R98-117 RESOLUTION NO. R98-///
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A LETTER OF CREDIT SUBMITTED
BY BOYNTON SHOPPES, INC., AND ISSUED BY
IST UNITED BANK, (NO. 77461) IN THE AMOUNT
OF $87,650.00; AND PROVIDING AN EFFECTIVE
DATE.
~EREAS, the City Commzssion of the City of Boynton
Beach, upon recommendation of staff, does hereby accept the
above referenced Letter of Credit in the amount of Eighty
Seven Thousand Six Hundred Fifty and 00/100 Dollars
($87,650.00) as surety for water and sewer improvements to
serve the proposed Boynton Shoppes, to be located at the
southeast corner of Woolbright Road'and Congress Avenue.
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 Boynton Shoppes, and issued by 1~t United Bank in
the amount of Eighty Seven Thousand Six Hundred Fifty and
00/100 Dollars ($87,650.00) as surety for water and sewer
improvements to serve the proposed Boynton Shoppes, to be
located at the southeast corner of Woolbright Road and
Congress Avenue.
Section 2. That mhis Resolution shall become
effective zmmediately upon passage.
PASSED AND ADOPTED this
~ day of July, 1998.
CITY OF BOYNTON BEACH
Mayor
)RIDA
Mayor Pro .~m
~ommission~r
Comm±~s±oner
lST UNITED BANK
Subsidiary of Wachovia Bank, N.A.
IRREVOCABLE STANDBY LETTER OF CREDIT June 17, 1998
BENEFICIARY:
CITY OF BOYNTON BEACH
100 EAST BOYNTON BEACH BLVD.
BOYNTON BEACH, FL 33435
APPLICANT:
BOYNTON SHOPPES, INC.
943 CLINT MOORE ROAD
BOCA RATON, FL 33487
Gentlemen:
We hereby open our clean Irrevocable Letter of Credit No # 77461 in favor of City of
Boynton Beach ("City") for the initial amount of Eighty Seven Thousand Six Hundred Fifty
dollars ($87,650.00) effective as of this date.
This letter of credit is issued pursuant to those for construction of
required waste Water Collection System, Sanitary Sy # - DWC-t 37-676/Drinking
Water System Permit #-DS-137675 (hereafter between Boynton Shoppes,
Inc, as developer, and the City of Boynton Beach. to develop a subdivision to be known
as Boynton Shoppes, (hereafter, "Subdivision"), and to construct and install the required
improvements pursuant to the terms of the Health Department permit and accompanying
approved plans. This Letter of Credit, however, is independent of said approved permit and
reference herein for information only.
It is a condition of this Letter of Credit that it shall be deemed automatically extended without
amendment for one year periods from the expiration date hereof, or any future expiration date
unless at least ninety (90) days prior to any ex iration date we shall noti ou b courier at the
.-, P fYy Y
address indicated above, Unless a change of address is otherwise notified by ou to us in writin
tl "' Y g'
hat we elect not to consider this Letter of Credit renewed for any such additional period.
This initial amount of funds available under this credit and stated above may be reduced by the
city of Boynton Beach Utilities Director, as authorized agent of the City of Boynton Beach, in
ccordance with the requirements of the subdivision and required improvements regulations. We
ereby agree that such reduction shall not be effective until we have furnished a written
amendment to this Letter of Credit. Such amendment shall reference this Letter of Credit as well
as the H.R.S. permit number and subdivision name, as set out herein and the new amount.
Funds under this Letter of Credit are available to the City hereunder not exceeding in aggregate
the amount of this credit (as said amount may be amended from time to time pursuant to the
above paragraph) against the City's demand by its authorized agent named above, for payment
on us mentioning our Letter of Credit No#77461.
980 North Federal Highway, Boca Raton, Florida 33432 · (561) 392-4000 ° Fax (561) 392-4274
All drafts drawn under this credit must be marked "DRAWN UNDER Ist UNITED BANK A
SUBSIDIARY OF WACHOVIA BANK N.A., LETTER OF CREDIT/477461.
This credit is subject to and governed by the laws of the State of Florida and the 1993 Revision
of the Uniform Customs and Practice for Documentary Credits of the International Chamber of
Commerce (Publication No. 500) and, in the event of any conflict, the laws of the State of
Florida will control.
This original Letter of Credit and all amendments thereto must be submitted to us together with
any drawings hereunder for our endorsement of any payments effected by us and/or for
cancellation.
We engage with you that each draft drawn under and in co~npliance with the terms of this credit
will be duly honored if presented at this office on or before June 17, 1999 or any automatically
extended date.
-//R"6bert F. McCa
Vice President