R98-116 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 GUARDIAN STORAGE OF BOYNTON BEACH,
INC., AND ISSUED BY MANUFACTURERS AND
TRADERS TRUST COMPANY, (NO. 12266) IN THE
AMOUNT OF $53,363.20; 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 Fifty-Three
Thousand Three Hundred Sixty-Three Dollars and 20/100
($53,363.20) as surety for Utilities mmprovements to serve the
Guardian Storage of Boynton Beach, Inc.;
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 Guardian Storage of. Boynton Beach, Inc., and
issued by Manufacturers and Traders Trust Company (M&T Bank)
in the amount of Fifty-Three Thousand Three Hundred Sixty-
Three Dollars and 20/100 ($53,363.20)as surety for utilities
improvements to serve the Guardian Storage of Boynton Beach,
Inc.;
Section 2. That this Resolution shall become
effectmve mmmediately upon passage.
PASSED AND ADOPTED t~is ~ day of July, 1998.
~ayo?
Vi~e May~r.
aYor Pro Tem
/~C~mmi ss ion.er
Commi s s loner
({
e Le~r of Credit - Utilities
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 12266
ISSUING BANK:
MANUFACTURERS AND TRADERS TRUST COMPANY
TRADE SERVICES -3RD FLOOR
ONE FOUNTAIN PLAZA
BUFFALO, NEW YORK 14203-1495
"~ .... Cable Address: MANDTBANK
Manufacturers and Traders Trust COmpany ;. :.: ~' ·: ,,i . Telex Number:, 420076
- ~'-'- ...... :~ ,; ,., Answer, Back: ..MANDTBANK NYK
Trade Services .... :, ;!'.--i" -" -. . -...SwiftNumber: :MANTUS 33
One.Fountain Plaza - ' -' Telephone: (716) 848-3597
Buffalo, NY <14203-1495 ' ",: ,.., 'i (800) 724-1268
PAGE 1 OF 3
Manufacturers and Traders Trust Company ("M&T Bank") hereby issues this' Irrevocable Standby Letter of
Credit (the "Credit") for the account of GUARDIAN.STORAGE OF BOYNTON BEACH INC. (the
"Applicant") in favor of the CITY OF BOYNTON BEACH/UTILITIES DEPARTMENT (the "Beneficiary").
ISSUE DATE JUNE ' : 4, 1998 . , -~,~ i .....
BENEFICIARY: CITY OF BOYNTON BEACH/UTILITIES DEPARTMENT
'. ~ ' ~5469 W. BOYNTON BEACH,BOULEVARD
BOYNTON BEACH, FL 33437
'APPLICANT:
'GUARDIAN STORAGE OF' BOYNTONBEACH INC.
.... NOi-OCEAN BOULEV~" '
M~UM STATED:~O~T:' ;'USD53,363..~0 .: :,.::,, ::, ', -, ::.. _ :-- ::7:
FIFTY T~E THOUS~D ~E ~~D S~TY THeE ~D 20/100 USD
The Credit shah be available by:.
1.
THE ORIGINAL-CREDIT MUST BE PRESENTED ALONG WITH THE DOCUMENTS STATED
3. 'A CER1~iFICAyE'ON BENEFICIAR'C,~'~RHEAD.ibl THE ~0~-(SF:EXHIBIT A
ATTACHED' HERETO AND INcoRPORATED:HEREIN-By THIS REFERENCE AND
' ' ' -pUiipORTEDLy EXECUTi~D ON BEeF OF THE BENEFICIARY.:
IT-009 (12/x:J4)
Trade Services
One Fountain 'Plaza
. '~:,'t ;,Buffalo NY 14203-1495
Cable Addr
Telex Nurn[
Answer'Back:;,
Swift Nurnb:e~!
Telephone(~
PAGE :2 OF 3
LETTER OF CREDIT N0;::~2266
It is a condition of this Credit that it shall be deemed automatic~illY~extended without amendment for one year
frOm the expiration date hereof, or any future expiration date, unless 90 days prior to any eXPirati6n date M&T
Bank notifies the Beneficiary in Writing by overnight express mail that M&T Bank elects not to consider this
Credit renewed for any such additional period.
ALL BANKING CHARGES OTHER THAN THOSE OF M&T BANK ARE FOR THE ACCOUNT OF THE
BENEFICIARY. :~
This Credit is subject tO the unif0m Customs and eracti6e for, D°¢umentary Credits (1993.R~sibii) .
International Chamber Of Commerce Publication No. 500 (the i"uCp"). As to matters n°t g~)v~rii~d by the
· ucP, this Credit is subject tO and governed by the laws of the State of Florida. This Credit is enforceable in the
Court of competent jurisdiction ih Palm Beach County, Florida .~ ..
M&T Bank hereby agrees with the Beneficiary that drafts drawn under and'in compliance with'the terms Of
this Credit shall be duly honored'Upon Presentation to M&T BANK, ATTN: TRADE SERVICES
"~ FLOOR,': ONE FOUNTAIN !~L!AZA,_BUFFALO; NEW YO~ ;~4~0;
.;' ~tated above: made Via official bank checl( in the name 0fthe
will 'be mailed
~s Credit set~ forth in fi~]
'suCh'contract( ~ ) e~;en'ff g ~eferefice
i'i' ~n Wi~ich it m~y be based and ti8 Bank isinno wa5
:::to such contract(s) is-included'
- : .-::': . :.': 7:;-: ~ ,):'--- ~FAC~RS ~D ~ERS:TRUST CO~~
~:. :.'71'rade Services
;One Fountain Plaza
Buffalo, NY 14203:1495
;: ~. ,~ :, ~IDTBANK
;::. ~ , ': Swift 33
- . .... ; -,, TelePhone:. ¢ (~16).848-3597
--: ;;;PAGE 3 OF 3' :":,, (800)724-1268
LETTER,OF CREDIT NO: 12266
CERTIFICATE TO ,BE TYPED ON LETTERHEAD
EXHIBIT A
Certificate
Manufacturers and Traders Trust Company
Attention: Trade Services - 3rd Floor
One Fountain Plaza
Buffalo, New York 14203-1495
RE: Irrevocable Standby Letter of Credit No. 12266
Ladies'and Gentlemen: .
The undersigned hereby certifies tO Manufacturers and Trader~ Tm~t i2ompany as IssUer of t.,h,e ~b0ve
· " red't"
referenced Letter of Credit (the. C a ):
:. ~ ~,~
1.'I am a duly authorizedagent of the CITY OF BOYNTON
"Beneficiary"). ' : (:':'.. -
;2. GUARDIAN STORAGE OF BOYNTON BEACH.
.:'water and ~ewer systems'rot the'project k~oW % Gdardi~,/
BEAcH/UTILITIES DEPARTMENT (the
new
· he ~e.e~cim h~%°%dtUs %~m?e as of the ,,:? "::' ~.,;. ~'aaY:0f:. -:.~ -
1t-009 (12/94)
Manufactumm and Traders Trust Company
Trade serVices
One Fountain Plaza
Buffalo, NY 14203-:1495
~:al:;I; ~dr~SS:'; MANDTBANK
Telex, Number: 420076
Angwer Back: MANDTBANK NYK
· Swift NUmber: MANTUS 33
Telephone: :' (716) 848~3597
. (800) 724-1268
AMENDMI~NT NO.
MANUFACTURERS ND TRADERS TRUST ~0~~
TRADE SERVICES - 3RD FLOOR
ONE FOUNTAIN PLAZA
BUFFALO, NEW YORK 14203-1495
01 TO IRREVOCABLE sTANDBY LETTER OF CREDIT NO:' 12266
DATE: June 12, 1998
BENEFICIARY:
CITY OF BOYNTON BEACH/UTILITIES DEPARTMENT
5469 W. BOYNTON BEACH BOULEVARD ' "
BOYNTON BEACH, FL 33437
APPLICANT: ' GUARDIAN STORAGE OF BOYNTON BEACH INC.
1200 NO. OCEAN BOULEVARD
DELRAY BEACH, FLORIDA 332[83
The above menti°ned 6redit :i's mended as fOllowS:
1. ON PAGE i 0F:~i~a~7~i~:-. "; ' : !
RE: PRoJECTi ~U~di/in Storage
~" <.i13450 S. C°ngress AvenUe
Boynton Beach, FL .33426
3213 by Caulfield & Wheeler titled Sanitary SeWer Pages 6, 7, and 8 of 8 and
Water Distributioii Plan.Pages 4 and 5 of 8 dated May 27; 1998. ;~
DELETE NO.-2 AND 3 IN THEIR ENTIRETY.
INSERT:
2. GUARDIAN STORAGE OF BOYNTON BEACH,
installation 10f neW Water and' Sanitary sewer systems:fOr the project ~kn0Wn as Guardian
. Storage on the plans of Job'No., 3213 by Caulfield & Wheeler titl6d Sanitary' Sewer Pages 6,7,
and8 of 8 and Water'DiStributi°n P1an pages 4 iiirtd5.of 8 dated May27, :1998 in accordance
with agreed upon terms.
ITq309 02/94)
'TeadeServices
. · :unu"- Fountain PIaza
Buffalo, NY 14203.1495
_ AMENDMENT TO.LETTER OF CREDIT:No; t22(~6'i'- :~-
.... :- . .... '"';'~... ;,,, Z7
3. The mount drawn represents the total/cost to comple{e:the e(~:Si~6:~vater-and the
Guardian storage Project. i" :!,:-7~: ' ' ,~: .,!? '7~.
'All other terms and rem~ UfiShange& "¢~ ""' ""
- ",:¢: ' }~" L. - ' -
This amendment is to be considered'as' Part of the above firedit and must be attached thereto.'
MANUFACTURERS AND TRADERS TRUST:COMPANY
' ' ' ' istant Manager'}
. . : Ass : :
Trade
:'i.
IT-009 (12/94)