R99-052RESOLUTION NO. R99-~-~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A LETTER OF CREDIT SUBMITTED
BY ORIOLE HOMES CORP., (CORAL LAKES XII),
AND ISSUED BY OHIO SAVINGS BANK, (NO.
1999-115) IN THE AMOUNT OF $461,005.00;
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 in the amount of Four
Hundred Sixty-One Five and 00/100 Dollars ($461,005.00) as
surety for required water and sewer
constructed in Coral Lakes XII, a single
subdivision located outside of the City limits.
improvements to be
family home
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 Oriole Homes Corp. (Coral Lakes XII), and issued
by Ohio Savings Bank in the amount of Four Hundred Sixty-One
Five and 00/100 Dollars ($461,005.00) as surety for required
water and sewer improvements to be constructed in Coral Lakes
XII, a single family home subdivision located outside of the
City limits.
Section 2. That this Resolution shall become
effective mmmediately upon passage.
PASSED AND ADOPTED this ~D day of April, 1999.
CITY~DF~ BOYN~TON B~ACH, FLORIDA
Commissioner
Commi s s loner
ATTEST:
City Clerk
March 23, 1999
OHIO SAVINGS
BANK
City of Boynton Beach/Utilities
100 East Boynton Beach Boulevard
Boyn~on Beach, Florida 33437
Attention: Mr. Pete Mazzella
DeariSirs:
Irrevocable Letter of Credit No. 1999-115
~ou are hereby irrevocably authorized to draw on Ohio Savings Bank pursuant to this
IrrevOcable Letter of Credit No. 1999-115 for the account of Oriole Homes Corp., 1690 South
Conglress Avenue, Suite 200, Delray Beach, Florida 33445, by your draft at sight, upon the terms
and ~onditions hereinafter set forth, an aggregate amount not exceeding Four Hundred Sixty One
Thoulsand Five and no/100 Dollars ($461,005.00) (U.S.) (the "Stated Amount"), effective
~mm¢d~ately and expiring at the close of business on March 31, 2000 (the "Expiration Date").
Funds under this Letter of Credit are available to you, against your executed sight draft(s) drawn
on u~on or before March 31, 2000, statin,g, on its face: Drawn under Ohio Savings Bank
Irrev~_.cable Letter of Credit No. 1999-115, and accompanied by this Letter of Credit and a signed
and dated affidavit purportedly executed by the Utilities Director of the City of Boynton Beach .
indic ~ting that the amount drawn represents the total cost to complete the on-site sanitary sewer
and ~
titled
rely ~
elect
have
amer
(90)
or h~
perio
~ater lines shown on Sheets I through 10 Of 10 of the plans by Lawson, Noble and Webb
"Water & Sewer Plans", Coral Lakes Xll dated September 8, 1998. We shall be entitled to
~pon the representations of any person purporting to be the Utilities Director or other duly
~d or appointed official of the addressee in determining the authority of any person claiming to
rights hereunder, and we shall not be responsible to make further inquiry or investigation.
It is a condition of this Letter of Credit that it shall be deemed automatically extended without
~dment for one year from the present or any future expiration date hereof unless at least ninety
days prior to such date we shall notify you in writing by certified mail, return receipt required,
nd delivery at the above address that we will not renew this Letter of Credit for such additional
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OHIO SkVINGS
Presentation of such draft, this Letter of Credit and said written statement shall be made at our
~rate Banking Department, Ohio Savings Plaza, 1801 East Ninth Street, Suite 200, Cleveland,
44114. All drafts drawn under and in compliance with the terms of this Letter of Credit will
dy honored by us within three (3) business days after delivery of the required documentation as
fled if presented at such office on or before the expiration or termination hereof. Payment will
ade by check issued in the name of the addressee an,d will be mailed to the addressee's
;ss listed above. If a demand for payment made by you hereunder does not, in any instance,
~rm to the terms and conditions of this Letter of Credit, we shall give you prompt notice that
urported negotiation was not effected in accordance with the terms and conditions of this
r of Credit, stating the reasons therefor and that we are holding any documents at your
.sat or are returning the same to you, as we may elect. As used herein "business day" shall
~ any day other than a Saturday or a Sunday or any day on which Ohio Savings Bank is required
thorized by law (including executive orders) to close.
PLAZA ' 1 801 EAST NINTH STREET - SUITE 200 - CLEVELAND - OHIO ' 44114 - (21 6) 622-41 00
'Cit~/of Boynton Beach/Utilities
Page Two
March 23, 1999
Multiple drawings may be made hereunder, provided that (a) drawings hereunder shall not, in
the aggregate, exceed the Stated Amount, and (b) each drawing on.or by us shall pro tanto reduce
the amount available under this Letter of Credit. Upon payment to the addressee or to the
addr~ssee's account of the amount specified in a sight draft drawn hereunder, we shall be fully
discharged on our obligation under this Letter of Credit with respect to such sight draft, and we
shall Pot thereafter be obligated to make any further payments under this Letter of Credit in respect
of subh sight draft to you or any other person.
Upon the earlier of (a) the making of the final drawing available to be made hereunder, or (b)
the E~piration Date as may be extended, this Letter of Credit shall automatically terminate.
Communications with respect to this Letter of Credit shall be in writing and shall be addressed
to Cc~rporate Banking, Ohio Savings Bank, Ohio Savings Plaza, 1801 East Ninth Street, Suite 200,
Cleveland, Ohio 44114, Attention: Ralph Kirk, specifically referring thereon to Ohio Savings Bank
IrrevOcable Letter of Credit No. 1999-115.
~rhis Credit is not transferable or negotiable and may only be drawn against by the named
addressee. Any attempted or purported assignment, transfer, conveyance or negotiation of this
Letteir of Credit shall be void.
This Letter of Credit shall be governed by the Uniform Customs and Practice for Documentary
Cred ts, International Chamber of Commerce (the "Uniform Customs") in effect on the date of
issu~ nce of this Letter of Credit. This Letter of Credit shall be deemed to be made under the laws
of the State of Florida, including Article 5 of the Uniform Commercial Code as in effect in the State
of FI)rida, and shall, as to matters not governed by the Uniform Customs, be governed by and
construed in accordance with the laws of the State of Florida. This Letter of Credit is enforceable in
a co~rt of competent jurisdiction in Palm Beach County, Florida.
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This Letter of Credit sets forth in full our undertaking, and such undertaking shall not in any
be modified, amended, amplified or limited by reference to any document, instrument or
.~ment, except to the extent explicitly referred to herein; and any such reference shall not be
~ed to incorporate herein by reference any document; instrument or agreement except to such
~lt.
OHIO SAVINGS BANK
v. t
And:
Its: