HomeMy WebLinkAbout(#02) Collier Club - $45,711.05 line of creditMartha S. Campbell, PE
City of Sebastian
1225 Main St.
Sebastian, FL 32958
Dear Ms. Campbell:
j] Frst NationalCOMPANYAND TRUST
Irrevocable Letter of Credit No. 1999- 02
Date:: January 26, 1999
First National Bank and Trust Company of the Treasure Coast, at the request of The Collier Club, Inc., the
owner of the property described as Collier Club, hereby establishes an Irrevocable Letter of Credit No.
1999-02 in your favor, in the amount of $45,711.05, effective as of January 26, 1999 and expiring July 26,
1999 (6 months after date of issuance).
Our customer advises that this Letter of Credit is provided to you as required per the attached listing of
improvements to the Collier Club for final recording of the Plat.
First National Bank and Trust Company of the Treasure Coast shall make funds available under this credit
to you not exceeding the aggregate amount of this letter against your sight draft accompanied by a letter
from the City of Sebastian stating that The Collier Club, Inc. has defaulted under Construction of Required
Improvements or failed to post alternative security, and that the amount of the draft represents the amount
required by the County to fulfill the performance of attached listing for construction of required
improvements. Drafts presented for payment under the credit shall be marked, "Drawn on Irrevocable
Letter of Credit No. 1999- 02" of First National Bank and Trust Company of the Treasure Coast.
First National Bank and Trust Company of the Treasure Coast hereby agrees that your sight draft and
accompanying letter as mentioned above shall be duly honored and payment made upon presentation to our
office located at 3730 7`h Terrace, Vero Beach, Florida 32960.
Partial drawings are not permissible.
This Irrevocable Letter of Credit cannot be amended, modified, cancelled, or revoked without both prior
notice to and consent of the beneficiary.
Member :a
FDIC 3730 7th Terrace - Vero Beach, Florida 32960 - 561-562-9827 - Fax 561-562-3824
LENDER
Page 2
This credit is subject to the Uniform Customs and Practice for Documentary Credits (1983 Revisions)
International Chamber of Commerce Publication No. 400. We hereby agree with you that all drafts drawn
under and in compliance with the terms of this credit shall be duly honored upon due presentation to the
drawee.
First National Bank and Trust Company of the Treasure Coast
By: 1
Adam S. Bolinger, Vice P ent
COLLIER CLUB
.. v
ITEM ' EXHIBIT "N'- DESCRIPTION - PAGE 2!
UNIT
QUANTITY I UNIT PRICE
EXTENSION
%BALANCE
TO
COMPLETE I
COMPLETE
S3
SERVICE POINTS SINGLE
EACH
' 9 !
$315.00
$2,835.00 1
100%
$0.00
S4
SERVICE POINTS DOUBLE
EACH
i 27 1
$378.00
$10,206.00
100% 1
$0.00
S5
FORCE MAIN 3" i
L.F.
4 140 !
$7.35
$30,429.00
100%
$0.00
S6
FITTINGS 3"
BD 45
EACH
4 !
$157.50
$630.00 t
100%
$0.00
BD 90
EACH
1 1
$157.50
$157.50
l00%j
$0.00
S7
PLUG VALVE
EACH
2
$525.00
$1,050.00
100%1
$0.00
S8
AIR RELEASE VALVE
EACH
1 1
$315.00
$315.00
100% (
$0.00
S9
DIR. BORE
L.F.200
$36.75
$7,350.00
10036
$0.00
S10
LIFT STATION
L.S.
1
$65 902.20
$65 902.20
75%
$16,475.55
S11 - CONNECT TO EXIST. L.S.
L.S.
1
$2,940.00
$2.940-00
100%
$0.00
SUB -TOTAL
$181,845.30
$16,475.65
WATER DISTRIBUTIION
W1
P.V.C. 10"
L.F.
1,2251
$12.08
$14,798.00
100%
$0.00
W2
FITTINGS 10"
TEE 10" X 6" !
EACH
2
$525.00
$1,050.00 I
100%"
$0.00
GATE VALVE 10"
EACH
2 1
$1,155.00
$2,310.00
100%
$0.00
PLUG 10" W/ 2" BLOW -OFF
EACH
1 i
$420.00
$420.00
10036
$0.00
W3
P.V.C. 6"
L.F.
1 210 i
$7.88
$9,534.80 t
100%'
$0.00
W2
FITTINGS 6"
1
TEE 6"X 6"
EACH
! 1
$315.00
$315.00
100% ;
$0.00
TEE 6"X 4"
EACH
I 1
$294.00
$294.00
100
$0.00
i REDUCER 6"X 4"
EACH
1
$210.00
$210.00
100%!
$0.00
GATE VALVE 6"
EACH
1 4 !
$577.50
$2,310.00
100%'
$0.00
PLUG 6" W/ 2" BLOW -OFF
EACH
I 1
$341.25
$341.25
100%i
$0.00
W4
. P.V.C. 4"
L.F.
! 880.
$5.78
$5,086.40
100%i
$0.00
W2
FITTINGS 4"
1
GATE VALVE 4"
EACH
1
$472.50
$472.50
l00%j
$0.00
PLUG 4" W/ 2" BLOW -OFF
EACH
2 ;
$262.50
$525.00
100%!
$0.00
W5
SERVICE POINTS SINGLE
EACH
1 i
$288.75
$288.75
95% 1
$14.44
W6
SERVICE POINTS DOUBLE
EACH
30 i
$551.25
$16,537.50
95%
$826.88
W7
FIRE HYDRANTS
EACH
4
$1,785.00
$7140.00
95%
$357.00
W8
WET TAP 12" X 10"
EACH
1
$3,780.00
$3,780.00
100%
$0.00
W8
JACK & BORE 10"
L.S.
1
$7,665.00
$7,665.00
100%
$0.00
W9
SAMPLE POINTS EMP
EACH
3
$210.00
$630.00
100%
$0.00
SUB -TOTAL
$73,708.20
$1,198.31
MISC. CONDUIT
M1
P.V.C. 4" 1
L.F.
1 000
$3.36
$3,360.00
100%
$0.00
M2
P.V.C. 3"
L.F.
1,000 '
$2.96
$2.960.00 ,
100%,
$0.00
M3
! P.V.C. 4" INSTALL ONLY)
L.F.
1,000
$2.10
$2,100-00
100%
$0.00
M4
P.V.C. 2" INSTALL ONLY)
L.F.
2,5001
$2.10
$5,250.00
100%
$0.00
SUB -TOTAL
$13,670.00
$0.00
ENGINEERING
$3,000.00
' SURVEYING
t
$2,500.00
' TOTAL
!
$559,727.25
$41 j555.50
TOTAL BOND AMOUNT 110%
!
$45 711.05