R00-179RESOLUTION NO. R00-/~'~'
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
BOYNTON BEACH, FLORIDA, APPROVING AND ACCEPTING A
LE1-FER OF CREDIT SUBMITTED FOR THE PROJECT KNOWN
AS BAY VISTA, AND ISSUED BY COMERICA BANK, (NO.
562451-04) IN TIlE AMOUNT OF $338,580.00; 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.
562451-04) from Comerica Bank, in the amount of $338,580.00, as surety for the
construction of the potable water and sanitary sewer systems for the project known as Bay
Vista.
NOW, THEREFORE, BE I'T RESOLVED BY THE C'rTY COMMTSSTON OF THE
CZI'Y OF BOYNTON BEACH, FLORI'DA, THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida hereby
approves and accepts a Letter of Credit (No. 562451-04) from Comerica Bank, in the
amount of $338,580.00, as surety for the construction of the potable water and sanitary
sewer systems for the project known as Bay Vista.
Section 2. That this Resolution shall become effective immediately upon
passage.
PASSED AND ADOPTED this /~ day of December. 2000.
CITY O FLORIDA
Commissioner
/~C~C~m mifs~on er~
TELEX: 3772134 MNB INTL DET
SWIFT: MNBD US 33
FAX : (313) 222-9324
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 562451-04
Letter of Credit Division
COMERICA BANK
ONE DETROIT CENTER
500 WOODWARD AVENUE
24TM FLOOR, MC 3341
DETROIT, MI 48226-3341 (~
DATE OF ISSUE: NOVEMBER 30, 2000
BENEFICIARY:
CITY OF BOYNTON BEACH
DEPARTMENT OF DEVELOPMENT
100 E. BOYNTON BEACH BLVD.
BOYNTON BEACH, FLORIDA 33425
~rE HEREBY OPEN OUR CLEAN IRREVOCABLE STANDBY LETTER OF CREDITNO. 562451-00 IN YOUR FAVOR,
FOR ACCOUNT OF ALTMAN DEVELOPMENT CORPORATION. 2201 CORPORATE BOULEVARD, N.W., SUITE 200,
BOCA RATON, FL 33431 FOR THE SUM OF THREE HUNDRED THIRTY EIGHT THOUSAND FIVE HUNDRED
EIGHTY DOLLARS CUSD$338,580.00) AVAILABLE BY YOUR DRAFT(S) AT SIGHT ON COMERICA BANK, 500
WOODWARD AVENUE, DETROIT, MICHIGAN 48226-3341. WHEN ACCOMPANIED BY:
A WRITTENSTATEMENT.. SIGNED BY ONE PURPORTING TO BE AN AUTHORIZED OFFICIAL OF THE CITY OF
BOYN~O~ [, DE ~TI]R ENT~¢~.,i~ DEVELeO~NT, S ~ '~q~NT~ ,~P~ F'REA NQ~RY PUB 'C, ~l~C1 .,04SSTATING
THE FOL :" FY xrx~T FUB~S tf~RAWN ER F CP~O. 56 ISSUED
BY COMEi~IANK Aig~E I:~E BY ~ASON ~SCANY 7~NTRAc~AS~, LTD~§~A~LuRE T~h:~OMPLETE
THE EXCAVATION AND FILLING TO RESTORE Tim SITE SHOULD THE NEED ARISE PER THE REQUIREMENTS
FOR TUSCANY INTRACOASTAL, LTD.' S BAY VISTA PROJECT IN BOYNTON BEACH FLORIDA, AS SHOWN
ON PLANS PREPARED BY SCHNARS, DATED OCTOBER 212, 2000 UNDER PROJECT NO. 99150."
PARTIAL DRAWINGS ARE NOT PERMITTED.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED
WITHOUT AMENDMENT FOR ONE (t) YEAR PERIODS 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 OF OVERNIGHT COURIER SERVICE THAT WE ELECT NOT TO CONSIDER THIS LETTER
OF CREDIT RENEWED FOR ANY SUCH PERIOD.
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. THE DESIGNATED AGENT WITHIN THE
STATEi OF FLORIDA FOR ACCEPTANCE OF PROCESS ON BEHALF OF COMERICA BANK IS OUR OFFICE
LOCATED AT 100 N E THIRD AVENUE, SUITE 200, FT. LAUDERDALE, FLORIDA 33301.
ALL DRAFTS DRAWN UNDER THIS CREDIT MUST BE MARKED "DRAWN UNDER COMERICA BANK'S LETTER
OF CREDIT NO. 562451-04."
THIS QRIGINAL LETTER OF CREDIT AND ALL AMENDMENTS THERETO MUST BE SUBMITTED TO US
TOGETHER WITH ANY DRAWINGS HEREUNDER FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTED
BY US XND/OR FOR CANCELLATION
CONTINUED ON PAGE 2)
TELEX: 3772134 MNB INTL DET
SWIFT: MNBD US 33
FAX : (313) 222-9324
Letter ol Credi~ Division
COMERICA BANK
ONE DETROIT CENTER
$00 WOODWARD AVENUE
24TM FLOOR, MC 3341
DETROI3', MI 48226-3341
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 562451-04
NOVEMBER 30, 2000
PAGE 2.
WE ENGAGE WITH YOU THAT EACH DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF
THIS CREDIT WILL BE DULY HONORED ON DELIVERY OF THE DOCUMENTS AS SPECIFIED IF PRESENTED
AT THIS OFFICE LOCATED AT ONE DETROIT CENTER, 500 WOODWARD AVENUE, 24TM FLOOR, DETROIT,
MICHIGAN 48226-3341 ON OR BEFORE AUGUST 31, 2001 OR ANY AUTOMATICALLY EXTENDED DATE.
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