R99-103RESOLUTION NO. R99-/~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE IN SURETY
FOR THE PROJECT KNOWN AS HILLS OF LAKE
EDEN, FROM $251,785 to $19,350; AND
PROVIDING AN EFFECTIVE DATE.
WI~EREAS, the developer of this parcel previously
submitted a surety in the amount of $251,785.00, to assure
the construction of water and sewer improvements to service
the development; and
W~EREAS, the water system is now completed and all
necessary legal documents have been presented to the City
and developer has requested that the surety requirement be
reduced to $19,350.00; and
W~EREAS, a final inspection has been conducted on this
project and the system appears to be functioning properly
~ithout any defects;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
DF THE CITY OF BOYNTON BEACH, FLORIDA, T~IAT:
Section 1. The City Commission of the City of
~oynton Beach, Florida, based upon the recommendation of
~taff, hereby approves a reduction of surety from
$251,785.00 to $19,350.00.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this
ATTEST:
day of August, 1999.
~ice Mayor~
Mayor ~rq~Tem
Commissioner
wis Tmmt and Savings Bank
~.O. Box 755
Chiea~o, I1 60690-0755
OUR IP~REVOCABLE STANDBY LETTER OF
CREDIT NUMBER SPL35743
Atf-' Letter of C~edit Se~'tion
31t ./. Monroe S~.~ 13th ~1~
Chiea~o, minois 60606
DA~E OF ISS~: ~CH 3, 1997
PAGE: 1 ~ ~ ~- -~: i-~
APPLICANT:
KENNEDY PROPERTIES, LTD.
600 W. HiLLSBORO BLVD.
SUITE 101
DR.~r~FIELD BEACH, FL 33441
BENEFICIARY:
CITY OF BOYNTON BEAC~
i00 E. BOYNTON BLVDJ
BOTNTON BEACh, FL 33~35 ~-.
OC7
i
AMOUNT AVAILABLE: USD 251,785.00
TWO HUNDRED FIFTY O~-E THOUSAND SEVEN
HUNDRED EIGHTY FIVE AND 00/100'S US
DOLLARS
EXPIRY DATE : FE.3RUARY 24, 1998
THIS IS THE ORIGINAL AMENDED AND RESTATED LETTER OF CREDIT.
GENTLEMEN:
WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE CLEAN LETTER OF CREDIT WHICH IS
AVAILABLE AGAINST YOUR DRAFTS DRAWLN AT SIGHT ON US.
THIS IS A CLEAN LETTER OF CREDIT AND NO DOCUMENTS EXCEPT FOR THE DRAFT AND THE
ORIGINAL LETTER OF CREDIT ARE REQUIRED.
ALL DRAFTS MUST BE M3-RKED "DRA~ D-N~ER HARRIS TRUST ~ND SAVINGS BANK 'S LETTER
OF CREDIT NUMBER SPL35743, DATED MARCH 3, 1997 "
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT BE AUTOMATICALLY EXTENED
WITHOUT AMEndMENT FOR A PERIOD OF ONE YEAR FROM THE CURRENT OR ANY FUTURE
EXPIRATION DATE UNLESS WE NOTIFY YOU IN WRITING NOT LESS THAT SIXTY (60) DAYS
PRIOR TO THE CURRENT OR ANY. FUTURE EXPIRATION DATE TEAT WE ELECT NOT TO SO
THIS LETTER OF CREDIT.
W-E UNO,STAND T~AT THiS L~TTER OF CREDIT iS ISSUED TO PROVIDE FINANCiA~ RECOURSE
FOR THE INSTALLATION OF PUBLIC iMPROVEMENTS AT THE HILLS OF LAKE EDEN, PUD AS
PREP~qED BY GENTRY ENGINEERING AND LAND SL~VEYING, INC. ON JA~qY 30, 1997 AND
AS CERTIFiE~ PAUL S. PEFLEY, PROFESSIONAL ENGINE~"R ~17879 FROM THE STATE OF
FLORIDA.
DRAFTS D~Ag~ 5~DER THIS LETTFR OF CREDIT MUST BE DRAW'N ~D PRESENTED AT OUR
OFFICE AT 311 WEST MONROE STREET, 13TH FLOOR, CHiCAGD, ILLINOIS 60606,
ATTENTiON:STAS~BY LETTER OF CREDIT UNIT NOT LATER THAN EXPIRY DATE : FEBRU~-qY
24, 1998, OR A~Y EXTENDED DATE THEREAFTER.
WE HEREBY ENGAGE WITH ALL BONA FIDE HOLDERS TF-AT ALL DRAFTS DRA~I AND PRESENTED
UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WiLL BE DULY
HARRIS
.'tls Trust ang S: vmgs Bank
P.O. Box ?$6
Chicago, I1 60690-0765
At'Letter of Ceedit Section
311'W. ~oncoe St., I3th Eloo~
Chicago, Illinois 60606
OUR IRREVOCABLE STANDBY LETTER OF
CREDIT NLrMBER SPL35743
DATE OF ISSUE: MARCH 3, 1997
PAGE: 2
HONORED b~ON PRESENTATION TO US.
OUR DESIGNATED AGENT WITHIN T~ STATE OF FLORIDA FOR ACCEPTANCE OF SERVICE
OF PROCESS IS: HARRIS TRUST COMPANY OF FLORIDA, 505 FLAGLER AVEN~JE,
SUITE 1400, WEST PALM BEACH, FLOKiDA 33401, PHONE NO.: 813'364-9977.
THIS LETTER OF CREDIT IS ENFORCEABLE IN A COURT OF COMPETENT JURISDICTION IN
PALM BEACH COUNTY, FLORIDA, AND IS TO BE INTERPR~TED UNDF~R THE LAWS OF T~{E
STATE OF FLORIDA AND IS SUBJECT TO TkUS "UNIFORM CUSTOMS AND PRACTIOE FOR
DOCUMENTARY CREDITS" (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE
PUBS~CATION NUMBER 500.
5ARRIS TRUST AND SAVINGS BANK
AUTHORIZED SIGNAT~E