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R99-142 RESOLUTION NO. R99- I/-/9, A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING ACCEPTANCE OF LE'FrER OF CREDIT SUBMITTED BY CASCADE LAKES LTD., (NWA LESTER PUD PLAT 2) AND ISSUED BY BANKATLANTIC (NO. BA415), IN THE AMOUNT OF $289,000.00; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, a Letter of Credit, No. BA415 in the amount of $289,000.00 has been issued by BankAtlantic as surety for construction of the water and sanitary sewer systems for the project known as Cascade Lakes Ltd., (a/Ida Lester PUD plat 2), which Letter of Credit is attached hereto as Exhibit "A"; and WHEREAS, Cascade Lakes is a single family residential subdivision located in the City's service area, but outside of the City Limits, being south of Golf Road, on the west side of Military Trail, and surety is required to guarantee that water and sewer service will be available to the future homes; and WHEREAS, upon recommendation of staff, the City Commission deems it to be in the best interests of the citizens and residents of the City of Boynton Beach to accept said Letter of Credit. 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 B0ynton Beach, Florida, hereby authorizes acceptance of the Letter of Credit No. BA415, in the amount of $289,000.00, issued by BankAtlantic as surety for the construction of the water and sanitary sewer systems to serve the project known as Cascade LakesLtd., (a/Ida/ Lester PUD plat 2), which Letter of Credit is attached hereto as Exhibit "A" Section2. This Resolution shall become effective immediately upon passage. PASSED AND .ADOPTED this ~ day of ©ctcbor, 1999. V~e Mayor × / / Mayor Pro Tem Comn~iss~:~r' '-' ~., ,7 - Commissionor ATTEST: ~.~. t~lerk Lakes RO. Box 8608 Ft. Lauderdale, FL 33310-8608 (954) 760-5000 October 4, 1999 IRREVOCABLE STANDBY LETTER OF CREDIT BA-415 BENEFICIARY: ~ity of Boynton Beach/Utilities il 00 East Boynton Beach Boulevard Boynton Beach, Florida 33437 Amount: $289,000.00 Date of Expiry: Place of Expiry: October 4, 2000 BankAtlantic, a Federal Savings Bank 1750 East Sunrise Boulevard Fort Lauderdale, Florida 33304 ?ge establish our clean Irrevocable Letter of Credit Number BA-415 dated October 4, 1999, in /our favor for the account of Cascade Lakes, Ltd., 6561 Cascade Isles Boulevard, Boynton Beach, Florida 33437 against the terms and conditions described below accompanied by drafts' c~rawn on BankAtlantic, a Federal Savings Bank a! sight, and which bears the signature of · Utilities Director of Boynton Beach. Drawing(s) may be presented at BankAtIantic, a Federal Savings Bank 1750 East Sunrise Boulevard, Fort Lauderdale, Florida 33304, attn: Commercial Loan Operations. This Letter of Credit is issued for completion of the on-site sanitary sewer and-water distribution s~own on 98-204A, pages 1 through l0 of the plans by the Wantman Group titled water and sewer plans, Lester PUD, dated March 30, 1999. B~rafts drawns under this credit must indicate: "Drawn under BankAtlantic, a Federal Savings ank Letter of Credit number BA-415, dated October 4, 1999." Documents Required: Ii. Tbis original Letter of Credit number BA-415. 2L Beneficiary's signed statement as follo~vs: "An a ~'fidavit signed by an authorized agent o f the City of Boynton Beach indicating that the amount drawn represents the total cost to completed the on-site sanitary sewer and water distribution for the project known as Lester PUD." This credit consists of two pages, the second page fomqs an integral pnrt hereof) Page Two Letter o f Credit No. BA-415 October 4, 1999 At the time of the final drawing, the original letter of credit should be returned along with the documents as stated herein. Partial draws are permitted. I[ is a condition of this Letter of Credit that it shall be deemed automatically extended without a?nendment for one year from the present or any future expiration date hereof unless at least hinety (90) days prior to such date we shall notify you in writing by certified mail, return receipt r~quired, or hand delivery at the above address that we elect not to consider this Letter of Credit renewed for such additional period. l~lease present your documents with an additional copy for our records to our Loan Operations Department at the following address: 1750 East Sunrise Boulevard, Fort Lauderdale, Florida 33304. We hereby engage with you that drafts drawn and presented in conformity with the terms of this credit will be duty honored. Payment will be made VIA check in the name of the Beneficiary li~ted above, and will be mailed to the Beneficiary address listed above. Except as other, vise expressly stated herein, this credit is subject t the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Phblication Number 500. As to matters not covered by UCP, this credit shall be subject to and g~verned by the laws of the State of Florida. This letter of credit is enforceable in a court of competent jurisdiction in Palm Beach County, Florida. B~nkAtlantic, a Federal Savings Bank M~rci~. K. Snyder ' ~/J ~ E~ecutive Vice President cas!c415 RO. Box 8608 Ft. Lauderdale, FL 33310-8608 (954) 760-5000 October 4, 1999 IRREVOCABLE STANDBY LETTER OF CREDIT BA-415 BENEFICIARY: City of Boynton Beach/Utilities t 00 East Boynton Beach Boulevard Boynton Beach, Florida 33437 ;Amount: $289,000.00 Date of Expiry: Place of Expiry: October 4, 2000 BankAtlantic, a Federal Savings Bank 1750 East Sunrise Boulevard Fort Lauderdale, Florida 33304 We establish our clean Irrevocable Letter of Credit Number BA-415 dated October 4, 1999, in ,our favor for the account of Cascade Lakes, Ltd., 6561 Cascade Isles Boulevard, Boynton [leach, Florida 33437 against the terms and conditions described below accompanied by drafts drawn~ . . on BankAtlantic, a Federal Savings Bank at sight, and which bears the signature of Utdlties Director of Boynton Beach. Drawing(s) may be presented at BankAtlantic, a Federal Savings Bank i750 East Sunrise Boulevard, Fort Lauderdale, Florida 33304, attn: Commercial Loan Operations. T, hi s Letter of Credit is issued for completion of the on-site sanitary sewer and water distribution ghown on 98-204A, pages 1 through 10 of the plans by the Wantman Group titled water and {ewer plans, Lester PUD, dated March 30, 1999. ~rafts drawns under this credit must indicate: "Drawn under ,B,,ankAtlantic, a Federal Savings ank Letter of Credit number BA-415, dated October 4, 1999. Documents Required: Ii. This original Letter of Credit number BA-415. 2i Beneficiary's signed statement as follows: A ffidavlt s~gned by an authorized agent of the City of Boynton Beach indicating that the atnount drawn represents the total cost to COlnpleted the on-site sanitary sewer and water Istnbutlon for the project known as Lester PUD." (This credit consists of two pages, the second page forms an integral part hereo0 Page Two Letter of Credit No. BA-415 October 4, 1999 ~t the time of the final drawing, the original letter of credit should be returned along with the documents as stated herein. Partial draws are permitted. at is a condition of this Letter of Credit that it shall be deemed automatically extended without ~-'nendment for one year from the present or any future expiration date hereof unless at least ~inety (90) days prior to such date we shall notify you in writing by certified mail, return receipt required, or hand delivery at the above address that we elect not to consider this Letter of Credit r~newed for such additional period. Please present your documents with an additional copy for our records to our Loan Operations D3epartment at the following address: 1750 East Sunrise Boulevard, Fort Lauderdale, Florida 304. We hereby engage with you that drafts drawn and presented in conformity with the terms of this c}edit will be duly honored. Payment will be made VIA check in the name of the Beneficiary listed above, and will be mailed to the Beneficiary address listed above. Except as otherwise expressly stated herein, this credit is subject t the Uniform Customs and P~actice for Documentary Credits (1993 Revision), International Chamber of Commerce P{~blication Number 500. As to matters not covered by UCP, this credit shall be subject to and gCverned by the laws of the State of Florida. This letter of credit is enforceable in a court of competent jurisdiction in Palm Beach County, Florida. B~nkAtlantic, a Federal Savings Bank M[rci~ K. Snyder ~// Xecutlve V~ce President casl~415