R98-164 RESOLUTION NO. R98-/~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING AND APPROVING A LETTER OF
CREDIT NO. SB13493-98 FROM SOUTH TRUST
BANK, N.A., IN THE AMOUNT OF $52,000,
FOR THE KNUTH GAS AND OIL PROJECT; AND
PROVIDING AN EFFECTIVE DATE.
WI4EREAS, the developer of this parcel, Lingerfeldt &
Morris, Inc., titled Knuth Gas & Oil Project No. 98002, has
submitted a Letter of Credit (No. SB13498-98)in the amount
of $52,000.00, drawn on SouthTrust Bank N.A., as surety to
guarantee completion of sanitary sewer and potable water
systems serving this site; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COM~ISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The City Commission of the City of
Boynton Beach, Florida, based upon the recommendation of
staff, hereby approves a Letter of Credit (No. SB13498-98)
drawn on SouthTrust Bank N.A., in the amount of $52,000,00,
a copy of said Letter of Credit being attached hereto as
Exhibit "A"
Section 2. That this Resolution shall become
effective immediately upon passage.
-j
PASSED AND ADOPTED this ~ day of October, 1998.
ATTEST:
CITY OF BOYNTON BEACH, FLORIDA
/ Commissioner
Commissioner
SouthTrust Bank, N.A.
P.O. Box 1508
Mobile, Alabama 36633 U.S.A.
61 St. Joseph St., Suite 502
Mobile, Alabama 36602 U.S.A.
Telephone: (334) 431-9272
Telex: 4611821 SOTRMBL
TelefaX: (334) 431-9373
International Department
I
SEPTEMBER 22, 1998
IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB13493-98
CITY OF BOYNTON BEACH UTILITY DEPARTMENT
5469 W. BOYNTON BEACH BLVD.
BOYNTON BEACH, FL 33437
WE ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NUMBER SB13493-98 DATED SEPTEMBER 22, 1998 1N
YOUR FAVOR FOR THE ACCOUNT OF KNUTH ROAD GAS & OIL, 16711 COLL1NS AVENUE #904, NORTH MIAMI
BEACH, FL 33160 UP TO THE AGGREGATE AMOUNT OF USD52,000.00 (FIFTY-TWO THOUSAND AND NO/100 U.S.
D(~LLARS) AGAINST THE TERMS AND CONDITIONS DESCRIBED BELOW ACCOMPANIED BY DRAFTS DRAWN
O1~ SOUTHTRUST BANK, N.A. AT SIGHT, AND WHICH BEARS THE SIGNATURE OF UTILITIES DIRECTOR OF
BOYNTON BEACH.
DP~AWING(S) MAY BE PRESENTED AT SOUTHTRUST BANK, N.A., 61 ST. JOSEPH STREET, SUITE 502, MOBILE,
AEABAMA 36602, ATTN: INTERNATIONAL DEPARTMENT.
THIS LETTER OF CREDIT IS ISSUED FOR COMPLETION OF SANITARY SEWER AND POTABLE WATER IN PLANS
OF LINGERFELDT & MORRIS, INC. TITLED KNUTH GAS & OIL, PROJECT 98002.
DRAFTS DRAWN UNDER THIS CREDIT MUST INDICATE: "DRAWN UNDER SOUTHTRUST BANK, N.A. LETTER
OI CREDIT NO. SB13493-98, DATED SEPTEMBER 22, 1998."
D( )CUMENTS REQUIRED:
1. BENEFICIARY'S SIGNED STATEMENT AS FOLLOWS:
"A N AFFIDAVIT SIGNED BY UTILITIES DIRECTOR OF THE CITY OF BOYNTON BEACH INDICATING THAT THE
A~ {OUNT DRAWN REPRESENTS THE COST TO COMPLETE THE SANITARY SEWER AND POTABLE WATER
S'~ STEM FOR PROJECT 98002.
A3' THE TIME OF ANY DRAWING, THE ORIGINAL LETTER OF CREDIT SHOULD BE RETURNED ALONG WITH
THE DOCUMENTS AS STATED HEREIN.
PARTIAL DRAWINGS ARE PERMITTED.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED
Wl THOUT AMENDMENT FOR ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE HEREOF
Ll~ [LESS AT LEAST NINETY (90) DAYS PRIOR TO SUCH DATE WE SHALL NOTIFY YOU IN WRITING BY
CF RTIFIED MAIL, RETURN RECEIPT REQUIRED, OR HAND DELIVERY AT THE ABOVE ADDRESS THAT WE
EL ECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR SUCH ADDITIONAL PERIOD.
C£ ~NTINUED ON PAGE 2
PAGE 2
IRREVOCABLE LETTER OF CREDIT NO. SB 13493-98
WE HEREBY ENGAGE WITH YOU THAT DRAFTS DRAWN AND PRESENTED IN CONFORMITY WITH THE TERMS
O12 THIS CREDIT WILL BE DULY HONORED. PAYMENT WILL BE MADE VIA CHECK IN THE NAME OF THE
BENEFICIARY LISTED ABOVE, AND WILL BE MAILED TO THE BENEFICIARY ADDRESS LISTED ABOVE.
EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM
C[ rSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF
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~MMERCE PUBLICATION NUMBER 500. AS TO MATTERS NOT COVERED BY UCP, THIS CREDIT SHALL BE
BJECT TO AND GOVERNED BY THE LAWS OF THE STATE OF FLORIDA. THIS LETTER OF CREDIT IS
FORCEABLE IN A COURT OF COMPETENT JURISDICTION IN PALM BEACH COUNTY, FLORIDA.
liS LETTER OF CREDIT WILL BECOME OERATIVE UPON OUR RECEIPT OF ORIGINAL LETTERS OF CREDIT
LTED AUGUST 27, 1998 AND SEPTEMBER 16, 1998 ISSUED UNDER THIS SAME REFERENCE NUMBER.
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