R99-160RESOLUTION NO. R99-/~O
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A LETTER OF CREDIT SUBMITTED
BY D.R. HORTON, INC., (MELEAR P.U.D.), AND
ISSUED BY BANK OF AMERICA, (NO. 3704313)
IN THE AMOUNT OF $661,1!3.20; APPROVING
THE FINAL PLAT KNOWN AS MELAR PiU.D.; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton
Beach, upon recommendation of staff, does hereby approve the
Final Plat for Melear P.U.D., and accepts the above referenced
Letter of Credit submitted by D.R. Horton, Inc., (Melear
.U.D.) and issued by Bank of America in the amount of Six
Undred Sixty One Thousand One Hundred Thirteen Dollars and
20/100 ($661,113.20) as surety for construction of the
associated water and sewer expenses.
NOW, THEREFORE, BE IT RESOLVED BY THE CITy
~HE CITY OF BOYNTON BEACH, FLORIDA, THAT:
COI~/RISSION OF
Section 1. The City Commission of the City of Boynton
3each, Florida hereby approves the Final Plat for Melear
P.U.D., and accepts a Letter of Credit submitted by D.R.
Korton, Inc., (Melear P.U.D.) and issued by Bank of America in
zhe amount of Six Hundred Sixty One Thousand One Hundred
thirteen Dollars and 20/100 ($661,113.20) ($661,113.20) as
surety for construction of the associated water and sewer
systems.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this ~ day of December, 1999.
CITY/~,F~., EOY~ B~ACH, fLORIDA
Vice Mayor/ ~ (
Mayor Pro ~Tem
~ issione~
Commissioner
N
l-lypoluxo Road
Canal L-20 Miner Road
MELEAR
LOCATION MAP: N.T.S.
SHEET 3 ~
SHEET
SHEET 6
SHEET 2
KEY MAP:
N.T.S.
BankofAmerica
DATE: OCTOBER 25, 1999
IRREVOCABLE STA/qDB~ LETTER OF CREDIT NT/MBER: 3704313
PAGE: 1
BENEFICIARY
CITY OF BOYNTON BEACH
100 E. BOYNTON BEACH BLVD.
BOYNTON BEACH, FL 33435
APPLIC/~NT
D.R. MORTON, INC. /
CONTINENTAL HOMES MIAmi
1901 ASCENSION BLVD. SUITE t00
ARLINGTON, TX 76006
AMOUNT
USD 661,113.20
SIX HUNDRED SIXTY ONE THOUSAND ONE
A=JNDRED THIRTEEN /~ND 20/100'S US
DOLLARS
EXPIRATION
OCTOBER 19, 2000 AT OUR COUNTERS
GENTLEMEN:
WE HEREBY OPEN OUR CLEAN IRREVOCABLE LETTER OF CREDIT NO. 3704313 IN
YOUR FAVOR FOR THE ACCOUNT OF D.R. HORTON, INC. / CONTINENTAL HOMES
MIAMI FOR A/~ AGGREGATE AMOUNT OF SIX HUNDRED SIXTY ONE THOUSAND ONE
HI/NDRED THIRTEEN A1VD 20/100 UNITED STATES DOLLARS ($661,113.20)
AVAILABLE BY PAYMENT OF YOUR DRAFT(S) AT SIGHT DRAWN ON OURSELVES
WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT(S):
1. A STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE OF
THE CITY OF BOYNTON BEACH STATING
"THE FUNDS DRAWN UNDER THIS LETTER OF CREDIT ARE NEEDED TO PAY FOR
CONSTRUCTION OF WATER DISTRIBUTION + SANITARY SEWER IN ACCORDANCE
WITH THE CITY'S L~LND DEVELOPMENT CODE IN CONNECTION WITH THE PROPOSED
SUBDIVISION K/~OWN AS MELEAR PUD AND CONTINENTAL HOMES MIAMI HAS
FAILED TO COMPLETE THE WORK STATED";
2. THE ORIGINAL LETTER OF CREDIT AND ANY SUBSEQUENT AMENDMENTS.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ADDITIONAL ONE YEAR
PERIODS UAILESS WE NOTIFY YOU IN WRITING AT LEAST SIXTY (60) DAYS
PRIOR TO THE CURRENT OR ANY FUTURE EXPIP. ATION DATE THAT WE ELECT NOT
TO EXTEND THIS CREDIT FOR ANY SUCH ADDITIONAL ONE YEAR PERIOD. NOTICE
TO THE CITY THAT THE LETTER OF CREDIT WILL EXPIRE, PRIOR TO THE
PERFORMANCE OF THE OBLIGATIONS GUARANTEED BY THIS LETTER OF CREDIT,
SHAJ~L BE DEEMED A DEFAULT Ab-D SHALL ENTITLE CITY TO COLLECT ON THIS
LETTER OF CREDIT BY PRESENTATION OF SIGHT DRAFT(S) AND A STATEMENT
PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE CITY OF
BOYNTON BEACH STATING "WE ARE IN RECEIPT OF YOUR NON-RENEWAL NOTICE
FOR THIS LETTER OF CREDIT AND THE FUNDS DP. AWN UNDER THIS LETTER OF
CREDIT ARE NEEDED IRREVOCARLE STANDBY LETTER OF CREDIT NO. 3704313 TO
PAY FOR THE CONSTRUCTION WATER DISTRIBUTION + SANITARY SEWER IN
ACCORDANCE WITH THE CITY'S LAND DEVELOPMENT CODE IN CONNECTION WITH
THE PROPOSED SUBDIVISION KNOWN AS MELEAR PUD AND CONTINENTAL HOMES
MIAMI HAS FAILED TO COMPLETE THE WORK STATED."
THE LETTER OF CREDIT IS IRREVOCABLE AND SHALL REMAIN ENFORCEABLE
UNTIL RELEASED BY A RESOLUTION ADOPTED BY THE CITYCOMMISSION OR THE
CURRENT ORA NY FLrf~L~RE EXPIRY DATE, WHICHEVER IS EARLIER.
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.
BankofAmerica
PAGE: 2
THIS IS AN INTEGRAL PART OF' LETTER OF CREDIT NUMBER: 3704313
EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED HEREIN THIS CREDIT IS
SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARy CREDITS
(1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO.
500 AND IN THE EVENT OF ~ CONFLICT IS TO BE INTERPRETED BY FLORIDA
LAW. LITIGATION HEREUNDER, IF NECESSARy. SKALL BE IN A COURT OF
COMPETENT JURISDICTION IN PALM BEACH COUNTY, FLORIDA.
WE HEREBY ENGAGE WITH YOU THAT EACH DRAFT(S) DRAWN UNDER AND IN
COMPLIAi~CE WITH THE TER/~S AND CONDITIONS OF THIS CREDIT SHALL BE DULY
HONORED IF PRESENTED WITH DOCUMENT(S) AS SPECIFIED AIFD THE ORIGINAL
OF THIS CREDIT, AT OUR OFFICE LOCATED AT 333 SOUTH BEAUDRY AVENUE,
19TH FLOOR LOS ANGELES, CALIFORNIA 90017, ATTENTION LETTER OF CREDIT
DEPT., ON OR BEFORE THE ABOVE STATED EXPIRY DATE, OR ANY
AUTOMATICALLY EXTENDED DATE AS PROVIDED FOR HEREIN. DRAFT(S) DRAWN
UNDER THIS CREDIT MUST SPECIFICALLY REFERRENCE OUR LETTER OF CREDIT
NUMBER.'
IF YOU REQUIRE ANY ASSISTANCE OR HAVE AA!Y QUESTIONS REGARDING THIS
T~U~SACTIO~, PLEASE C~L 213-345-6~32. //
Mia Gon~lez
ORIGINAL