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R01-195RESOLUTION NO. R 01- Iq ~ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH. FLORIDA, AUTHORIZING A FULL RELEASE OF THE SURETY (LETTER OF CREDIT 1999-115) FOR THE PROJECT KNOWN AS CORAL LAKES XII IN THE AMOUNT OF $461,005; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the developer posted surety in the mount of $461,005 to guarantee the completion of the water and sewer systems serving the project known as Coral Lakes XII; and WItERESAS, both. systems have been completed, dedicated to the City, and have passed all inspections through the warranty period; NOW. ~ttEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF CITY OF BOYNTON BEACH, FLORIDA, THAT: Section 1. The City Commission of the City of Boymon Beach, Florida, based upon the recommendation of staff, hereby ~proves a full release of the surety for the project mown as Coral Lakes XII, in the amoUnt of $461,005. Section 2. That this Resolution shall become effective immediately upon passage. PASSED AND ADOPTED this ~-' day of June, 2001 ATTEST: Commissioner Commissioner March 23 1999 OHIO SAVINGS BAtqK City of Boynton Beach Utilities ~ 00 East B0ynton Beach Boulevard Boynton Beach Florida 33437 Attention: Mr. Pete Mazzella Re: irrevocable Letter of Credit No. 1999-115 Dear Sirs: You are hereb~v irrevocably au~i~or~zeo to draw on Ohio Savings Bank pursuant to.tiqis Irrevocable Letter of Credit No. 1999-115 for the account of Oriole Homes CorD., 1690 South Conc~ tess Avenue, Suite 200, De'lray Beach, Florida 33445, by your draft at sight, upon the terms and conditions hereinafter set forth, an aggregate amount not exceeding Four Hundred Sixty One Thousand Five and no/lO0 Dollars {8461,005.00) (U.S,) (the "Stated Amount"), effective immediately and expiring at the close of business on March 31, 2000 (the "Expiration Date"). Funds under this Letter of Credit are available to you against your executed sight draft(s) drawn on uson or before March 31, 2000,. stating on,its face: "Drawn under.Ohio Savings Bank Irrevocable; Letter of Credit.No. 1999-115," and accompanied by this Letter of Credit and a signed and dated a[fidavit purportedly executed by the Utilities Director of the City qf Boynton Beach indicat ng that the amount drawn represents the total cost to complete the on-site sanitary sewer and water lines shown on Sheets 1 through 10 of 10 of the plans by Lawson, Noble and Webb titled "Water & Sewer Plans", Corat Lakes Xfl dated September 8, 1998. We shall be entitled to rely upon the representations of any person purporting to be the Utilities Director or other duly elected or ~ppointed official of the'addressee i~ deter~nining, the authority of ;~y person claimino to have rights hereunder, and we shall not be responsible to make further inquiry or investigation. ft is a condition of this Letter of Credit that it shall ue deemed automaticatl¥ extended without amendment for one year from the present or any future expiration date hereof unless at least ninety (90) days ~rior to such date we shall notify you ~n writing by certified mail, return receipt required, or hand delivery' at the above address that we will not renew this Letter of Credit for such additional period. Presentation of such draft, this Letter of Credit and said written statement shall be made at our Corporate Banking Department, Ohio Sa~/ings Plaza, 1801 East Ninth Street, Suite 200, Cleveland Ohio 44114, All drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored by us within three {3) business days after delivery of the required documentation as specified if presented atsuch office on or before the expiration or termination hereof. Payment wilt be made by check issued in the name of the addressee and will be mailed to the addressee's address listed above. If a demand for payment made by you hereunder does not, in any instance. conform to the terms and conditions of this Letter of Credit, we shall give you prompt notice that the purported negotiation was not effected in accordance with the terms and conditions of this Letter 9f Credit, stating the reasons therefor and that we are holding any documents at your disposal or are returning the same to you, as we may elect. As used herein "business day" shall mean any day other tha~ a Saturday or a Sunday or any day on which Ohio Savings Bank is reauired or authorized by law {including execuuve orders) to close. O1~1( SAVINGS PLAZA ' 1801 EAST NINTH STREET - SUITE 200 ' CLEVELAND ' OHIO - 4-4114 - [216) 622-4100 City of Bovnton Beach/U(d~t~es Page Two March'23. 1999 Multiple drawings may ce made hereunder, provided that ~a~ drawings hereunder shall not, the aggregate, exceed the Stated Amount and (b) each drawing on or bv us shall pro tanto reduce the amount available under this Letter of Credit. upon payment to the addressee or to the addressee's account of the amount specified in a sight draft drawn hereunder, we shall be discharged on our obligation under this Letter of Credit with respect to such sight draft, and we shall not thereafter be obligated to make any further pat ments under this Letter of Credit in res 3ect of such sight draft to vou or any other person. Upon the earlier of (al the making of the find drawing avadable to be made hereunoer, or lb) the Expiration Date as may be extended, this Letter of Credit shall automatically terminate. Communications w~th respect to this Letter of Credit shall be in writing and shall be addressed to Coroorate Banking, Ohio Savings Bank. Ohio Savings Plaza. 1801 East Ninth Street, Suite 200 Cleveland. Ohio 44114. Attention; Ralph Kirk specifically referring thereon to Ohio Savings Bank irrevocable Letter of Cred!t No. 1999-I 15. This Credit is not transferable or negotiable and may only be arawn against by the named addressee. Any attempted or purported assignment, transfer, conveyance or negotiation of this Letter of Credit shall be void. This Letter of Credit shall ae governed by the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (the "Uniform Customs") -in effect on the date of "issuance of this Letter of Credit. This Letter of Credit shall be deemed to be made under the law~ of '~he State of Florida, including Article 5 of'the Uniform Commercial Code as in effect in the State of Florida, and shall, as to matters not.governed-by the Uniform Custop~s, be governed by and construed in ;accordance with the taws of the State of Florida. This Letter of Credit is enforceable in a court of competent jurisdiction in Palm Beach County, Florida. This Letter of Credit sets forth in full our undertaking, and such undertaking shall not in any way be modified, amended, amplified or limited by reference to' any document, instrument or agreement, except to the extent explicitly referred to herein; and any such reference shall not be deemed to incorporate herein by reference any dpcument, instrument or agreement except to such extent. 0HIO SAVINGS BANK Its: ~. ~', ~0.