R99-084 RESOLUTION NO. R99-,¢'~/
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING ACCEPTANCE OF THE LETTER
OF CREDIT NO. 941529, IN THE AMOUNT OF
$186,959.96, ISSUED BY NATIONSBANK, FOR
OLEN RESIDENTIAL REALTY CORP.,
(MANATEE BAY APARTMENTS); AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, a Letter of Credit, No. 941529 in the amount of $186,959.96 has
been issued by NationsBank as surety for the water and sewer improvements to
serve Manatee Bay Apartments, a copy of said Letter of Credit is attached hereto as
Exhibit "A".
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 Boynton Beach, Florida,
hereby authorizes acceptance of the Letter of Credit No. 941529, in the amount of
$186,959.96, issued by NationsBank as surety for the water and sewer
improvements to serve Manatee Bay Apartments, of copy of said Letter of Credit is
attached hereto as Exhibit "A".
Section2. This Resolution shall become effective immediately upon
passage.
PASSED AND ADOPTED this
ATTEST:
Cite Clerk
day of July, 1999.
ClTY~F BOYN-rON/I~EACH, FLORIDA
Vice Mayor
Mayor Pro Tem
~ mmissioier
Commissioner
N 2i nsBank®
ISSUING BANK:
NATIONSBANK, N.A.
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 941529
CITY
JUN
BOYNTON BEACH
UTILITIES
DATE
CLEAN IRREVOCABLELETTER 0F~CREDITNO. 941529,
1~999 IN YOUR FAVOR FOR THE ACCOUNT OF OLEN
CORP., 7~ CORPO~TE PLAZA, iNEWPORT BEACH, CA
AGAINST THETERMS AND CONDITIONS DESCRIBED BELOW
DALLAS
NATIONSBANK, ,
13TH FLOOR, MIAMI, FL 33131. HOWEVER, S~
DRAWING(S) MUST BE iFAXED TO OUR ST~DBY LETTER OF CREDIT DEPT. AT
(214) 209-2428.
THIS
ON SHEETS 4 ~D:5 OF t0 Oi
I0N OF THE ON-SITE~AND
BYSDA SHAH DROTOS AND ASSOCIATES
?
· THE PLANS DATED AND SIGNED
, N.A. LETTER OF CREDIT NO
1999."
CITYOF
ORIGINAL
NafiqPnsBank®
75202, ATTN: ST~DBY LETTER OF CREDIT DEPT.
ABOVE
PUBLI
FOR DOCUMENTARY
),~INTERNATIONAL CHAMBER OF COMMERCE
ON NUMBER 500~. AS TO MATTER OF NOTCOVEREDBY UCP, THIS
LAWEOF ~THE STATE
THIS LETTEROF CREDIT IS ENFORCEABLE IN A COURT OF
IN PAW BEACHCOUNTY,~FLORIDA.
NATIONSBANK, N.A.
FOR ASSISTANCE PLEASE CALL iCUSTOMER SERVICE AT 214-209-i0685
IRREVOCABLE STANDBY LETTER OF C1RE~'~[. 941529., PAGE 2