R98-030 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 COMMONS,
SOUTHTRUST BANK, (NO.
AMOUNT OF $23,400.00;
EFFECTIVE DATE.
AND ISSUED BY
SB 1495) IN THE
AND PROVIDING AN
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 Twenty
Three Thousand Four Hundred and 00/10.0 Dollars ($23,400.00) as
s~rety for completion of the on-site sanitary sewer for
Boynton Commons;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COM~{ISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, TF~AT:
Section 1. The City Commission of the City of Boynton
Beach, Florida hereby approves and accepts a Letter of Credit
submitted by Boynton Commons, and issued by SouthTrust Bank in
the amount of Twenty Three Thousand Four Hundred and 00/100
Dollars ($23,400.00) as surety for completion of the on-site
s~nitary sewer for Boynton Commons;
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this
/~ day of February, 1998.
CITY OF BOYNTON BEACH, FLORIDA
' ~ayor -
/Vice Mayor
Commissioner
SouthTrust Bank
of Alabama, N,A.
P. O. Box 2554
Birmingham, Alabama 35290 U.S.A.
Telephone: (205) 254-5218
Fax: (205) 254-4285 / 5656
Telex: 59837 SOUTHTRUST BHM
SWIFT: SOTR US44
Internationag Department
SouthTrust
Bank
IRREVOCABLE LETTER OF CREDIT
January 22, 1998
BENEFICIARY:
City of Boynton Beach/Utilities
100 E. Boynton Beach Blvd.
Boynton Beach, Florida 33437
Amount: $23,400.00
Date of Expiry: January 21, 1999
Place of Expiry: OUR COUNTERS
We establish our clean Irrevocable Letter of Credit Number SB 1495, dated January 22, 1998 in
your favor for the account of Boynton Beach Development Associates, 1435 Crossways Blvd., Suite
300, Chesapeake, Virginia 23320 against the terms and conditions described below accompanied by
drafts drawn on SouthTrust Bank, N.A. at sight, and which bears the signature of Utilities Director
of B oynton Beach.
Drawing(s) may be presented at our Tampa office located at One Tampa City Center, 201 North
Franklin Street, Suite 2950,' Tampa, Florida 33602, Attn: Salvatore Pontillo~ however, same
drawing(s) must be faxed to our Birmingham Intemati°nal Department at (205)254-5656.
This Letter of Credit is issued for completion of the on-site sanitary sewer shown on sheets 3 and 4
of 8 of the plans by The Wantman Group titled water & sewer plans, Boynton Commons, dated
11/07/97.
Drafts drawn under this credit must indicate: "Drawn under SouthTrust Bank~ N.A. Letter of Credit
number SB 1495, dated January 22, 1998."
DOCUMENTS REQUIRED:
1. Beneficiary's signed statement as follows:
"An affidavit signed by an authorized agent of the City Boynton Beach indicating that the amount
drawn represents the total cost to complete the on-site sanitary sewer for the project known as
Boynton Commons."
(This credit consists of two pages, the second page forms an integral part hereof.)
Page Two
Letter of Credit No.
January 22, 1998
SB 1495
At the time of the final drawing, the original letter of credit should 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 present or any future expiration date hereof unless at least ninety
(90) days prior to such date we shall notify you in writing by certified mail, return receipt required,
or hand delivery at the above address that we elect not to consider this Letter of Credit renewed for
such additional period.
Please present your documents with an additional copy for our records to our Letter of Credit
processing center at the following address: 420 North 20th Street, Birmingham, Alabama 35203,
Attn: International Department.
We hereby engage with you that drafts drawn and presented in conformity with the terms of 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 credit is subject to the Uniform Customs and
Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication
Number 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.
SouthTrust Bank, N.A.
HS/as
SouthTrust Bank, N.A.
P. 0. Box 2554
Birmingham, Alabama 35290 U.S.A.
Telephone: (205) 254-5218
Fax: (205) 254-4285/5656
Telex:' 59837 SOUTHTRUST BHM
SWIFT: SOTR US44
International Department
SouthTrust
Bank ,,
AMENDMENT TO IRREVOCABLE LETTER OF CREDIT
DATE: January 27, 1998
OUR REFERENCE NO.: SB 1495
BENEFICIARY:
City of Boynton Beach/Utilities
100 E. Boynton Beach Blvd.
Boynton Beach, Florida 33437
At the request of Boynton Beach Development Associates we hereby amend Letter of Credit
Number SB 1495 dated January 22, 1998 opened in your favor as follows:
ADD: '~Notice to the City by SouthTrust that the letter of credit will expire prior to 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."
All other terms and conditions remain unchanged.
This amen ~dment becomes an integral part of the original letter of credit and is to be attached
thereto.
SouthTrust Bank, N.A.
Authorized Signature
JAN 2 8 1998
BOYNTON BEACH
UTILITIES