R01-015RESOLUTION NO. ROI-/~"'
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
AND ACCEPTING A LETTER OF CREDIT SUBMITTED
FOR THE PROJECT KNOWN AS ECKERD'S AT US
HIGHWAY 1, AND ISSUED BY CITY NATIONAL BANK
(NO. 10847) IN THE AMOUNT OF $38,497.80; AND
PROVIDING AN EFFECTIVE DATE.
WItEREAS, the City Commission of the City of Boynton Beach, upon
recommendation of staff, does hereby accept the above referenced Letter of Credit (No.
10847) from City National Bank, in the amount of $38,497.80, as surety for the construction
of the potable water and sanitary sewer systems for the project known as Eckerd's at U.S.
Highway 1.
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
approves and accepts a Letter of Credit (No. 10847) from City National Bank, in the amount
of $38,497.80, as surety for the construction of the potable water and sanitary sewer systems
for the project known as Eckerd's at U.S. Highway 1.
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this ~ day of February, 2001.
CITY OFIOYNT2~BE/~CH, FLORIDA
coC° ~mmissi°ner
Nationai Bank
O F F L O R ! D
Tell. (305) 577-7212
Fax (305) 577-7402
Irrevocable Stand-by Letter of Credit No 10847
October 17, 2000
Beneficiary:
City of Boynton Beach,
100 E Boynton Beach Blvd
Boynton Beach, FI 33425-0310
Applicant:
Boynton Federal Development, Inc
CIO Universal Land Development, lnc
2665 South Bayshore Drive Suite 908
Miami, Florida 33133
Aggregate Amount: US$38,497.80 (Thirty Eight Thousand Four Hundred
Ninety Seven and 80/100 US Dollars)
Expiry: October 4, 2001 at our counters
We hereby establish our Irrevocable Letter of Credit in the Beneficiary's favor for
the account of Boynton/Federal Development, lnc, in the aggregate amount of
Thirty Eight Thousand Four Hundred Ninety Seven and 80/100 Dollars
($38,497.80) available by the Beneficiary's draft drawn on us at sight. Drafts
submitted must be accompanied by the following:
Beneficiary's dated and written statement purportedly signed by the City Engineer
of the City of Boynton Beach stating" Payment(s) to the Bond Escrow Fund
account is/are owe and payable to the City of Boynton Biaach to guarantee
installation of improvements as required under a Site Plan approved by the
Boynton Beach City Commission resolution dated October 20, 1999".
It
specifications shall in any way affect the obligations of the undersigned.
is understood that no modifications, omissions or additions to the plans or
Continued on page 2 of 2
Partial drawings are permitted.
305-577-7333 305-577-7460 Fax
25 W. Flagler Street, Miami, Florida 33130
www. citynationaL com
CITY NATIONAL BANK OF FLORIDA
IRREVOCABLE LETTER OF CREDIT NO 10847
PAGE 2 OF 2
Drafts must be presented to the drawee on or before October 4, 2001.
It is a condition of the Letter of credit that it shall be deemed automatically
extended without amendment for an additional 12 month period from the present or
any future expiration date hereof, unless at least 60 days prior to any such date we
shall notify you by certified letter, or express courier that we elect not to renew this
Letter of Credit you may draw hereunder by presentation of your sight draft only.
The City of Boynton Beach is permitted to draw upon this Letter of Credit if the
obligor fails to furnish another Letter of Credit in compliance with State Statues 30
days in advance of the expiration date.
All drafts must be marked "Drawn under City National Bank of Florida Letter of
Credit No. 10847" and accompanied by the original Letter of Credit instrument,
We hereby engage with you that all drafts drawn and presented in compliance with
the terms of the Letter of Credit will be duly honored upon presentation to the
drawee at the address 25 West Flagler ~Street, Miami, Florida 33130
Attn.lnternational Dept. 4th Floor.
Unless otherwise expressly stated herein, this Letter of Credit is subject to the
"Uniform Customs and Practice for Documentary Credit (1993 Revision),
International Chamber of Commerce, Publication 500"and to the extent not
inconsistent therewith the laws of the state of Florida.
For City National Bank of Florida,
Authorized §igner %,
Au~zed Signer
108471c.doc pf
City National Bani[
O F ~F L O R I D A
Phone No.(305) 577-7212
Facsimile (305) 577-7460
Letter of Amendment No. 1
Letter of Credit Number: 10847
October 30,2000
Beneficiary:
City Of Boynton Beach,
100 E Boynton Beach Blvd
Boynton Beach, FI 33425-0310
Applicant:
Boynton Federal Development, Inc
C/o Universal Land Development, Inc
2665 South Bayshore Ddve Suite 908
Miami, Florida 33133
The above letter of credit is amended as follows:
· Irrevocable Letter of Credit to Read "Clean Irrevocable Letter of
Credit"
· Insert: Reference -Project Eckerd's at US Hwyl
· Beneficiary's statement to be signed by Director of Utilities instead of
the City Engineer.
· 90 days notice of nonrenewal instead of 60 days
· Insert: This Letter of Credit is enforceable in a court of competent
jurisdiction in Palm Beach, Florida
· Insert:Designated agent for the acceptance of process is City National
Bank of Florida, 25 W Flagler Street, Miami, Florida 33130.
All other terms and conditions remain unchanged.
This letter of amendment is to be considered as part of the above letter of
credit and must be attached thereto.
Except so far as otherwise expressly stated, this documentary credit is
subject to the "Uniform Customs and Practice for Documentary Credits"
(199~ternational Chamber of Commerce Publication No.500.
1pf
25 W. Flagler Street, Miami, Florida 33130
305-577-7333 305-577-7460 Fax
wwmcitynaEOnaLcom