R01-314
II
II.
RESOLUTION NO. R01- 314
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A LETTER OF CREDIT DATED
NOVEMBER 6, 2001 AMENDMENT THERETO DATED
SEPTEMBER 12, 2001, SUBMITTED FOR THE PROJECT
KNOWN AS TUSCANY BAY, BY SUNTRUST BANK
(LETTER OF CRflDIT NO. ATL1P601403) IN THE
AMOUNT OF $1,291,910.00; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton Beach, upon
ecommendation of staff, does hereby accept the above referenced Letter of Credit in the
amount of $1,291,910.00 as surety for water and sewer systems to serve project known as
uscany Bay.
F--'''"'''
NOW, THEREFORE, BE IT RESOL YED BY THE CITY COMMISSION OF
HE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1.
The City Commission of the City of Boynton Beach, Florida hereby
approves and accepts .a Letter of Credit for the project known as Tuscany Bay, and issued by,
SunTrustBank (Letter of Credit No. ATL1P601403) in the amount of$I,291,910.00 as surety
for water and sewer systems to serve the above project
Section 2.
That this Resolution shall become effective immediately upon passage.
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PASSED AND ADOPTED this ~ day of December, 2001
Ii(Corporate Seal)
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\'s:ca\Reso\VC - Tus=y Bay
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Commissioner
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SUNTRUST
IRRE""\orOCAELE LETTER OFCRED IT ATL/F 6 0 140 3FAGE
LETTER OF CREDI~ NUMBER; ATL/FS01403
ISSUANCE DATE; NOVEMBER 07~ 2001
EFFECTIVE~ NOVEMBER 5p ZOOl
AFFLICANT~
CENTEX' HOilIES
2728 N. HAR~-JODD
DALLAS. IX 75201
BENEFICIARY:
CITY OF BOYNTON BEACH
100 E. BOYNTON BEACH BLVD.
EOYNTON BEACHp FL 33435
-....l;,
FOR usn IpZ91p910.0D
(ONE MILLION 'f?w8 HUNDRED NINETY ONE, lROUSAND NINE. HUNDRED TEN
OO/lOQ U,S. DOLLARS)
DATE OF EX~IRATION:
NOVEMBER OS~ 2002
PLACE OF EXPIRATION: SEE BELOW
WE HEREBY ISSUE IN YOUR FAVOR QUR IRREVOCABLE CREDIT NO.
ATL/P&01403 IN YOUR FAVOR FOR ACCOUNT OF CENTEX HOMES FOR AMOUNT
OR Af-:iOUNT S NOT TO, EXCEED IN THE AGGREGATE usn 1 P.2 91,:.91 Q-. ao 01~E
MILLION TWO HUNDRED NINETY ONE THOUSAND NINE HUNDRED TEN AND
00/100 U.S. DOLLARS) AYAILABLE BY YOUR DRAFTS" AT SIGHT ON
SUNTRU5T BANK AND:- EXPI,RINGkT OUR OFFICE SHOWN BE.LDW aN NOVEMBER
S.> 2002,
FUNDS UNDER TH'15 CREDIT ARE AVAILABLE AGAINST YDUR DR.A.FT(S)
MENTIONING OUR CREDIT NUMBER.
IT IT A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE
DEEMED AUTOMATICALLY EXTENDED FOR 1& MONTHS FROM THE PRESENT
OR ANY FUTURE -EXPIRAT,ION DAt~HEREOF, UNLEsS~rODAYS FRIOR TO
ANY SUCH DATE WE SHALL NOTIFY YOU BY REGISTERED MAIL OR OVERNIGHT
COURIER THAT wE E1ECTNOT TO CONSID~R THIS LETTER OF CREDIT
EENEWEDFGR ANY SUCH ADDITIONAL PERrOD.
THIS LETTER OF CREDIT IS ISSUED PURSUANT TO THO'SE CERTA.lll
APPROVED PLANS FGR CONSTRUCTION OFREQU.IRED wATER AND SEviER
I t-i?RQVEi~EN1' s; PER~l I T NOS. 139f17,..-/J.,J'=/ll (HEREAFTER HAEFRtiVED PER~i I.rf~ :;
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SUNThUST
IRREVOCAELE LETTERGF> CRED.!T ATt.,/P'S01403PAGR z.
BET\.lEEN CENT'EX-:~HQMES AS DEVELOF'ER, AND THE CITY OF BG:tNION
BEACH" FLORIIJAf, 'I:Q'DE:,VELQP,.~SjJBDIYI.SIQN TO B:EKN,O~1,tlAS
TUSCANY BAY .( H-EREAFTER,H SUBDIVI,S IDN,H): AND TOCOi'{STRUCT AND
INSTALL THE REQUIRED IM?ROV~MENTS PURSUANT TO THE TERMS OF
THE PERM IT. :ANIL APPR(l>:,zKD ,P L~~rS._ ,THIS.;'L.:E'P'fER QF,:;CR:~:'D,rr, HOWEVER l'
IS INDEPENDE:NT OF SAID .11~PPRDVEn FE-Rr-lIT AND REFERENCE 'HERiIN IS
FDR INFO~i-tATIONONLY.,
THIS INITIAL A~buN~
. ~
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FUNDS A;vAILABLE UNDER r"HIs CREDIT AS
STATED AEG':lE.-J-tAY' "BE ,Rll,DUCElJ".::', P't,<.'IritE C;TTY',_,OF 'Ft9;:;N,:;,O.}1'::E;JE_~CH
UTILITIES DIRECTQR"~ AS\ AUTRORIZED. A~G'E'f.rT:QF "TH~.:cln:!;l<~tF
EOYNTQN.HE.~CH~" IN: ACCORDANCE WIT,tl. THE REQUIR~MENTS"OF THE
SJ] BD I, V I B I 8 ~t A~rD ',' R~&tL~,R}~~ D I K'P,~ q~itJ~;EJ'~:!\S,:"JJ:EG liL pt;T,,~\01f';S(::fW~,': ft$ry::g B Y
''''~''l? -",,,,' "He'" nw"",i";'"'0" C""""~O'" ~",)ri.F'''''TT'I.';'''''.",4..,;'~;, ,;",
.'"1..:.iX.......... .l....-::.... ,"'....,. n .ri..........,u"""......!......1.'> .>J.\..t\.L..... 1.."1:. ..i 1::1.::::.. or,. ..1::=...... y.J::. .u1'l_-".,.1...Io> w.....
HAVE FURN:LB,HED,.,~:~lRITTEN Ar{,ENDt1E4:i,T ...TD .Ti{,l S
. "U~" 'U~"""'~,."""" "..' ~,;'''~-"''''""''',;'',iI'''' ",,,,.,;~-
~.: 'i..dt ."'\!'1~.l:~l.J~~~;C....'1 ;'1;":'"", ....,.::qt.L .. tt-'f..1<~~-ry~~i .....Ii,~. ,:~'.:,-.L;....::,'~: ~,,:t:;b::
AS THE FERMtf NU~iBER AND SUBDIVISION NAME~
ANIlTHE N,EW
LETTER,.".,.coiF 'CREDIT.
O}}\ :;o!:::~TIi'T";:i~~ S-c,-,WE L L
~i sif'otl~' ~EREIN
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FUNDS UN-D1i:R THIS,. LETTER Of__r:REDI,T""ARE,AVAILA_El~E T"q,THE
cInHEREti~U'lE~i N~'j!j E~>Cl!iEl}IN4, tit- i i!!~~,R:E:G,~'Fl1:. Tffi,j(h'l'Q;uii,!,}~f-, '!ill 11\
CREDIT (l\:.s""SiI'!'D J!iiroUNl' MAY" Be-1\:l'1.eN'l:fE15lt1!:oM TI'ME 1'0+ nii!i;, '
FURSUANT'];,{) THE. ABOVE FARA(;.RAFH \+~GAINST iH>;,. CITY'S- DEMAND,
BY 11s Ati!~FiIZ!:rI~:4!}j;;RT NA~l?_;~~~V~;F0f PAtMJHtt',n:H:EoS', Z
f/iENTIONING OIJR CREDIT ND4 ATLJP6014o.3 S
:\.,_'::- ':', "~;:":""';,:,,'" : ,"<"_,,">:, .i;-:,_',:',,-,'","'_ ..
WE ENGAGE i~:AlJ: DRil,+r';]J~i>1mtlNnER A~n.fil::cli~l1'mi4iirf
WITH THE TERMS OF THIS CRED'IT WILL BE DULY HONO'RE ON
PRESElnATIG:W ~F~ It;tlj:S,Ji;N:1l'ED ~~~~~1Rll&1',;.~~NK,i;"rl.ll~ €l:J;"1'.!,GE ','
AVE1iUE, AT'fN,INl'E!!NATIONAl:"'''jHV'l' g,f{JN,. '5'ANDBcY' L R!rOF "CRED'!'!'''''''
ATl..-MC37Q!i., ORLA.NDO, FLORIDA 3Z!\,Ql ON OR BEFORE 1'lL,E. EXPIRY DATE,
THEORIGDfA%L LE'fT~~ ZQf;'" CREIH.TMuirtic~CGQ~PANy.l,HiiI:\,$t:i!Mf*:t:rii '
REQUIRED UNDER THISCREDIr.' ..'" -..." "" "
THE tETTER bi\'C.Rifjl.i~:~i~ EN~hidtA~~l!i ;IR' I coJli:n o~ tQR?E:!~T
,JURISDICTION IN PALM BEACH COUNTY, FLORIDA.
'';~,~~,,} Tic:
THIS LETTER OFC,REDIT IS SUBJECT TO THE UlHFilRM CUsTOMS
A,ND PRAciIC;~Ff~~t1e~\iMrEl1TA1M' G~~~I'US .,an l!E~Ig;I;:(j:iq:,~
I!'!TE1HlATIuNAL CHAMBER OF cb'MMERct PUBLlCATIdN 500 ANIJ
TO THE LAwS OF T!!E.STATE OF Ifl,.pRiIl.A.. HLrHE {E'J{ENT' Of." , ""
CONnIer .1:'&E. ti>lW!i eli'. 'THE St:1jtti'0~ ]fltmnnA sdrtJ.,:li;Q.Nhtu..'~' r
?LEASE AD'UFi~ss' AL he !::{JRRE SPGifDE~~t R;;;GjA!HH NGI1i:la,LJ':lJj:~;:~F
CREDIT TO T'HE ATTEIHION OF"QUR''lo!'TTER' OF CREiO''!'!'' ll'N'I1';'.TR'A'DE
SERVICE GJiOUF l' r.[EJITIONING DJ,JR REE.ERENCE NUME&::R A.S ".IT APPEARS
,Pi B O.v"Br. .. ," ';':, T0 ' . . ','
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C'ON1I.NUED D!~" 'f1Ek'ti. FA,t~:Ei
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S~ll~!~ OF
IRREVQCAEL~ L~l~~n
CREDIT
?,TL/P60:l4Q3P,z".GE
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SINCERELY,
SUNTRUST BANK
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HI,'""';,: .o.::L E. SULLiVAN
GROu~ v~~~ .rt~~L~~ft~
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