R98-066RESOLUTION NO. R98-~
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF BOYNTON BEACH, FLORIDA, APPROVING AND
ACCEPTING A LETTERS OF CREDIT SUBMITTED BY HOME
DEPOT EXPO DESIGN CENTER, AND ISSUED BY FIRST
UNION BANK, (NO. S117968) IN THE AMOUNTS OF $8,415.00,
AS SURETY FOR COMPLETION OF REQUIRED
IMPROVEMENTS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton Beach, upon recommendation of
staff, does hereby accept Letter of Credit No. S117968 issued by First Union Bank in the amount of
$8,415.00 as surety for the completion of paving, grading, and drainage in accordance w/th the City's
Land Development Regulations for the project known as the Home Depot Expo Design Center
located at S.W. 8t~ Street and Purple Heart Lane in Boynton Beach, Florida; and
NOW, THEREFORE, BE IT RESOLVED BY TIlE 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 Letter of Credit No. S117968, submitted by Home Depot Expo Design Center
and issued by First Union Bank in the amount of $8,415.00.
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this ~' day of April, 1998.
~~~~ot Expo-S117968
CITY OF BOYNTON BEACH, FLORIDA
~? Mayor ,_z// ~
¢ Mayor Pro Tem
Commissioner
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
MARCH 23, 1998 :, :,i.
CITY OF BOYNTON BEACH BUILOING DEPARTMENT --.
100 EAST BOYNTON BEACH BLVO
BOYNTON BEACH, FL 33425
LETTER OF' CREDIT NO.
Sl17968
GIENTI...EMEN:
WE AMEND OUR ABOVE REFERENCED LETTER OF' CREDIT ISSUED IN YOUR
FAVOR FOR THE ACCOUNT OF HOME DEPOT U,S.A., IN[:, AS FOLLOWS:
-DOCUMEi~TARY REQUIREMENT :~:1 OELETEO IN ITS ENTIRETY AND RESTATED
AS F:OLLOWS:
1. A STATEMENT PURPORTEDLY SIGNEr) 8Y AN AUTHORIZED REPRESENTATIVE
OF. THE CITY OF 80YNTON BEACH BUILDING DEPARTMENT STATING "THE
FUf<OS DRAWN U~DER THIS LETTER OF C~EDIT 'ARe NEEDED TO PA'/ TO
EXISTING cURBING, OVERLA~ EXISTING LANE, AND FOR
RE~iTORATE
OF TRAFFIC I~LACCORDANCE wITH CITY'S LAND
MA~Ni:ENANCE
OEVELOPM[-ZNT CODE SECTION 8 IN CONNECTION"' WITH THE PROPOSED' HOME
DEPOT EXPO OESIGN CENTER AT S.W.' EIGHTH STREET AND PURPLE HEART
WA~' AND HOME DEPOT U.S,A.~ INC~ HAS FAIL. ED TO COMPLETE THE WORK
S'T'ATEB"; AND,
iLN FOR AUTO-RENEWAL PROVISION
-NUMBER OF DAYS FOR NOTIFICIAT-'I~
A~ENOED FROM 30 TO 90 AN;] THE FOL. LOWING ADDED THEREAFTER;
NO
PR
LE
TH
SI
AU
DIE
'TH
CR
E:X
TICE 'T'O THE CITY THAT I'HIS LETTER OF' CREDIT WII_L EXPIRE,
IOR 'l"O TFIE PERFOI~-MANCE OF THE OBLIGATIONS GUARANTEED BY 'fl--liS
fTER OF CREDIT, SHALL BE DEEI"iED A DEFAULT AND SHALL ENTITLE
E CITY TO COLLECT ON THIS LETTER OF C~EDIT BY PRESENTATION OF
GHT DRAFT(S> AND A STATEMENT PURPORTEDLY SIGNEO BY' AN
i'HORIZED REPRESENTATIVE DF THE CITY OF 80YNTON BEACH BUILDING
PARTMENT STATING "WE ARE IN REC. EIPT OF NON-RENEWAL NOTICE: FOR
IS I...ETTER OF CREOIT ANO FUNOS ORAWN UNDER THIS LETTER OF
EDIT ARE NEEDED TO PAY TO RESI'ORATE EXISTING CURBING, OVERLAY
ISTING LANE, ANO FOR MAINTENANCE OF TRAFFIC IN AC[;ORBANCE WITH
CITY'S LAND DEVELOPMENT CODE SECTION 8 IN CONNE[;TION WITH THE
CONTINUED ON NEXT PAGE WHICH FORMS AN INTEGRAL PART OF TFtlS
LETTER OF CREDIT
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF' CREDIT Sl17968
PAGE NO, 2
MARCH 23, 1998
PROPOSED HOME DEPOT EXPO BESIGN CENTER AT 9x~_W. EIGHTH 'STREET
AND PURPLE HEART WAY AND HOME 'DEPOT U,S.A; ~':-'.~NC HAS~, FAII-ED';~O
COMPLETE THE WORK STATED," ~' "~' '
ALL OTHER TERMS AND CUNBITIONS REMAIN UNCHANGED,
THiS LETTER IS TO BE ATTACHED TO AND TO BECOME AN INTEGRAL
PART OF' THE ORIGINAL CREDIT INSTRUMENT,
UNLESS OTHERWISE EXPRESSLY STATED HEREIN, THIS CREDIT IS SUBJECT
'¥0 THE UNIFORM CUSTOMS AND PRACTICES FOR DOCUMENTARY CREDITS
(1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION
NO, 500, - -,
FIRST UNION NATIONAl_ BANI<
,S 117968 001 -
GCA
CONSENT TO THIS AMENDMENT IS RE~UIRED FOR IT TO BECOME EFFECTIVE,
PLEASE DATE AND SIGN BELOW ANO RETURN A COPY TO US EITHER BY
MAIL AT OUR OFFICE LOCATED AT 301 SOUTH TRYON STREET~
INTERNATIONAL M7, CHARLOTTE], NC 28288-07'42 OR BY FACSIMIL-E AT
NUMBER 704-383-6984,
OATE
AUTHORIZED SIGNA'i-URE
.CITY OF BGYNTON BEACH BUILDING DEPARTMENT
IRREVOCABLE STANDBY LETTER OF CREOIT
LETTER OF' CREDIT NO ! ISSUE DATE ! EXPIRY DATE
J Sl17968 J MARCH 11, 1998 J MARCH 12,
CITY OF BOYNTON BEACH BUI[,DING DEPARTMENT
100 EAST BOYNTON BEACH 8LVD
BOYNTON BEACH, FL 33425
GENTLEMEN:
WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF' CREDIT IN YOUR
FAVOR FOR THE ACCOUNT OF HOME DEPOT U.S.A., INC. IN THE
AGGREGATE AMOUNT OF EIGHT THOUSAND FOUR HUNDRED FIFTEEN UNITED
STATES DOLLARS ($8,415.00) AVAILABLE BY PAYMENT OF YOUR DRAFT(S>
AT SIGHT DRAWN ON OURSELVES WHEN ACCOMPANIED 8Y THE FOLLOWING
DOCUMENT (S);
1.. A STATEMENT PURPORTEOLY SIGNEO BY AN AUTHORIZED REPRESENTATIVE
(IF THE CITY OF 80YNTON BEACH BUILDING DEPARTMENT STATING "THE
FUNDS DRAWN UNDER TFIIS LETTER OF CREDIT ARE NEEDED TO P~Y FOR
THE COMPLETION OF PAVING, GRADING AND DRAINAGE IN ACCORDANCE
WITH CITY'S LANO D~VELOPM~NT COOE SECTION 8 IN CONNECTION WITH ._
THE PROPOSED HOME DEPOT EXPO DESIGN CENTER AT S.W. EIGHTH STREET
ANO PURPLE HEART WAY AND HOME DEPOT U.S,A., INC. HAS FAILED TO
COMPLETE TFIE WORK STATED"; AN[),
2, THE ORIGINAL I_.ETTER OF CREDIT AND ANY SUBSEQUENT AMENDMENTS.
IT IS A CONDITION OF THIS CREDIT THAT IT SHALL BE DEEMED
AUTOMATiCAL[_Y EXTENOEO, WITFIOUT AMENDMENT, FOR AODITIONAL ONE
YEAR PERIODS UNLESS WE NOTIFY YOU IN WRITING AT LEAST 30 DAYS
BEFORE THE CURRF-'"NT OR ANY FUTURE EXPIRATION DATE TFIAT WE EL. ECT
NOT TO EXTENO THIS CREDIT FOR ANY SUCFI ADOiTIONAL ONE YEAR
P E R I 0 O.
THE LETTER OF CREDIT IS IRREVOCABLE AND SHALL REMAIN ENFORCEABLE
LINTIL RELEASED BY A RESOLUTION ADOPTED 8Y TFIE CITY COMMISSION OR
THE CURRENT OR ANY FUTURE EXPIRY DATE, WHICHEVER IS EARLIER.
THIS LETTER OF CREDIT IS ENFORCEABLE IN A COURT 0¢'" COMPETENT
JURISDICTION IN PALM BEACH COUNTY, FLORB]:A, AND IS TO BE
INTERPRETED 8l FL. OROIA LAW.
EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED HEREIN THIS CREDIT IS
SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1993 REVISION), INTERNATIONAL CI"IAMBER OF COMMERCE,
PUBLICATION NO. 500 AND IN THE EVENT OF ANY CONFLICT IS TO BE
]:NTERPRETEO BY FLORIDA LAW. I...ITIGATION HEREUNDER, IF' N[:CESSARY,
SHALL BE IN A COURT OF COMPETENT ,JURISDICTION IN PAl_i'4 8EACH
COUNTY, FLORIOA.
CONTINUED ON NEXT PAGE WHICH FORtdS AN INTEGRAL
LETTER OF CREDIT
PART OF THIS
IRREVOCABLE STANDBY LETTER OF CREDIT Sl179&8
MARCH 11 , 1998
PAGE NO, 2
WE FIEREBY AGREE WITH YOU I'HAT DRAFT(S) DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS CREDIT SHALL BE
DULY HONORED IF PRESENTED WITH DOCUMENT(S) AS SPECIFIED AND THE
ORIGINAL OF THIS CREDIT, AT OUR OFFICE LOCATED AT 301 SOUTH
TRYON STREET, INTERNATIONAL M7, CHARLOTTE, NC 28288-0742 ON OR
BEFORE THE ABOVE STATE[) EXPIRY DATE, OR ANY AUTOMATICALLY
EXTENDED BATE AS 'PROVtOEO FOR HEREIN. BRAF¥(S) BRAWN UNDER
THIS CREDIT MUST SPECIFICALLY REFERENCE OUR LETTER OF CREDIT
NUMBER,
S/I. NCERELY , /1 .
~.F. IUTHORIZED SIGNATURE / .JCA
FIRST UNION NATIONAL BANK
INFORMATION PURPOSES ONLY:
AT THE TIME OF ISSUANCE OF THE LETTER OF CREDIT, AND AT ALL TIMES
SUBSEQUENT THERETO AND SO LONG AS THE LETTER OF CREDIT IS
ENFORCEABLE, FIRST UNION NATIONAL BANK~ MUST HAVE A MINIMUM
"PEER GROUP" RATING OF FIFTY (50) IN THE LATEST SHESHUNOFF
QUARTERLY LISTING OR A MINIMUM RATING OF ONE HUNDRED TWENTY-FIVE
(125) IN THE LATEST lOC BANK FINANCIAL QUARTERLY LISTING. AT
ANY TiME OURING THE LIFE OF' TFIE LETTER OF' CREOIT, SHOULD OUR
RATING FALL BELOW BOTH OF THE MINIMUM RATINGS INOICATEO ABOVE,
OR SHOULO WE MERGE WITH ANOTHER FINANCIAl._ INSTITUTION~ OR HAVE A
CONSERVATOR OR RECEIVER APPOINTED TO SUPERVISE OR CONTROL THE
OPERATIONS OF OUR BUSINESS, OR BECOME INSOLVENT, HOME DEPOT
U.S.A., iNC~ MUST, WITHIN SIXTY (60) CALENDAR DAYS AFTER
NOTIFICATION BY THE CITY OF ANY OF THE ABOVE:
A. REPLACE THE EXISTING LETTER OF CREDIT WITH A REPt_ACEMENT
I_ETTER OF' CREDIT FROM A F'INANCIAL. INS.t~IT'UTION WITH EITFIER OF
THE MINIMUM RATINGS AS SPECIFIF-~I~-ABO~E, OR
B. AT THE CITY'S OPTION, RFZPLAC~E~'~'~'~""'~- I_ETTEE' OF CREDIT BY OTHER
SURETY ACCEPTABLE TO THE CITY IN ACCOROANCE WITH THE CITY'S
EXISTING SURETY POLICIES. '-