R00-140 RESOLUTION NO.
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT FOR CONDOR INVESTMENTS OF PALM
BEACH COUNTY, INC.(FOR THE PROJECT KNOWN
AS CEDAR RIDGE PUD), FROM $97,723.00 TO
$9,772.40, SAID LETTER OF CREDIT BEING
ISSUED BY GREAT SOUTHERN BANK, NO. 97-
089; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the developer of this parcel, previously
submitted a Letter of Credit in the amount of $97,723.00 as
surety to guarantee completion of water and sewer systems
serving this site; and
WHEREAS, developer has furnished the City with a bill
of sale for the systems and requested that the surety
requirement be reduced to $9,772.40; and
WHEREAS, a final inspection has been conducted on this
project and the system appears to be functioning properly
without any defects;
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, based upon the recommendation of
staff, hereby approves a reduction of a Letter of Credit
(No. 97-089) from $97,723.00 to $9,772.40.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this J~ day of October, 2000.
ATTEST:
[~ (Corporate Seai)
CITY ~ BOY
B~, FLORID~A
V±ce ~a, ror
~a¥or Pro Tem
F'~--ommis ' r
~~~~.s i on" e~l ....
OUR C~.~.~N ZI~.EVOCAB~.~. ~.~.TTE~ OF CREDIT ~97-089
APPLIC2~T :
DATE OF ISSUE:
DATE OF EXPIRY:
Ai~OUNT AVAILABLE:
Condor Investments of Palm Beach County, Inc.
430 North G Street
Lake Worth, FL 3346~=
City of'BOynton Beach
100 East Boynton Boulevard
Boynton Beach, FL 33435
June 3, 1997
June 3, 1998
NINETY SEVEN THOUSAND SEVEN HUNDRED
THREE DOLLARS AND N0/100
TWENTY
($97,723..00)
Gentlemen:
We hereby issue in your favor our Irrevocable Clean Letter of
Credit which is available against your drafts drawn at sight on us.
This is a Clean Letter of Credit, and no documents except for the
draft and the original Letter of Credit are required.
All drafts must be marked, "Drawn under Great Southern Bank Letter
of Credit #97-089, dated June 3, 1997."
It is a condition of this Letter of Credit that it be automatically
extended without amendment for a period of one year from the
current or any future expiration date, unless we notify you in
writing not less than sixty (60) days prior to the current or any
future expiration date, that we elect not to so renew this Letter
of Credit.
We understand that this Letter of Credit is issued to provide
financial recourse for the installation of the public improvements
at Cedar Ridge Estates, a P.U.D., as prepared by Paramount
Engineering Group on May 20, 1997, and as certified by Gary W.
Passero, professional'engineer #27371 from the State of Florida.
2000 Palm Beach Lakes BlvtL . West Palm Beacl~ FL 33409 · (561) 683-1600 · FAX (561) 683-4532
Mailing Address: P.O. Box 3305 · West Palm Beach, FL 33402-3305
CLEAN IP~EVOC. ABLE LETTER OF CREDIT %97-089
JUNE 3, 1997
PAGE 2
Drafts drawn under this Letter of Credit must be. drawn and
presented at our office at 2000 'Palm Beach Lakes Boulevard, Eighth
Floor, West Palm Beach, FL 33409, Attention: Gerald F. Martens,
Executive Vice President, not later than expiry date: June 3,
1998, or any extended date thereafter.
We hereby engage with all bonafide holders that all drafts drawn
and presented under and in compliance with the terms of this Letter
of Credit will be duly honored upon presentation to us.
This Letter of Credit is enforceable in a court of competent
jurisdiction in Palm Beach County, Florida, and is to be
interpreted under the laws of the State of Florida, and is subject
to the ,,Uniform Customs and Practice for Doc%unentary Credits" (1993
Revision) International Chamber of Commerce Publication Number 500.
Very truly yours,
jxecutive VicePresident
mcm
Great Southern Bank