R93-17RESOLUTION NO.~93-/~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
APPROVING AND ACCEPTING A SUBSTITUTE
LETTER OF CREDIT IN THE AMOUNT OF
$20,D00.00 FROM MINCO PROPERTIES, INC.,
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on September 15, 1992, the City Co~ission of the
City of Boynton Beach, Florida approved the request for a partial
reduction in the bond on the Blum Plat, retaining the sum of
$20,000.00 to ensure the completion of concrete pedestrian
sidewalks and grassed swales within the subjec~t subdivision;
WHEREAS, upon the recommendation of staff, the City Commission
of the City of Boynton Beach, Florida, hereby approves and accepts
the substitute Letter of Credit in the amouat of $20,000.00.
NOW, T~EREFORE, BE IT RESOLVED ~Y THE CITY COMMISSION.OF THE
CITY QFBOYNToNBEAcH, FLORIDA, THAT.
Section 1. The City Commission of the City of Boynton
Beach, Florida, hereby approves and acoepts the substitute Letter
of Credit in the amount of $20,000.00 to ensure the completion of
concre, tepedestrian sidewalks and grassed swales within the subject
subdivision~{Blum Plat].
Section 2. This Resolution
immediately upon passage.
shall become effective
PASSED AND ADOPTED this ~ day of February, 1993.
CITY OF BOYNTON BEACH,
FLORIDA
ATTEST:
C'J~fy Clerk
Vice Mayor
Commissi~
(Corporate Seal)'
L/Credit.BlumPIat
1/29/93
? 'SZ lS:~J FROM BT LTR OF CRED STNBY
TO 4474B
PRGE.80~/003
IRREVOCABLE CLEAN LETTER
OF CREDIT NO.
BENEFICIARY:
CITY OF BOYNT~O~BEACH
P.O.
BOYNTON~C~CH, FL 33425-0310
DECEMBER
, 1992
ATTENTION: CITY ENGINEER
GENTLEMEN:
WE HEREBY ESTABLISH IN YOUR FAVOR OUR IRREVOCABLE LETTER OF CREDIT
NO. FOR ACCOUNT OF MINCO PROPERTIES, INC., A FLORIDA
CORPORATION, 15180 69TH DRIVE NORTH, PALM BEACH GARDENS, FLORIDA
39419 IN AN A~OUNT OF NOT TO EXCEED IN THE AGGREGATE U.S. DOLLARS
TWENTY THOUSAND AND 00/100 **U.S.$20,000.00,* AVAILABLE BY PAYMENT
UPON PRESENTATION OF YOUR DRAFT(S) DRAWN AT SIGHT ON OURSELVES WHEN
ACCOMPANIED BY:
A WRITTEN STATEMENT APPROPRIATELY COMPLETED AND SIGNED BY THE CITY
ENGINEER OF THE CITY OF BYONTON BEACH, FLORDIA READING AS FOLLOWS:
" THE UNDERSIGNED HEREBY CERTIFIES WITH RESPECT TO BANKERS TRUST
COMPANY LETTER OF CREDIT NUMBER THAT:
(A) THE UNDERSIGNED IS THE CITY ENGINEER OF THE CITY OF
BOYNTON BEACH, FLORIDA.
A DRAWING OF $20,000.00 IS BEING MADE UNDER SAID LETTER
OF CREDIT A S A RESULT OF THE FAILURE OF MINCO
PROPERTIES, INC. TO COMPLETE THE REQUIRED SUBDIVISION
CONCRETE PEDESTRIAN SIDEWALKS AND GRASSED SWALES PRIOR TO
ITS SALE OF THE LAST PLATED LOT WITHIN THE "BLUM PLAT"
SUBDIVISION LOCATED IN BOYNTON BEACH, FLORIDA.
BY:
CITY ENGINEER OF BOYTON BEACH, FLORIDA"
PARTIAL DRAWINGS ARE NOT PERMITTED.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE
AUTOP[ATICALLY EXTENDED WITHOUT AMENDMENT FOR A PERIOD OF ONE (1)
YEAR FROM THE EXPIRATION DATE HEREOF OR ANY SUCH AUTOMATICALLY
EXTENDED EXPIRATION DATE, UNLESS WE NOTIFY YOU IN WRITING BY
REGISTERED MAIL (RETURN RECEIPT) NOT LESS THAN 60 DAYS PRIOR TO ANY
SUCH EXPIRATION DATE THAT WE ELECT NOT TO EXTEND THIS LETTER OF
CREDIT FOR ANY FURTHER PERIOD.
DEC
FROM BT LTR OF
CRED STNBY
TO 447z10
UPON RECEIPT OF SUCH NOTICE BY YOU THAT THIS L~TTER OF CREDIT WILL
NOT BE EXTENDED YOU MAY DRAW HEREUNDER WITHIN THE THEN CURRENT
EXPIRATION DATE BY PRESENTATION OF YOUR DRAFT(S) DRAWN AT SIGHT ON
OURSELVES.
DRAFTS MUST BE MARKED "DRAWN UNDER BANKERS TRUST COMPANY LETTER OF
CREDIT NO. .
DRAFT(S) MUST BE PRESENTED TO BANKERS TRUST COMPANY LOCATED AT ONE
BANKERS TRUST PLAZA, NE~ YORK, NEW YORK 10006, ATTENTION:
COMMERCIAL LOAN DIVISION, STANDBY LETTER OF CREDIT UNIT/21~$, NOT
LATER THAN [ONE YEAR FROM DATEOF ISSUE] (THE "EXPIRATION DATE") OR
ANY SUCH AUTO~JaT~CALLY EXTENDED EXPIRATION DATE.
THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR
UNDERTAKING AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED,
AMENDED OR AMPLIFIEDBY REASON OF OUR REFERENCE TO ANY AGREEMENT OR
I~sTRU~ENT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS
~FERRED~TO, ANY SUCH AGREEMENT OR INSTRUMENT SHALL NOT BE DEEMED
~NCoRp6RATED HEREIN BY REFERENCE.
THIS LETTER OF CREDIT SHALL REMAIN IN FULL FORCE AND EFFECT UNTIL
RELEASED BY A RESOLUTION ADOPTED BY THE CITY COMMISSION OF CITY OF
BoYNTON BEACH OR UPON ITS EXPIRATION DATE WHICHEVER SHALL FIRST
OCCUR.
THIS LETTER OF CREDIT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA INCLUDING THE
UNIFORM COMMERCIAL CODE, ARTICLE 5, "LETTERS OF CREDIT" AS IN
EFFECT IN THE STATE OF FLORIDA. BANKERS TRUST COMPANY HEREBY
APPOINTS AND EMPOWERS BANKERS TRUST COMPANY OF FLORIDA, N.A. 505
SOUTH FLAGLER DRIVE, WEST PALM BEACH, FLORDIA 33~01 AS ITS
AUTHORIZED AGENT TO RECEIVE FOR AND ON ITS BEHALF OF ANY SERVICE OF
PROCESS WITHIN THE STATE OF FLORIDA.
WE HEREBY AGREE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LE-TTER OF CREDIT
SHALL BE DULY HONORED ON DUE PRESENTATION TO BANKERS TRUST COMPANY.
COMMUNICATIONS TO US WITH RESPECT TO THIS LETTER OF CREDIT MUST BE
IN WRITING AND SHALL BE ADDRESSED TO US AT ONE BANKERS TRUST PLAZA,
NEW YORK, NEW YORK 10006, ATTENTION: COMMERCIAL LOAN DIVISION,
STANDBY LETTER OF CREDIT UNIT/21~3 SPECIFICALLY REFERRING THEREON
TO THIS LETTER OF CREDIT BY NUMBER.
VERY TRULY YOURS,
(AUTHORIZED SIGNATURE)
ROBERT S. HILLIARD
(~lg) 250-&365
TOTAL PAGE.003 ~