R00-048RESOLUTION NO. R00-~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A LETTER OF CREDIT SUBMITTED
FOR THE PROJECT KNOWN AS WAL-MART STORES,
INC., AND ISSUED BY BANK OF AMERICA, (NO.
3024021) IN THE AMOUNT OF $201,888.50; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton
upon recommendation of staff, does hereby accept the
referenced Letter of Credit in the amount of $201,888.50
as surety for completion of excavation and fill for the Wal-
site (No. 2789).
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The City Commission of the City of Boynton
Florida hereby approves and accepts a Letter of Credit
for the project known as Wal-Mart, and issued by Bank of
(NO. 3024021) in the amount of $201,888.50 as surety
for completion of excavation and fill for the Wal-Mart site
(No. 2789).
Section 2. That this Resolution shall
immediately upon passage.
PASSED AND ADOPTED this ~ day of
become
,2000.
Vice Mayor
Mayor Pro Tem
Clerk
(Corporate Seal)
:¢a~eso\~C - YMW~-M~ 0331 O0
Bank of*America
ISSUING BANK:
BANK OF AMERICA, N.A.
333 S. BEAUDRY AVENUE
19TH FLOOR, MAIL CODE CA9-703-19-23
LOS ANGELES, CA 90017-1466
ISSUE DATE: MARCH 14, 2000
CLEAN IRREVOCABLE STANDBY LETTER OF CREDIT No. '3024021
APPLICANT:
WAL-MART STORES, INC.
702 SOUTHWEST 8TM STREET
BENTONVILLE, AR 72716
BENEFICIARY:
CITY OF BOYNTON BEACH
DEPA~RTMENT OF DEVELOPMENT
100 E. BOYNTON BEACH BLVD.
BOYNTON BEACH, FL 33425
ATTENTION: KEN HALL, BUILDING DEV.
TELEPHONE NO.: (561) 742-6283
AMOUNT: $201,888.50
TWO HUNDRED ONE THOUSAND EIGHT HUNDRED EIGHTY-EIGHT AND 50/100 USD
EXPIRY DATE: MARCH 14, 2001
GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 3024021 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 TWO HUNDRED
ONE THOUSAND EIGHT HUNDRED EIGHTY-EIGHT AND '50/100 U.S. DOLLARS, (U.S. 201,888.50)
EXPIRING ON MARCH 14, 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 STATEMENT PURPORTEDLY .SIGNED BYAN AUTHORIZED OFFICIAL OF THE CITY OF
BOYNTON BEACH DEPARTMENT OF DEVELOPMENT, SWORN TO BEFORE A NOTARY PUBLIC STATING
THAT: THE FUNDS DRAWN UNDER LETTER OF CREDIT NO. 3024021 ISSUED BY BANK OF AMERICA,
N.A. ARE DUE BY REASON OF WAL-MART;S FAILURE TO COMPLETE THE EXCAVATION AND FILLING
TO RESTORE THE SITE SHOULD THE NEED ARISE 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. THE WORK TO BE COMPLETED IS AS
FOLLOWS: (List the work Wal-Mart failed to complete.)
2. THE ORIGINAL OF THIS LETTER OF CREDIT.
3. CREDIT.COPY OF BENEFICIARY'S LETTER NOTIFYING THEIR INTENT TO DRAW ON THIS LETTER OF
SPECIAL CONDITIONS:
A. PARTIAL DRAWINGS ARE ACCEPTABLE.
B. NO OPINION OF LEGAL COUNSEL SHALL BE REQUIRED.
LETTER OF CREDIT IS ENFORCEABLE IN A COURT OF COMPETENT JURISDICTION IN PALM
COUNTY, FLORIDA, AND IS TO BE INTERPRETED BY FLORIDA LAW.
ANY DRAFT DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED ~DRAWN UNDER IRREVOCABLE
LETTER OF CREDIT NO. 3024021 ISSUED BY BANK OF AMERICA.,,
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 THIRTY (30) DAYS PRIOR TO SUCH EXPIRATION DATE YOU ARE
D BY REGISTERED LETTER OR OVERNIGHT COURIER SERVICE THAT WE ELECT NOT TO
iONSIDER THIS LETTER OF CREDIT RENEWED FOR ANy SUCH PERIOD. THIS LETTER OF CREDIT
5 REMAIN ENFORCEABLE UNTIL RELEASED BY A RESOLUTION ADOPTED BY THE CITY
COMMISSION.
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
r}anl< of America_ N.A. Trade Operations
~.fail CoJc: CA9-703-19-09
333 S. Deaudry Avenue. I91h Floor, L~,s Angeles, ('A 9(h9[7
O0-35-0202NSB 9-1999_CA9 19
B nkofAmerica
T~IS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3024021
BANK OF AMERICA, t00 SE 2"D STREET, 13T" 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, AND THAT AT LEAST TEN (10) DAYS IN ADVANCE OF
THE PRESENTATION OF THE SIGHT DRAFT FOR PAYMENT, THE CITY HAS PROVIDED TO THE
DEVELOPER BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, NOTICE OF THE CITY'S INTENT
TO DRAW FUNDS ON THIS LETTER OF CREDIT.
UNLESS OTHERWISE EXPRESSLY STATED HEREIN, THiS LETTER OF CREDIT IS SUBJECT TO THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 500.
ROSE T AGUSTIN
CARRILLO, BOLIVA8
AbTHORIZED SIGNATURE
THIS DOCUMENT CONSIST(S) OF 2 PAGE(S).
Bank bfAmcr~ca. NA. trade Operalions
333 S. l~ea,dry Aven,e. |qth Fl~r. Los Angeles. CA 9001 ?
00-35-0202NSB 9-~999_CA9 19