R03-091 RESOLUTION NO. R03- Oq |
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A LETTER OF CREDIT FROM BANK
OF AMERICA (NO. 3051870) IN THE AMOUNT OF
$77,080.00 AS SURETY FOR THE INSTALLATION OF
WATER AND SEWER IMPROVEMENTS FOR THE
PROJECT KNOWN AS VILLAS AT QUANTUM LAKES;
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 in the
amount of $77,080.00, as surety for the installation of water and sewer improvements for the
project known as Villas at Quantum Lakes.
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 in the amount of' $77,080.00 as surety for the
installation of water and sewer improvements for the project known as Villas at Quantum
Lakes.
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this ~ day of June, 2003.
~ - MaTer ' -
- R~ Co=issioner
ptin9 keRor of Credit -Villas at Quantum.doc
BankofAmerica
PAGE: 1
DATE: OCTOBER 10, 2002
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3051870
BENEFICIARY APPLICANT
CITY OF BOYNTON BEACH / UTILITIES THE VILLAS AT QUANTUM LAKES, INC.
100 E. BOYNTON BEACH BLVD. 7 CORPORATE PLAZA
BOYNTON BEACH, FL 33437 NEWPORT BEACH, CA 92660
ATTENTION: PETER MAZZELLA
AMOUNT
USD 77,080.00
SEVENTY SEVEN THOUSAND EIGHTY AND
00/100'S US DOLLARS
EXPIRATION
OCTOBER 4, 2003 AT OUR COUNTERS
WE HEREBY ESTABLISH IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF
CREDIT NUMBER 3051870 WHICH IS AVAILABLE WITH BANK OF AMERICA N.A. BY
PAYMENT AGAINST PRESENTATION OF THE ORIGINAL OF THIS LETTER OF CREDIT
AND YOUR DRAFTS AT SIGHT DRAWN ON BANK OF AMERICA N.A., ACCOMPANIED
BY THE DOCUMENTS DETAILED BELOW:
A WRITTEN STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED AGENT OF THE
CITY OF BOYNTON BEACH STATING THE FOLLOWING:
"THE AMOUNT DRAWN REPRESENTS THE TOTAL COST TO COMPLETE THE
IMPROVEMENTS FOR THE PROJECT KNOWN AS THE VILLAS AT QUANTUM LAKES."
THIS LETTER OF CREDIT SHALL BE ENFORCEABLE IN A COURT OF COMPETENT
JURISDICTION IN PALM BEACH COUNTY.
WE HEREBY AGREE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON
PRESENTATION AT BANK OF AMERICA N.A., 333 SOUTH BEALIDRY AVENUE, 19TH
FLOOR, LOS ANGELES, CA 90017, MAIL CODE CA9-703-19-23 AS SPECIFIED
HEREIN. '
THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY
PRACTICES 1998, ICC PUBLICATION NO. 590.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
TRANSACTION, PLEASE CALL 213-345-5304.
THIS DOCUMENT CONSISTS OF 1 PAGE(S).
~J~/UEL BANUEL08
EUNSONBAE
Bank of America, N.A. Trade Operations
Mail Code: CA9-703-19-09 OR I G I NAL
333 s. Beaudry Avenue, 19th Floor, Los Angeles, CA 90017
00-35-0202NSB 9-1999_CA9 19 ~'~ ~t~%lt~ltat'l ID~n,or
BankofAmerica
PAGE: 1
DATE: MAY 2, 2003
AMENDMENT TO IRREVOCABLE STANDBY CREDIT NUMBER: 3051870
AMENDMENT NUMBER 1
BENEFICIARY APPLICANT
CITY OF BOYNTON BEACH / UTILITIES THE VILLAS AT QUANTUM LAKES, INC.
100 E. BOYNTON BEACH BLVD. 7 CORPORATE PLAZA
BOYNTON BEACH, FL 33437 NEWPORT BEACH, CA 92660
ATTENTION: PETER MAZZELLA
THIS AMENDMENT IS TO BE CONSIDERED AN INTEGRAL PART OF THE ABOVE
CREDIT AND MUST BE ATTACHED THERETO.
THE ABOVE MENTIONED CREDIT IS AMENDED AS FOLLOWS:
LETTER OF CREDIT TEXT IS DELETED IN ITS ENTIRETY AND REPLACED WITH THE
FOLLOWING:
RE: INSTALLATION OF WATER AND SEWER SYSTEMS TO BE OWNED BY THE CITY
OF BOYNTON BEACH FOR THE PROJECT KNOWN AS VILLAS AT QUANTUM LAKES.
WE HEREBY ESTABLISH IN YOUR FAVOR OUR CLEAN IRREVOCABLE STANDBY LETTER
OF CREDIT NUMBER 3051870 WHICH IS AVAILABLE WITH BANK OF AMERICA N.A.
BY PAYMENT AGAINST PRESENTATION OF THE ORIGINAL OF THIS LETTER OF
CREDIT AND YOUR DRAFTS AT SIGHT DRAWN ON BANK OF AMERICA N.A.
THIS LETTER OF CREDIT WILL BE AUTOMATICALLY RENEWED WITHOUT AMENDMENT
FOR A ONE YEAR PERIOD ON THE EXPIRATION DATE SET FORTH ABOVE AND UPON
EACH ANNIVERSARY OF SUCH DATE, UNLESS AT LEAST NINETY (90) DAYS PRIOR
TO SUCH EXPIRATION DATE, OR PRIOR TO ANY ANNIVERSARY OF SUCH DATE, WE
NOTIFY YOU IN WRITING BY OVERNIGHT COURIER SERVICE THAT WE ELECT NOT
TO SO RENEW THIS LETTER OF CREDIT.
THIS LETTER OF CREDIT EXPIRES ON OCTOBER 4, 2003 IN HIALEAH, FLORIDA.
WE HEREBY AGREE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON
PRESENTATION AT BANK OF AMERICA TRADE OPERATIONS, MIAMI LAKES OPERATIONS
CENTER (MLOC), 5875 NW 163RD STREET, MAIL CODE: FL7-405-02-06, HIALEAH,
FL 33014, AS SPECIFIED HEREIN.
EXCEPT AS OTHERWISE EXPRESSLY STATED, THIS LETTER OF CREDIT IS SUBJECT
TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993
REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. (THE
~UNIFORM CUSTOMS AND PRACTICE"). AS TO MATTERS NOT GOVERNED BY THE
UNIFORM CUSTOMS, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF FLORIDA, INCLUDING THE UNIFORM COMMERCIAL
CODE AS IN EFFECT IN THE STATE OF FLORIDA.
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
AMENDMENT, PLEASE CALL 213-345-5304.
BANK OF AMERICA, N.A.
AUTHORIZED SIGNATURE A~3THORIZED SIGNATURE
~ o~^,~,~c~,,~.^. ~ o~o~ EUNSON BAE C.AIF~ILLO,
Mail Code: CA9-703-19-09
333 S. Beaudry Avenue, 19th Floor, Los Angeles, CA 90017
00-35-0202NSB 9-1999_CA9 19 ORIGINAL () Recycled Pal)er