R03-045RESOLUTION NO. R03-Ot'[ ~-
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A LETTER OF CREDIT FROM
FIDELITY FEDERAL BANK AND TRUST (NO. 637961) IN
THE AMOUNT OF $101,597.10, AS SURETY FOR THE
INSTALLATION OF WATER AND SEWER
IMPROVEMENTS FOR THE PROJECT KNOWN AS
MEDICAL ARTS PROFESSIONAL CENTER; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton Beach, upon
:ecommendation of staff, does hereby accept the above referenced Letter of Credit in the
amount of $101,597.10, as surety for the installation of water and sewer improvements for
the project known as Medical Arts Professional Center.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
['tiE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida hereby
~proves and accepts a Letter of Credit in the amount of $101,597.10, as surety for the
nstallation of water and sewer improvements for the project known as Medical Arts
'rofessional Center.
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this I~ day of March, 2003.
Credit- Medical Arts Professional Center.doc
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CITY O BOYN O B CH, FL?RIDA
/'~"'3~'~' Commissioner ~-'- .
FROM : CITY OF ~OYNT~ BCH UTILITIES F~ h~, : 5G1742G298 Mar.
TO:
FIDELITY
FEDERAL
BANK &. 1' RU~ I'
CI,EAN IRREVOCABLE I,ETTBR OF CRI~DI'~
City Commission of Boynton Beach
c/o City Engineer, Agent for the City
100 East Boynton Beach Boulevard
Boynton Beach, Florida 33435
Our Letter of Credit No. 637961
Building Permit No. 0200003248;
A parcel land in Section 32, Township 45 South,
Range 43 East, City of Boynton Beach, Fl., described
as follows: The E. 460' of the W 510' of the N. 380' of
tho S. 420' of the NW ¼ of 32-45-~3, less and except
lands described in O.R. Book 5402, Page 670, public
records of Palm Beach County, Florida.
Date: January 16, 2003
Amount: USD $101.597.10
Expiration Date: January 16, 2004
We hereby open our Amended Clean Irrevocable Letter of Credit No. 637961 in favor of the City of
Boynton Beach, Florida ("City") for the initial amount of one hundred one thousand five hundred
ninety seven and 10/100U.S. Dollars ($101,597.10) effective as ofthi~ ,tsta. which aha, Il rmain
effective until released by a Resolution adopted by the City C'ommi~ion at a regular city
Commission scheduled meeting.
This Letter of Credit is issued pursuant to insure installation of'potable watzr and sanitary sewer
utilities that will be owned by the City of Boynton Beach, serving the Medical Arts Professional
Center.
'the initial amount of funds available under this Letter of Credit and stated about may be reduced
from time to time by the Director of Utilitie~ or tho Assistant City Manager City Engineer, a~ the
agora for the City of Boynton Beach, m accordance with tho requirements of the Subdivision,
Platting and Required Improvements Regulations, Chapters 2.5, 5 and 6 respectively of the Land
Development Regulations. We hereby agree that such reduction shall not be effective until we have
furnished a written amendments to this Letter of Credit. Such amendment ah-ill reference this Loiter
of Credit as well as theProjoct Name, as set out herein, and the new amount requited.
Funds under this Letter of Credit are available to the City hereunder, not to exceed the current
available amount subsequent to any authorized reductions of this Credit against the City's demand,
by its authorized agent named above~ ibr payment to us mentioning our Letter o£Crodit No.
Corporata Office: 205 Darers Street. We~t PaJm Beach. FL 33401-S679 · (~1) aO3-~Jnn
FROM : CITY OF BOYNTON BCH UTILITIES FAX NO. : 5617426298 Mar. 11 2883 12:28PM PS
When the City's demand for paymem is received at 205 Datura Street, West Palm Beach, Florida
33401, on or prior to the Expiration Date, it will be promptly honored.
This letter of credit shall be automatically renewed £or successive periods of one (!) year each
unless the issuer of the letter of credit provid~ tho City written notice of its intent to cancel the
letter of credit. Said notice must be provided at least ninety (90) days prior to the expiration of
the date of the original tei,,J or any renewed one (1) year term. Notice to the City that the letter of
credit will expire prior to the performance of the obligation guaranteed by the letter of credit shall
be deemed a default and shall entitle the City to collect on the letter of credit
Venue for any and all legal actions necessary to enforce thc terms of this Letter of Credit shall be in
Palm Beach County, Florida.
Kindly address all correspondence regarding this Letter of Credit to the attention of Letter of Credit
Department mentioning speoifically out Credit Number.
Authorized si~amre:
FIDELITY FEDERAL ~
BANK. ST
Namo (typed)
Christopher fl. Cook
Title
F, xecutiv.e. Vioo. Pre~id~t
Except aa is inconsistent with the express provisions hereof, this Letter of Credit is ~bje~t to the
Uniform Customs and Praoticea for Documentary Credil$ (1993 Revisions),.international Chamber
of Commerce Publication No. 500.
RDELITY FEDERAL BANK &. TRUST