R99-114 RESOLUTION NO. RSS-IIq
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A LETTER OF CREDIT SUBMITTED
BY CASCADES LAKES, LTD., (LESTER P.U.D.),
AND ISSUED BY BANKATLANTIC, (NO. BA-409)
IN THE A~4OUNT OF $566,400.00; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City
Beach, upon recommendation of staff, does hereby
~bove referenced Letter of Credit submitted by Cascades
Ltd., (Lester P.U.D.) and issued by BankAtlantic in the
Df Five Hundred Sixty-Six Thousand Four Hundred and
($566,400.00) Dollars as surety for construction of
~nd sanitary sewer systems for the project knows
P.U.D. site.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY
2HE CITY OF BOYAITON BEACH, FLORIDA, THAT:
Section 1. The City Commission of the
Beach, Florida hereby Letter of
~ubmitted by Cascade and
by BankAtlantic
~housand Four
($566,400.00)
sanitary
site.
in amount
Hundred and
as surety for
approves and accepts a
Lakes, Ltd., (Lester P.U.D.)
the of Five Hundred
of Boynton
accept the
Lakes,
amount
no/100
the water
as Lester
COMMISSION OF
no/~oo ($566,4oo.o0)
sewer systems for
City of Boynton
Credit
issued
Sixty-Six
Dollars
construction of the water and
the project knows as Lester P.U.D.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASS~-D ~ ADOPT~-D this -~ day of ~,¢~999.
CI~~./~N~ B~ACH, F~ORIDA
ATTEST:
g't~Clerk
Vice Mayor
Mayor Pro Tem
Commissioner
;s~' ~Cascade Lakes, Ltd. ) P.U.D. Site
RO. Box 8608
Ft. Lauderdale, FL 33310-8608
(954) 760-5000
August4,1999
IRREVOCABLE STANDBY LETTER OF CREDIT BA-409
BENEFICIARY:
City of B oynton Beach/Utilities
100 East Boynton Beach Boulevard
Boyntort Beach, Florida 33437
Amount: $566,400.00
Date of Expiry:
Place of Expiry:
August 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-409 dated August 4, 1999, in
your 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
drawn on BankAtlantic, a Federal Savings Bank at sight, and which bears the signature of
Utilities Director of Boynton Beach.
Drawing(s) may be presented at BankAtlantic, 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
shown on 98-204, pages 1 through 13 of the plans by the Wantman Group titled water and sewer
plans, Lester PUD, dated February 24, 1999.
Drafts drawns under this credit must indicate: "Drawn under BankAtlantic, a Federal Savings
Bank Letter of Credit number BA-409, dated August 4, 1999."
Documents Required:
I. This original Letter of Credit number BA-409.
2. Beneficiary's signed statement as follows:
"An affidavit signed by an authorized agent of 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 forms an integral part hereof)
Page Two
Letter of Credit No. BA-409
August 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.
It is a condition of this Letter of Credit that it shall be deemed automatically extended without
amendment for one year from the present or any future expiration date hereof unless at least
ninety (90) days prior to such date we shall notify you in writ/rig by certified mail, return receipt
required, or hand delivery at the above address that we elect not to consider this Letter of Credit
renewed for such additional period.
Please 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 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
Practice for Documentary Credits ( 1993 Revision), International Chamber of Commerce
Publication Number 500. As to matters not covered by UCP, this credit shall be subject to and
governed 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.
BankAtlantic, a Federal Savings Bank
caslc409
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