HomeMy WebLinkAboutCity of Tamarac Resolution R-96-115Temp. Reso. # 7395 - April 12, 1996 1
CITY OF TAMARAC
RESOLUTION NO. R-96-�
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA, AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC
IMPROVEMENT PERFORMANCE BOND IN THE FORM OF
AN IRREVOCABLE STANDBY LETTER OF CREDIT
#S950419 FROM SUNBANK/MIAMI, N.A., IN THE AMOUNT
OF $66,443.00 SUBJECT TO THE RECEIPT OF A ONE-
YEAR WARRANTY BOND IN THE AMOUNT OF $36,276.13
FROM LENNAR HOMES, INC., FOR WATER DISTRIBUTION
AND SEWAGE COLLECTION IMPROVEMENTS IN THE
WELDON PHASE 2 PROJECT LOCATED ON THE
NORTHEAST CORNER OF NW 77TH STREET AND NW
96TH AVENUE; PROVIDING FOR CONFLICTS; PROVIDING
FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, Lennar Homes, Inc., is constructing the Weldon Phase 2 Project
located on the northeast corner of NW 77th Street and NW 96th Avenue (attached hereto
in map form as "Exhibit 1 "), which consists of 60 condominium units and has installed the
Water Distribution and Sewage Collection System Improvements in accordance with the
Site Plan approved by the City Commission on August 11, 1993; and
WHEREAS, the Water and Sewer Developer's Agreement accepted and executed
by the City of Tamarac on July 26, 1995, requires Lennar Homes, Inc., to provide a
Warranty Bond to the City of Tamarac for the Weldon Phase 2 Project Water Distribution
Temp. Reso. # 7395 - April 12, 1996 2
and Sewage Collection System Improvements; and
WHEREAS, Lennar Homes, Inc., has requested the release of a Public
Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit
#S950419 from Sunbank/Miami, N.A., in the amount of $66,443.00 subject to the receipt
of a one-year Warranty Bond in the amount of $36,276.13 to the City of Tamarac for the
Water Distribution and Sewage Collection System Improvements installed in Weldon
Phase 2 Project; and
WHEREAS, the improvements were inspected, approved and are recommended
for acceptance for a one-year warranty period by the Utilities Engineering Division; and
WHEREAS, it is the recommendation of the Director of Utilities that the Public
Improvement Performance Bond be released for the Weldon Phase 2 Project Water
Distribution and Sewage Collection System Improvements; and
WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in
the best interest of the citizens and residents of the City of Tamarac to release the Public
Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit
#S950419 from Sunbank/Miami, N.A., in the amount of $2,610.00 subject to the receipt of
a one-year Warranty Bond from Lennar Homes, Inc., for the Weldon Phase 2 Project Water
Distribution and Sewage Collection System Improvements.
Temp. Reso. # 7395 - April 12, 1996 3
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this resolution.
SECTION.2: That the appropriate City Officials are hereby authorized to
release the Public Improvement Performance Bond in the form of an Irrevocable Standby
Letter of Credit #S950419 from Sunbank/Miami, N.A., in the amount of $66,443.00
(attached hereto as "Exhibit 2") subject to the receipt of a one-year Warranty Bond for the
Water Distribution and Sewage Collection System Improvements in the amount of
$36,276.13, for the Weldon Phase 2 Project in accordance with Section 10-156 of the City
Code.
SECTION_3i That the City Clerk is hereby authorized and directed to release
to the Utilities Department the subject Improvement Bond for return to Lennar Homes, Inc.,
after the appropriate City Officials have authorized the release of the bond and received
a one-year Warranty Bond in the amount of $36,276.13.
SECTION 4: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
1
Temp. Reso. # 7395 - April 12, 1996 4
SECTION 5: If any clause, section, other part or application of this Resolution
is held by any court of competent jurisdiction to be unconstitutional or invalid, in part or
application, it shall not affect the validity of the remaining portions or applications of this
Resolution.
SECTION 6: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED AND APPROVED thisday of ,
199�p.
NORMAN ABRAMOWITZ
MAYOR
ATTEST:
CAROL A. EVANS, CMC
CITY CLERK
I HEREBY CERTIFY that I have
U 1 1 1 /-% 1 1 v
Utilities/dav
• MCNAB ROAD
MAYOR
DIST. 1:
DIST. 2:
DIST. 3:
DIST. 4:
RECORD OF COMMISSION VOTE
U-7j,
,,/
WELDON PHASE 8
RELEASE OF PERFORMANCE BOND
WELD2RPB.DWG
[ (s,
EXHIBIT 2
SunBank/Mlaml, N.A.
international Banking Division
K 3737 N.W.87th Avenue
Miami, Florida 33178
SUNBANK/MIAMI, N.A.
IRREVOCABLE STANDBY LETTER OF CREDIT NO. S950419
MAY 24, 1995
BENEFICIARY: APPLICANT:
CITY OF TAMARAC LENNAR HOMES, INC.
7525 N.W. 88TH AVENUE 700 NW 107TH AVENUE
TAMARAC, FLORIDA 33321 MIAMI, FL 33172
AMOUNT: USD 66,443.00
DATE OF EXPIRATION: MAY 24, 1996
BY ORDER OF OUR CLIENT, LENNAR HOMES, INC., 700 N.W. 107TH
AVENUE, MIAMI, FL 33172, WE HEREBY OPEN OUR IRREVOCABLE LETTER
OF CREDIT NUMBER S950419 IN YOUR FAVOR FOR AN AMOUNT NOT TO
EXCEED IN THE AGGREGATE U.S. DOLLARS USD 66,443.00 (SIXTY SIX
THOUSAND FOUR HUNDREED, FORTY THREE AND 00/100 U.S. DOLLARS)
EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR
SUNBANK/MIAMI, N.A. 3737 NW 87TH AVENUE, MIAMI, FL. 33178,
OFFICE.
WITHOUT OBLIGATION ON OUR PART, WE ARE ADVISED THAT THIS
v
IRREVOCABLE LETTER OF CREDIT IS TO ENSURE THE CORRECTION OF ALL
INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH
ARE FUND WITHIN (1) YEAR OF THE DATE OF THE FORMAL ACCEPTANCE OF
THE SUB —DIVISION IMPROVEMENTS OF THE CITY OF TAMARAC FOR THE
INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST
ESTIMATE DATED APRIL 26, 1995 AND APPROVED BY THE CITY ENGINEER
FOR WATER DISTRIBUTION AND SANITARY SEWER INSTALLATION FOR
WELDON PHASE 2 AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE
(REQUIREMENTS OF TAMARAC CITY CODE SECTION 10-156.
,
THE CITY IS AUTHORIZED TO DRAW DRAFTS AT SIGHT ACCOMPANIED BY A
_
SIGNED STATEMENT FROM THE CITY OF TAMARAC OR ITS' AUTHORIZED
REPRESENTATIVE THAT: "THE UNDERSIGNED, AN AUTHORIZED
4ir
REPRESENTATIVE OF THE CITY OF TAMARAC, HEREBY CERTIFIES THAT:
�M
(A) THE DRAWING IS DUE TO LENNAR HOMES, INC.'S FAILURE TO
CORRECT ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR
MATERIALS WHICH ARE FOUND WITHIN ONE (1) YEAR OF THE DATE OF THE
�+
FORMAL ACCEPTANCE OF THE PUBLIC IMPROVEMENTS BY THE CITY COUNCIL
OF THE CITY OF TAMARAC, OR
(8) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED, OR
THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT WE BOND WILL NOT BE
EXTENDED, OR
CONTINUED ON NEXT PAGE
A SunTrust Bank
CABL�"BYY�iv�78°i"'LTTt, pF CREDIT NO. 5950419 2
nternational Ban ing vision
3737 N.W. 87th Avenue
Miami, Florida 33178
(C) THAT THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND
WILL NOT BE EXTENDED."
THE ORIGINAL LETTER OF CREDIT MUST BE PRESENTED WITH ANY DRAWING
HEREUNDER.
THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY RENEWED, WITHOUT
AMENDMENT, FOR SUCCESSIVE PERIODS OF ONE (1) YEAR EACH, UNLESS
WE PROVIDE WRITTEN NOTICE TO THE CITY CLERK VIA REGISTERED MAIL,
OR SPECIAL COURIER, THAT WE ELECT NOT TO RENEW THE CREDIT FOR AN
ADDITIONAL PERIOD, WHICH NOTICE MUST BE PROVIDED AT LEAST SIXTY
(60) DAYS PRIOR TO THE EXPIRATION DATE OF THE ORIGINAL TERM
HEREOF OR ANY RENEWED ONE (1) YEAR TERM, OR UNLESS THE CITY OF
TAMARAC RETURNS THE ORIGINAL LETTER OF CREDIT TOGETHER WITH
WRITTEN NOTIFICATION THAT IT MAY BE TERMINATED PRIOR TO THE THEN
CURRENT EXPIRATION DATE.
WE ENGAGE WITH YOUR THAT EACH DRAFT DRAWN UNDER AND IN STRICT
COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF
CREDIT WILL BE DULY HONORED IF PRESENTED AT THIS OFFICE ON OR
BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT OR ANY
EXTENDED DATE AS PROVIDED FOR HEREIN. TF�
ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN
UNDER SUNBANK/MIAMI, N.A., LETTER OF CREDIT NUMBER S950419."
UNLESS EXPRESSLY STATED OTHERWISE, THIS LETTER OF CREDIT IS
SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE (1993 REVISION)
INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NUMBER 500, OR ANY
REVISION SUPERCEDING PUBLICATION NUMBER 500.+
•
A SunTrust Bank