R97-043RESOLUTION NO. R97-/~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
ACCEPTANCE OF THE APPROVED LETTER OF CREDIT
UNB-5372 IN THE AMOUNT OF $40,522..90 ISSUED BY
UNITED NATIONAL BANK IN REGARD TO LANDSCAPING
IMPROVEMENTS IN THE SW 8TH STREET RIGHT OF
WAY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, a Letter of Credit NO. UNB-5372 in the amount of
$40,522.90 has been issued by United National Bank as surety for
the completion of the SW 8th Street landscaping improvements.
WHEREAS, the City Commission of the City of Boynton Beach,
Florida, upon recommendation of staff, hereby authorizes the
acceptance of the approved Letter of Credit No. UNB-5372.
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 authorizes acceptance of the approved Letter of
Credit No. UNB-5372 in the amount of $40,522.90 issued by United
National Bank as surety that the SW 8th Street landscaping
improvements will be completed as stipulated in the Development
Order of September 4, 1996.
Section 2. That this Resolution shall become effective
immediately upon passage.
PASSED AND ADOPTED this /~ day of ~//' , 1997.
ATTEST:
City Clerk
(Corporate Seal)
Acceptance of Surety
SW 8TH STREET LANDSCAPING IMPROVEMENTS
CITY OF BOYN~ON B~ FLORIDA
Vi~M~yor /% ~
Commissioner
Commissioner
DATE: FEBRUARY 14, 1997
ORIGINAL
United National Bank
1399 S.W. FIRST AVENUE, MIAMI, FLORIDA 33130
FAX: (305) 374-5571 TEL: (305) 539-8812
CITY OF BOYNTON BEACH
120 NORTH SECOND AVENUE,
BOYNTON BEACH, FL 33435
IRREVOCABLE STAND-BY LETFER OF CREDIT NO. UNB-5372
GENTLEMEN:
BY ORDER OF HOWARD SCHARLIN, TRUSTEE, WE HEREBY OPEN OUR CLEAN IRREVOCABLE STANDBY LETTER
OF CREDIT NO. UNB-5372 IN YOUR FAVOR FOR THE AMOUNT OF FORTY THOUSAND, FIVE HUNDRED TWENTY
TWO US DOLLARS AND 901100 [USS 40,522.90) EFFECTIVE IMMEDIATELY, AND EXPIRING AT OUR OFFICE AT THE
CLOSE OF BUSINESS ON AUGUST 7, 1997.
WE ARE INFORMED THAT HOWARD SCHARLIN, TRUSTEE HAS AGREED TO THE REQUIREMENTS OF THE CITY OF
BOYNTON BEACH FOR LANDSCAPING ALONG THE S.W. 8 STREET RIGHT OF WAY RUNNING ALONG WOOLBRIGHT
PLACE P.U.D., RECORDED IN PLAT BOOK 67, PAGE 47 AND WOOLBRIGHT PLACE P.C.D. SHOPPES OF
WOOLBRIGHT, RECORDED IN PLAT BOOK 65, PAGE 137, BOTH OF THE PUBLIC RECORDS OF PALM BEACH
COUNTY, FLORIDA.
WE FURTHER ARE INFORMED THAT THE AFOREMENTIONED IMPROVEMENTS ARE REQUIRED BY THE CITY OF
BOYNTON BEACH IN CONJUNCTION WITH THE APPROVAL OF A SUBDIVISION PLAT KNOWN AS CRYSTAL KEY,
AND THAT THE CITY COMMISSION HAS APPROVED AN ESTIMATED COST SCHEDULE UNDER THE CONTRACT IN
THE AMOUNT OF FORTY THOUSAND FIVE HUNDRED TWENTY TWO US DOLLARS AND 90/100 (USS 40,522.90).
FUNDS UNDER THIS LETTER OF CREDIT ARE AVAILABLE TO YOU HEREUNDER NOT EXCEEDING IN THE
AGGREGATE THE AMOUNT OF THIS LETTER OF CREDIT NO. UNB-5372 ACCOMPANIED BY A STATEMENT,
PURPORTING TO BE SIGNED BY THE CITY ENGINEER OF BOYNTON BEACH, FLORIDA TO THE EFFECT THAT (A) IT
IS A CERTIFICATION BY SAID ENGINEER RELATING TO THE IMPROVEMENTS MENTIONED ABOVE; (B) HOWARD
SCHARLIN, TRUSTEE HAS DEFAULTED THE AGREEMENT FOR LANDSCAPING; (C) THE CITY OF BOYNTON
BEACH'S OBLIGATION SHALL INCLUDE BUT NOT BE LIMITED TO THE COST OF LANDSCAPING, LEGAL AND
CONTINGENT COSTS AND EXPENSES, TOGETHER WITH ANY DAMAGES, EITHER DIRECT OR CONSEQUENTIAL,
WHICH THE CITY OF BOYNTON BEACH MAY SUSTAIN ON ACCOUNT OF FAILURE OF HOWARD SCHARLIN,
TRUSTEE WILL PROMPTLY REFUND TO US ANY PORTION OF SUCH FUNDS DRAWN AND NOT EXPENDED IN
COMPLETION OF WORK CALLED FOR.
THIS LETTER OF CREDIT NO. UNB-5372 SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING, AND SUCH
UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, OR AMPLIFIED BY REFERENCE TO ANY
DOCUMENT, INSTRUMENT OR CONTRACT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT UNB-
5372 IS REFERRED TO OR TO WHICH THIS LETTER OF CREDIT NO. UNB-5372 RELATES, AND ANY SUCH
REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT, INSTRUMENT
OR CONTRACT.
IF WE RECEIVE YOUR SIGHT DRAFT AND STATEMENT AS MENTIONED ABOVE HERE AT 1399 S.W. FIRST AVE.,
M[~/II, FLORIDA 33130, ON OR PRIOR TO THE EXPIRATION DATE, WE WILL PROMPTLY HONOR THE SAME.
KINDLY ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT NO. UNB-5372 TO THE
ATTENTION OF INTERNATIONAL DEPARTMENT MENTIONING SPECIFICALLY OUR LETTER OF CREDIT NO. UNB-
5372.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS ( 1993
REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500.
Ass,s ANT V,CE PRES,DENT AND GER
,NTERNAT, BANKING D,V,S,ON
OPERATIONS OFFICER
INTERNATIONAL BANKING DIVISION
United National Bank
Comrnm~lai Loan Division
.February 26, 1997
City Attorney's Office
City of Boynton Beach
100 East Boynton Beach Boulevard
Boynton Beach, Florida 33435
Attention: Michael Pawelc~yk,
Assistant City Attorney
Re: $40,522.90 letter of credit #UNB5372 issued in favor of
OIT¥ OF BOYNTON BE~CH for the account of HOWARD R. SCHARLIN,
TRUSTEE (the "Credit")
Gentlemen:
offices at 1399 S. W.
This will confirm that, in the event there is need to serve process
on United National Bank with respect to the Credit, service may be
effected by service upon any vice-president of the bank at its
Firs= Avenue, Miami, Florida 33130.
I/T 'd -
1~9 8outhwest Rr~l A~enue, MlemL, Florida ~31~t0-4388 ~a05t358.43~4 · Fax ~NS/$Sl.$820