R99-093 RESOLUTION NO. R99-q~
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 NATIONSBANK, (NO. 941574) IN THE
AMOUNT OF $60,940.00; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton
Beach, upon recommendation of staff, does hereby accept the
above referenced Letter of Credit submitted by D.R. Horton,
Inc., (Melear P.U.D.) and issued by NationsBank in the amount
of Sixty Thousand Nine Hundred Forty and 00/100 Dollars
($60,940.00) as surety for restoration, if needed, in
connection with excavation and fill work to be permitted on
the Melear P.U.D. site.
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 Boynton
Beach, Florida hereby approves and accepts a Letter of Credit
submitted by D.R. Horton, Inc., (Melear P.U.D.) and issued by
NationsBank in the amount of Sixty Thousand Nine Hundred Forty
and 00/100 Dollars ($60,940.00) as surety for restoration, if
needed, in connection with excavation and fill work to be
permitted on the Melear P.U.D. site.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this ~0 day of July, 1999.
/ Vice MayOr
Mayor Pro Tem
Commissmoner
Commissioner
· NafionsBank
ISSUING BANK:
NATIONSBANK, N.A.
ISSUE DATE: JULY 1, 1999
IRREVOCABLE LETTER OF CREDIT NO. 941574
APPLICANT:
D.R. HORTON, INC.
1901 ASCENSION BLVD.
ARLINGTON, TX 76006
BENEFICIARY:
CITY OF BOYNTON BEACH
100 E. BOYNTON BEACH BLVD.
BOYNTON BEACH, FL 33435
EXPIRY DATE: JUNE 4, 2000
AMOUNT: $60,940.00
GENTLEMEN:
WE HEREBY OPEN OUR CLEAN IRREVOCABLE LETTER OF CREDIT NO. 941574
IN'YOUR FAVOR FOR THE ACCOUNT OF D.R. HORTON, INC. AGGREGATE
AMOUNT OF SIXTY THOUSAND NINE HUNDRED FORTY UNITED STATES DOLLARS
($60,940.00) 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 DEVELOPMENT OF MELEAR P.U.D. PHASE 3A, 3B & 3C IN ACCORDANCE
WITH THE CITY'S LAND DEVELOPMENT CODE IN CONNECTION WITH THE
PROPOSED SUBDIVISION KNOWN AS MELEAR P.U.D. PHASES 3A, 3B & 3C AND
CONTINENTAL HOMES MIAMI HAS FAILED TO COMPLETE THE WORK STATED";
AND
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 (1) YEAR PERIODS UNLESS WE NOTIFY YOU IN WRITING AT LEAST
NINETY (90) DAYS PRIOR TO THE CURRENT OR ANY FUTURE EXPIRATION
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, SHALL BE DEEMED A DEFAULT AND
SHALL ENTITLE CITY TO COLLECT ON THIS LETTER OF CREDIT BY
PRESENTATION OF SIGHT DRAFT(S).
THE LETTER OF CREDIT IS IRREVOCABLE AND SHALL REMAIN ENFORCEABLE
UNTIL RELEASED BY A RESOLUTION ADOPTED BY THE CITY COMMISSION OR
THE CURRENT OR ANY FUTURE EXPIRY DATE, WHICHEVER IS EARLIER.
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 941574, PAGE 1
JUL - 6' 99
ORIGINAL
NafionsBank
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.
EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED HEREIN THIS CREDIT tS
SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1998 REVISION), INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 500 AND IN THE EVENT OF ANY CONFLICT IS TO BE
INTERPRETED BY FLORIDA LAW. LITIGATION HEREUNDER, IF NECESSARY,
SHALL 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
COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS CREDIT SHALL BE
DULY HONORED IF PRESENTED WITH DOCUMENT(S) AS SPECIFIED AND THE
ORIGINAL OF THIS CREDIT, AT OUR OFFICE LOCATED AT 901 MAIN
STREET, 9TH FLOOR, DALLAS, TEXAS 75202, ATTN: 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 REFERENCE OUR LETTER OF
CREDIT NUMBER.
~rI RELLA ~OLEMAN
VICE PRESIDENT
FOR ASSISTANCE PLEASE CALL BARBARA TEAGUE AT 214-209-3097.
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 941574, PAGE 2
ORIGINAL
ENGINEER'S COST ESTIMATE
for
City of Boynton Beach Restoration Surety
Project:
Location:
Owner:
Date:
Project No.
Melear P.U.D.
Boynton Beach, Palm Beach County, Florida
Continental Homes of Florida, Inc.
March, 1999
98131
ESTIMATED UNIT
ITEM QUANTITY UNIT COST AMOUNT
Traeh removal ! ellen-up
Site grading 1 LS $15,000.00 $15,000.00
Seed and mulch site 59 AC $600.00 $35,400.00
TOTAL $55,400.00
x 110%
Bond Amount $60,940.00