R94-011RESOLUTION NO. R94-//
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING ACCEPTANCE OF THE LETTER OF
CREDIT NO. S515615, IN THE AMOUNT OF
$333,000.00, ISSUED BY FIRST UNION
NATIONAL BANK OF FLORIDA, IN REGARD TO
FOUR WAVES AT PRINCETON PLACE, LIMITED;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, a Letter of Credit, No. S515615 in the amount of
$333,000.00 has been issued by First Union National Bank of Florida
as surety for the installation of the required water and sewer
improvements for the final phase of the Windward P.U.D.
subdivision, known as Princeton Place at Gables End, a copy of
which Letter of Credit is attached hereto as Exhibit "A".
WHEREAS, the City Commission of the City of
Florida, upon recommendation of staff, hereby
acceptance of the Letter of Credit No. S515615.
Boynton Beach,
authorizes the
NO~, 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 Letter of
Credit No. S515615 in the amount of $333,000.00 has been issued by
First Union National Bank of Florida as surety for the installation
of the required water and sewer improvements for the final phase of
the Windward P.U.D. subdivision, copy of which is attached hereto
as Exhibit "A".
Section 2. This Resolution
immediately upon passage.
shall become effective
PASSED AND ADOPTED this /~ day of January, 1994.
ATTEST:
Cit~ C].erk~' ~~~
(Corporate Seal)
CITY OF BOYNTON BEA~CH, FLORIDA
May~[~i~ Pro~ ~
PrincetonP1.L/C
1/14/94
International Dtv,s~on
~I T!OF
RE:
FIRST UNION NATIONAL BANK OF FLORIDA
CLEAN IRREVOCABLE LETTER OF CREDIT
BOYNTON BEACH
]00 EAST BOYNTON BEACH BLVD.
BOYNTON BEACH, FLORIDA 33455-03]0
LETTER OF CREDIT NO.~ S5~15~;
OUR
FOR PRINCETON PLACE AT GABLES END.
APPLICANT:
FOUR WAVES AT PRINCETON PLACE.
A FLORIDA LIMITED PARTNERSHIP
30] RIVERSIDE DRIVE
CORAL SPRINGS, FLORIDA 33071
LIMITED
DATE: DECEMBER 20, 1993
AMOUNT USDLRS $333,000.00
EXPIRATION DATE: DECEMBER 20, 1994
WE HEREBY OPEN OUR CLEAN STANDBY IRREVOCABLE LETTER OF CREDIT
NO. S515615 ON BEHALF OF FOUR WAVES AT PRINCETON PLACE, LIMITED
IN FAVOR OF CITY OF BOYNTON BEACH FOR THE INITIAL AMOUNT OF
THREE HUNDRED THIRTY THREE THOUSAND AND 00/100. U. $. DOLLARS
(S333,000.00) EFFECTIVE AS OF THIS DATE,
WE HAVE BEEN INFORMED THAT THIS LETTER OF CREDIT IS ISSUED FOR
CONSTRUCTION OF THE REQUIRED ON-SITE IMPROVEMENTS FOR THE PLAT
KNOWN AS PRINCETON PLACE AT GABLES END (HEREAFTER CALLED "PLAT").
THE INITIAL AMOUNT OF FUNDS AVAILABLE UNDER THIS LETTER OF CREDIT
~'AND STATED ABOVE MAY BE REDUCED ONLY UPON RECEIPT OF WRITTEN
AUTHORITY OF THE BOYNTON BEACH CITY COMMISSION AND AGREEMENT
BY THE BANK, AND WILL NOT BE EFFECTIVE UNTIL WE HAVE FURNISHED
A WRITTEN AMENDMENT TO THIS LETTER OF CREDIT. SUCH AMENDMENT
SHALL REFERENCE THIS LETTER OF CREDIT AS WELL AS THE PLAT NAME.
AS SET OUT HEREIN, AND THE NEW AMOUNT.
FUNDS UNDER THIS LETTER OF CREDIT ARE AVAILABLE TO THE CITY OF
BOYNTON BEACH HEREUNDER NOT EXCEEDING IN AGGREGATE THE AMOUNT OF
THIS CREDIT (AS SAID AMOUNT MAY BE AMENDED FROM TIME TO TIME
PURSUANT TO THE ABOVE PARAGRAPH) AGAINST THE CITY'S WRITTEN
DEMAND STATING THAT: "THE UNDERSIGNED, AN AUTHORIZED AGENT FOR
THE CITY OF BOYNTON BEACH, CERTIFIES THAT FOUR WAVES AT
PRINCETON PLACE, LIMITED, HAS NOT COMPLIED WIT}[ THE TERMS OF THE
AGREEMENT IN THE REQUIRED ON-SITE IMPROVEMENTS FOR THE PL~T
KNOWN AS "PRINCETON PLACE AT GABLES END"."
THE ORIGINAL LETTER OF CREDIT ANO AMENDMENTS THERETO MUST BE
PRESENTED FOR PROPER ENDORSEMENT AND IS ENFORCEABLE IN COURT
OF COMPETENT JURISDICTION IN PALM BEACH COUNTY AND IS TO BE
INTERPRETED BY THE LAWS OF THE STATE OF FLORIDA.
RESOLUTION NO. R94-/i
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING ACCEPTANCE OF THE LETTER OF
CREDIT NO. S515615, ~IN THE, AMOUNT OF
$333,000.00, ISSUED BY- FIRST UNION
NATIONAL BANK OF FLORIDA, IN REGARD TO
FOUR WAVES AT PRINCETON PLACE, LIMITED;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, a Let%er of Cregit,~ No. S515615 in the amount of
$333,000.00 has been issued by F~rs~ Union National Bank of Florida
as surety for the installation of the required water and seaweed.
improvements for the final phase of the Windward P.U~
subdivision, known as Princeton~ Place at Gables End, a copy
which Letter of Credit is attach~dhereto, as~ Exhib£t. ~ "A". . ·
WHEREAS, the City Commission
Florida, upon recommendation of
acceptance of the Letter
Beach,
the
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 Letter of
Credit No. S515615 in the amount of $333,000.00 has been issued by
First Union National Bank of Florida as surety for the installation
of the required water and sewer improvements for the final phase of
the Windward P.U.D. subdivision, copy'of which is attached hereto
as Exhibit "A".
Section 2. This Resolution
immediately upon passage.
shall become effective
PASSED AND ADOPTED this
day of JanUary, 1994.
CITY OF BOYNTON BEACH, FLORIDA
Mayor
Vice Mayor
Mayor Pro Tem
Commissioner
Commissioner
ATTEST:
City Clerk
(Corporate Seal)
PrincetonP1.L/C
f/14/94
National Bank
International Division
RREVOCABLE STANDBY L~TTER OF CREDIT SS15615
ECEMBER 20, 1993
PAGE NO.
WE HEREBY ENGAGE WITH YOU THAT YOUR DRAFT(S) DRAWN UNDER AND
IN STRICT COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY
HONORED UPON PREBENTATIQN, ON OR BEFORE THE EXPIRATION DATE OF
THIS LETTER OF CREDIT, ~T our COUNTERS AT 200 S. BISCAYNE BLVD.,
12TH FLOOR, MIAMI, FLORIDA 33131
KINDLY ADDRESS ALL.CORRESPONDENCE REGARDING THIS LETTER OF CRED.IT
TO THE ATTENTION OF LETTER OF CREDIT DEPARTMENT MENTIONING
SPECIFICALLY OUR LETTER OF CREDIT NUMBER S515~15.
UNLESS EXPRESSLY STATED OTHERWISE, THIS LETTER OF CREDIT IS
f~SUBSECT TO THE UNIFORM CUSTOMS AND PRACTICE (]983 REVISIONS),
INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NUMBER 400.
FIRST UNION ~NK OF FLORIDA
UT IZEfCSIGNATURE
I T UNION NATIONAL DANK OF FLORIDA
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
DECEMBER 21, 1993
First Union National Bank
CITY OF BOYNTON BEACH
100 EAST BOYNTON BEACH BLVD.
BOYNTON BEACH, f'LA. 33425-03[0
O
AMENDMENT NO: 00!
LETTER ~E ~CRED~T~ NO.
S~s6~s ~
GENTLEMEN:
WE AMEND OUR ABOVE REFEreNCED LETTER, OF CREDIT I~SUED
FAVOR ON DECEMBER~ZOi 1993 FOR THE Ad'~oUNT OF FOU~ .~A~E~AT
PRINCETON PLACE, LIMITED AS FQLLOWS:
~E HEREBY ENGAGE WITH, YOU THAT YOUR DRAFT(S) DRAwW~ ~NDER A~D IN
STRICT COMPLIANCE'W~TH THE TkRMSl OF ~HIS CREDIT IL~ BE,
HONORED UPON PRESENTATION, ON OR B~FORE THE ExPIRATiON DAT~ 0F
THIS LETTER OF CREDIT,.ATOU~ ,COUNTER~AT 303 BANYAN BOULEVARD.
WEST PALM BEACH, FLORIDA 33401 INSTEAD OF PRE~IOUS~Y
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
THIS LETTER IS TO BE ATTACHED TO AND TO BECOME AN INTEGRAL
PART OF THE ORIGINAL CREDIT INSTRUMENT.
UNLESS OTHERWISE EX~ESSLY'STA~ED HEREIN, THIS CREDIT IS
SUDffECT TO UNIFORM '~U~MSi~D ~ACT:~[~ES FOR DOCUMENTARY
CREDITS (1983 REVISION), I~T~RNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. ~00.
SINCERELY,
200 SOUTH BISCAYNE BLVD.
MIAMI, FL 33131
FLORIDA
12TH FL
First Union National Bank
International Division .~-
FIRST UNION NATIONAL BANK OF FLORIDA
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
DECEMBER 28 , 1993
CITY OF BOYNTON BEACH
100 EAST BOYNTON BEACH BLVD.
.~OYNTON BEACH, FLA. 33425-0310
A~[ENDMENT NO:
002
LETTER OF CREDIT NO~
S515615
OENTLEMEN=
WE AMEND OUR ABOVE REFERENCED LETTER OF CREDIT ISSUED ~N YOUR
FAVOR ON DECEMBER 20. 1993 FOR THE ACCOUNT OF FOUR WAVES AT
PRINCETON PLACE, LIMITED AS FOLLOWS~
~ "THE CITY SHA. LL BE NOTIFIED THIRTY (30) DAYS PRIOR TO LETTER
CREDIT EXPIRATION DATE."
*LL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED..
~'JTHIS LETTER IS TO BE ATTACHED TO AND TO BECOME AN
PART OF THE ORIGINAL CREDIT INSTRUMENT.
INTEGRAL
OTHERWISE EXPRESSLY STATED HEREIN, THIS CREDIT IS
JECT TO UNIFORM CUSTOMS AND PRACTICES FOR DOCUMENTARY
(1983 REVISION), INTERNATIONAL CHAMBER OF COMMERCE
~T~ON NO. 400.
SINCERELY,
!IRST UNION NATIONAL BANK OF FLORIDA
200 SOUTH BISCAYNE BLVD. 12TH FL
mIAMI, FL 33131
CARNAHAN PROCTO R SOCIATES, INC.
COST ESTIMATE DATE: 12-22-93 SHEET# I OF3
PRINCETON PLACE AT GABLES END FILE # 930601
DESCRIPTION UNITS UNIT TOTAL
I. WATER DISTRIBUTION:
8' DIP WATERMAI~ 5,650 LF $12.75 $72.037.50
4' DiP WATERMAIN 335 LF $10. S5 $3,534.25
8' GATE VALVE W/BOX 13 EA $500.00 $6,500.00
6' GATE VALVE W/BOX 9 EA $400.00 $3,600.00
FIRE HYDRANT W/O GATE VALVE 9 EA $950.00 $8,550.00
2' BLOW-OFF 3 EA $385.00 $1,155.00
SAMPLING POINTS 9 EA $150.00 $1,350.00
MECHANICAL JOINT FITTINGS 3.14 TON $2,900.00 $9,106.00
1" SINGLE WATER SERVICE 23 EA $300.00 $6,900.00
I 1/2' DOUBLE WATER SERVICE 87 EA $350.00 $30,450.00
2' SINGLE WATER SERVICE I EA $400.00 $400.00
8'x8' TAPPING SLEEVE & VALVE I EA $1,665.52 $1,665.52
REMOVE PLUG & CONN. TO EXIST. W I LS $500.00 $500,00
SUBTOTAL
$145,748,27
CARNAHAN PROCTOR & ASSOCIATES, INC.
COST ESTIMATE DATE: 12-22-93 SHEET # 2 OF 3
PRINCETON PLACE AT GABLES END FILE # 930601
DESCRIPTION UNITS UNIT TOTAL
II SANITARY SEWER:
8' C900 PVC PIPE (0-6')
8' C900 PVC PIPE (6-8')
8" C900 PVC PIPE (8-10')
10' C900 PVC PIPE (0-6')
10' C900 PVC PIPE I6-8')
10' C900 PVC PIPE I8-10')
10' 0900 PVC PIPE (10-12')
MANHOLES I0-6')
MANHOLES (6-8')
MANHOLES (8-10')
MANHOLES (16-12')
6' C900 PVC LAT.-SINGLE SERVICE
6' C900 PVC LAT.-DOUBLE SERVICE
PAVEMENT RESTORATION
REMOVE EXCESS MAIN & M.H.
PLUG EXIST. M.H.
SEAL OPNG. & RESET NE'W oPNG.
ON EXIST. M.H.
PRICE
2,810 LF $11.00 $30,910.00
799 LF $13.00 $10,387.00
30 LF $16.00 $480.00
435 LF $13.00 $5,655.00
729 LF $15.00 $10,935.00
599 LF $18.00 $10,782.00
210 LF $23.00 $4.$30.00
19 EA $1,000.00 $19,000.00
8 EA $1,200.00 $9,600.00
2 EA $1.400.00 $2,800.00
2 EA $1,600.00 $3,200.00
11 EA $350.00 $3,850.00
93 EA $450.00 $41,850.00
35 SY $20.00 $700.00
I LS $1,000.00 $1,000.00
I LS $500.00 $500.00
1 LS $500.00 $500.00
SUBTOTAL $156,979.00
CARNAHAN PROCTOR & ASSOCIATES, INC.
COST ESTIMATE DA~: 12-~-~ SHEET # 3 OF 3
PRINCETON P~CE AT OABLES END FILE # ~0601
SUMMARY:
I, WATER DISTRIBUTION SYSTEM .............................................................. $145.748,27
II.SEWAGE COLLECTION SYSTEM ............................................................. $156,979.00
SUBTOTAl- ......... $302,727.27
BOND AMOUNT:
SUBTOTAL: $302,727.27
10%: $30,272.73
Total ..........
H.P. TOMPt~INS JR.~P.E.
REG, NO, 4;~975