELEPHONE NO.:(561) 742-6404
BOYN[ON B~ACH
UTILITIES
AMOUNT: U.S. $305,330.30
THREE HUNDRED FIVE THOUSAND THREE HUNDRED THIRTY AND 30/100 USD
EXPIRY DATE: SEPTEMBER 26, 2001
GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NO. 3029736 IN YOUR FAVOR, AS
BENEFICIARY, BY ORDER AND FOR ACCOUNT OF WAL-MART STORES, INC., 702 SOUTHWEST 8TH
STREET, BENTONVILLE, AR 72716 UP TO THE AGGREGATE SUM OF THREE HUNDRED FIVE
THOUSAND THREE HUNDRED THIRTY AND 30/100 USD, (U.S. 305,330.30) EXPIRING ON
SEPTEMBER 26, 2001, AT THE COUNTERS OF BANK OF AMERICA, N.A., 333 S. BEAUDRY AVENUE,
19TH FLOOR, LOS ANGELES, CA 90017-1466, AVAILABLE BY PAYMENT AGAINST YOUR DRAFT(S)
DRAWN ON US AT SIGHT ACCOMPANIED BY:
1. A NOTARIZED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICIAL OF THE CITY
OF BOYNTON BEACH UTILITY DEPARTMENT, STATING THAT: THE FUNDS DRAWN UNDER LETTER OF
CREDIT NO. 3029736 ISSUED BY BANK OF AMERICA, N.A. ARE DUE BY REASON OF WAL-MART'S
FAILURE TO COMPLETE THE CONSTRUCTION OF POTABLE WATER AND SANITARY SEWER LINES PER
THE REQUIREMENTS FOR WAL-MART ST. ~2789 IN BOYNTON BEACH, FLORIDA, AS SHOWN ON PLANS
PREPARED BY KIMLEY-HORN AND ASSOCIATES, VERO BEACH, DATED FEBRUARY 24, 2000, AND
THAT AT LEAST TEN (10) DAYS IN ADVANCE OF THE PRESENTATION OF THE SIGHT DRAFT FOR
PAYMENT, THE UTILITY DEPARTMENT HAS PROVIDED TO THE DEVELOPER BY OVERNIGHT COURIER,
NOTICE OF THE UTILITY DEPARTMENT'S INTENT TO DRAW FUNDS ON THIS LETTER OF CREDIT.
THE WORK TO BE COMPLETED IS AS FOLLOWS: (List the work Wal-Mart failed to
complete.)
2. THE ORIGINAL OF THIS LETTER OF CREDIT.
SPECIAL CONDITIONS:
A. PARTIAL DRAWINGS ARE ACCEPTABLE.
B. NO OPINION OF LEGAL COUNSEL SHALL BE REQUIRED.
THIS LETTER OF CREDIT IS ENFORCEABLE IN A COURT OF COMPETENT JURISDICTION IN PALM
BEACH COUNTY, FLORIDA, AND IS TO BE INTERPRETED BY FLORIDA LAW.
Bank of America, N.A. Trade Operations
Mail Code: CA9-703-19-09
333 S. Beautify Avenue, 19th Floor, Los Angeles, CA 90017
00-35-0201NSB 9-1999_CA9 19
Bank of America
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NO. 3029736
ANY DRAFT DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED "DRAWN UNDER IRREVOCABLE
LETTER OF CREDIT NO. 3029736 ISSUED BY BANK OF AMERICA, N.A."
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY
EXTENDED WITHOUT AMENDMENT FOR ONE (1) YEAR FROM THE PRESENT OR ANY FUTURE
EXPIRATION DATE UNLESS AT LEAST NINETY (90) DAYS PRIOR TO SUCH EXPIRATION DATE YOU
ARE NOTIFIED BY REGISTERED LETTER, RETURN RECEIPT REQUESTED OR OVERNIGHT COURIER
SERVICE THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH
PERIOD.
WE HEREBY ENGAGE WITH YOU THAT ANY DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THE
TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED ON THE PRESENTATION AT OUR
OFFICE AT 333 S. BEAUDRY AVENUE, 19TH FLOOR, MAIL CODE CA9-703-19-23, LOS ANGELES,
CA 90017-1466, ATTN: STANDBY LETTER OF CREDIT DEPARTMENT.
OR
BANK OF AMERICA, 100 SE 2ND STREET, 13TM FL., MIAMI, FL 33131, ATTN: STANDBY LETTER
OF CREDIT DEPARTMENT, VIA COURIER SERVICE OR REGISTERED MAIL, ON OR BEFORE THE
EXPIRATION DATE AS SPECIFIED ABOVE.
UNLESS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJEqT TO THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 500.
BANK OF AMERICA, N.A.
~/'~~ ROSE · AGUSTIN
AUT~RIZED SIGNATURE
CARRILLO, BOI.,~ACi
Bard~ of America, N.A. Trade Operations
Mail Code: CA9-703-19-09
333 S. Beaudry Avenue, 19th Floor, Los Angeles, CA 90017
00-35-0201NSB 9-1999_CA9 19
Bank of America
DATE: OCTOBER 10, 2000
A24ENDMENT TO IRREVOCABLE STAi~DBY CREDIT NUMBER: 3029736
PAGE: 1
AMENDMENT NUMBER 1
BENEFICIARY
CITY OF BOYNTON BEACH
UTILITIES DEPARTMENT
5469 W. BOYNTON BEACH BLVD.
BOYNTON BEACH, FL 33437
ATTN: PETER MAZZELLA
APPLICANT
WAL-MART STORES, INC.
702 SOUTHWEST 8TH STREET
BENTONVILLE, AR 72716
THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE CREDIT
AND MUST BE ATTACHED THERETO.
THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS:
WHERE IT READS "IRREVOCABLE LETTER OF CREDIT NO. 3029736" NOW TO READ
"CLEAN IRREVOCABLE LETTER OF CREDIT NO. 3029736"
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
AMENDMENT, PLEASE CALL 213-345-6630.
ROSE T. AGUSTIN CARRILLO, BOLIVAR
A~~.~ ~A%~. /AUTHORIZED SIGNATURE
T~is DOO~.~T COnSiSTS O~ ~ ~,~1.