R00-174RESOLUTION NO. R00-//~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT FOR BOYNTON BEACH YMCA, FROM
$105,055.50 TO $5,250.00, SAID LETTER OF
CREDIT BEING ISSUED BY COMERICA BANK NO.
557167-07; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the developer of this parcel, previously
submitted a Letter of Credit in the amount of $105,055.50 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 $5,250.00; 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. 557167-07 ) from $105,055.50 to $5,250.00.
Section 2. That this Resolution shall
effective immediately upon passage.
become
PASSED AND ADOPTED this
ATTEST:
day of December, 2000.
CITY~ BO~N~ACH, FLORIDA
Commi s s ioner
Commi s s lone rO
TELEX NO: 3773746 CMCAIL
FAX NO: 954 468 0676
SWIFT: MNBDUS33 FLA
BENEFICIARY:
CITY OF BOFRTON BEACH/UTILITIES
100 E. BOYNTON BEACH BLVD.
BOI~RTON BEACh, FL 33437
SJB
COMERICABANK
100 N E THIP, D AVENDE
SUITE 200
FT LAUDERDALE, FL 33301
DATE OF ISSUE: JANUARY 21, 2000
WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 557167 -07 IN YOUR
FAVOR, FOR ACCOUNT OF YMCA OF BOCA RATON, INC. , 6631 PALMETTO CIRCLE S. , BOCA
RATON, FL 33433 , FOR A SUM NOT EXCEEDING USD 105,05S.50 (ONE HUNDRED FIVE
THOUSAND FIFTY FIVE A!~D 50/100'S U.S. DOLLARS ) AVAILABLE BY YOUR DP~%FT(S) AT
SIGHT ON COMERICABANK, WHEN ACCOMPANIED BY:
THIS LETTER OF CREDIT IS ENFORCEABLE INA COURT OF COMPmT~a~T JURISDICTION IN
PALM BEACH COUNTY, FLORIDA.
IT IS A CONDITION OF THIS L~I"~'~R OF CREDIT T~AT IT SHALL BE DEEMED AUTOMATICALLY
EXY~DED WITHOUT AMENDMENT FOR ONE YEAR PERIODS FROM THE EXPIRATION DATE A~!~EOF,
OR ANY ~0Tu~E EXPIRATION DATE, UNLESS AT LEAST (090) NINETY DAYS PRIOR TO ANY
EXPIP, ATION DATE WE SHALL NOTIFY YOU BY O%~EI~NIGHT COURIER SERVICE T~T WE ELECT
NOT TO CONSIDER THIS L~'~-r~R OF CREDIT REiFEWED FORA NY SUCH ADDITIONAL PERIOD.
ALL DRAFTS DRAWN UNDER THIS CREDIT MUST BE ~ 'DRAWN UNDER COMERICABANK'S
L~'~"I'ER OF CR~DITNO. 557167 -07 ".
THIS L~'~-~'~R OF CREDIT IS SUBJECT TO AND GOVERNED BY THE UNIFORM CUSTOMS
AND PRACTICE FOR DOCUM~NTARYCREDITS OF THE I~TIONAL CHAMBER OF
CO~4~RCE, 1993 REVISION, PUBLICATION 500.
THIS ORIGINAL LETTER OF CREDIT I~ND ALL AMENDMENTS THB~]~TOMUST BE SUBMITTED TO
US TO~ETH~RHITHANYDRAWINGS HEREUNDER FOR OUR ENDORSEMENT OF A/~Y PAYMENTS
EFFECTED BY US AND/OR FOR CANCELLATION.
WE EN~AGE WITH YOU T~ATEACHDRAFTDRAWNUNDERAND IN COMPLIANCE WITH~ TERMS
OF THIS CP~EDIT WILL BE DULY HONORED ON DELIVERY OF THE DOCUMENTS A~ SPECIFIED IF
PRESENTED AT THIS OFFICE ON OR BEFORE JANUARY 21, 2001 OR ANYAUTOMATICALLY
EXTENDED DATE.
YOURS VERY TRULy,
AUTaORIZED S IC~NATURE