R98-050RESOLUTION NO. R98-
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF BOYNTON BEACH, FLORIDA, APPROVING AND
ACCEPTING A LETTER OF CREDIT SUBMITTED BY P.M.
CONCEPTS III, INC., (HAMPTON LAKES), AND ISSUED BY
SUNTRUST BANK, (NO. FO70437); 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 $450,200.00 as
surety for the completion of water distribution and sewage collection systems, which will be owned
and operated by the City, for the above referenced project;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF TIlE
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 P.M. Concepts III, Inc., (Hampton Lakes) and
issued by SunTrust Bank in the amount of $450,200.00.
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this /'~' day of March, 1998.
CITY OF BOYNTON BEACH, FLORIDA
' ViceMayor~ / -- ~
Commissioner
/Commis~ner
/Cor~mi~sioner
ATTEST:
Ci(~ Clerk
(Cc
~0' ......
- C .9
SU FRUST
ADVISING BANK:
LETTER OF CREDIT NI3MBER: F070437
ISSUANCE DATE: FEBRUARY 11, 1998
APPLICANT:
P.M. CONCEPTS III, INC.
4524 GUN CLUB ROAD
SUITE 209
WEST PALM BEACH,FL 33415
BENEFICIARY:
CITY OF BOYNTON BEACH/UTILITIES
100 E. BOYNTON BEACH BLVD.
BOYNTON BEACH, FLORIDA 33437
FOR USD 450,200.00
(FOUR HUNDRED FIFTY THOUSAND TWO HUNDRED 00/100 U.S. DOLLARS)
DATE OF EXPIRATION: FEBRUARY 16, 1999
PLACE OF EXPIRATION: OUR COUNTERS
WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NO.
F070437 DATED FEBRUARY 11, 1998 IN YOUR FAVOR FOR THE ACCOUNT
OF P.M. CONCEPTS III, INC., 4524 GUN CLUB ROAD, SUITE 209,
WEST PALM BEACH, FLORIDA 33415 PAYABLE BY DRAFTS DRAWN ON
SUNTRUST BANK, SOUTH FLORIDA, N.A. AT SIGHT WHICH PURPORTEDLY
BEARS THE SIGNATURE OF UTILITIES DIRECTOR OF BOYNTON BEACH AND
ACCOMPANIED BY THE FOLLOWING DOCUMENT:
AN AFFIDAVIT PURPORTEDLY SIGNED BY AN AUTHORIZED AGENT OF
THE CITY OF BOYNTON BEACH STATING: "THE AMOUNT DRAWN
REPRESENTS THE TOTAL COST TO COMPLETE THE ON-SITE SANITARY
SEWER AND WATER DISTRIBUTION SYSTEMS SHOWN ON SHEETS 1
THROUGH 8 OF THE PLANS BY CARNAHAN-PROCTORANDASSOCIATES,
INC. TITLED WATER DISTRIBUTION AND SEWAGE COLLECTION
SYSTEMS FOR HAMPTON LAKES, PROJECT NO. 961219 DATED
AUGUST 7, 1997."
DRAFTS DRAWN UNDER THIS CREDIT MUST INDICATE, "DRAWN UNDER
SUNTRUST BANK, SOUTH FLORIDA, N.A. LETTER OF CREDIT NO. F070437
DATED FEBRUARY 11, 1998."
AT THE TIME OF FINAL DRAWING, THE ORIGINAL LETTER OF CREDIT
MUST BE RETURNED ALONG WITH THE DOCUMENTS AS STATED HEREIN.
PARTIAL DRAWS ARE PERMITTED.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL
BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE
YEAR FROM THE EXPIRATION DATE HEREOF, OR ANY FUTURE EXPIRATION
DATE, ~UNLESS NINETY (90) DAYS PRIOR TO ANY EXPIRATION DATE WE
SEND NOTICE TO YOU BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED,
OR COURIERAT THE ABOVE ADDRESS THAT WE ELECT NOT TO CONSIDER
THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD.
NOTICE TO THE CITY OF BOYNTON BEACH BY SUNTRUST BANK, SOUTH
FLORIDA, N.A. THAT THE LETTER OF CREDIT WILL EXPIRE PRIOR TO
· .* * * * *CONT. INUED· ON NEXT PAGE* * * * *
All corresponaence aha communication snoulcl be aire~[ed to our agent SunTrust International Services, Inc., 25 Park Place,
Atlanta, Georgia 30303 Telex: 542210
910225 U~)
LETTER OF CREDIT NUMBER F070437 PAGE NO. 1
SuNT us
THE PERFORMANCE OF THE OBLIGATION GUARANTEED HEREIN, SHALL BE
DEEMED A DEFAULT, ENTITLING THE CITY OF BOYNTON BEACH TO DRAW ON
THE LETTER OF CREDIT.
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFTS DRAWN IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED
UPON PRESENTATION AND DELIVERY OF THE DOCUMENTS SPECIFIED
ABOVE TO SUNTRUST BANK, SOUTH FLORIDA, N.A., FT. LAUDERDALE,
FLORIDA, C/O SUNTRUST INTERNATIONAL SERVICES, INC., 25 PARK
PLACE, 16TH FLOOR, LETTER OF CREDIT DEPT., MC-3706, ATLANTA,
GEORGIA 30303 ON OR BEFORE FEBRUARY 16, 1999, OR ANY EXTENDED
DATE.
EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS CREDIT IS
SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 500. AS TO MATTERS NOT COVERED BY UCP, THIS
CREDIT SHALL BE SUBJECT TO AND GOVERNED BY THE LAWS OF THE
STATE OF FLORIDA. THIS LETTER OF CREDIT IS ENFORCEABLE IN A
COURT OF COMPETENT JURISDICTION IN PALM BEACH COUNTY, FLORIDA.
SINCERELY,
SUNTRUST BANK. SOUTH FLORIDA,
. . /FORT LAUDERDALE ,
MICHAEL E. SULLIVAN PAGE 2
GROUP VICE PRESIDENT
NATIONAL ASSOCIATION
FLORIDA
Att correspondence and communication should be directed to our agent SunTrust International Services, Inc., 25 Park Place,
Atlanta, Georgia 30303 Telex: 542210
910225 (7/963