HomeMy WebLinkAboutCity of Tamarac Resolution R-79-087Intraduced by: K' y >L,Ga 'y
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CITY OF TAMARAC, FLORIpDA
RESOLUTION NO.R- !3-O
A RESOLUTION AUTHORIZING THE RELEASE OF
AN IRREVOCABLE LETTER OF GUARANTEE POSTED
BY TOLL DEVELOPMENT CORP. AND CORAL GABLES
FEDERAL SAVINGS AND LOAN ASSOCIATION FOR
WOODMONT TRACTS 55 and 61
WHEREAS, an Irrevocable Letter of Guarantee in the amount of
$178,207.00 for public improvements for Woodmont Tract 55, and in
the amount of $136,143.00 for public improvements for Woodmont
Tract 61, was posted by Toll Development Corporation and Coral Gables
Federal Savings and Loan Association; and
WHEREAS, the City Engineer has made final inspection and
recommends a release of said Letter of Guarantee, subject to the
payment of engineering fees due the City, in the amount of $788.53
for Tract 55, and $1,333.92 for Tract 61, and subject to the sub-
mission of a Warranty Bond in the amount of $80,000.00, to guarantee
the public improvements for both projects; and
WHEREAS, the City Council wishes to accept the recommendation
of theCity Engineer by releasing said Letter of Guarantee.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF TAMARAC:
SECTION 1: That the Irrevocable Letter of Guarantee, dated
3/22/78, posted by Toll Development Corporation and Coral Gables
Federal Savings and Loan Association, in the amount of $178,207.00
for public improvements for Woodmont Tract 55, and in the amount of
$136,143.00 for public improvements for Woodmont Tract 61, is hereby
released subject to (1) payment of engineering fees due the City for
Woodmont Tract 55 in the amount of $788.53, (2) payment of engineering
fees due the City in the amount of $1,333.92 for Woodmont Tract 61,
and (3) the submission of a Warranty Bond in the amount of $80,000.00
to guarantee the public improvements for both Woodmont Tract 55 and
Woodmont Tract 61.
SECTION 2: That the Warranty Bond in the amount of $80,000.001
required hereby shall remain in effect for /a_ months from the
date of this approval.
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SECTION 3: This Resolution shall become effective immediately
upon its adoption.
PASSED, ADOPTED AND APPROVED thisg _7day of ,1979.
Off,
ATTEST:
ITY CLE
I HEREBY CERTIFY that I have
approved the form and correctness
of this. RESOLUTION.
a4.4 4 �W. & 4 ? tA
CITY ATTORNEY `
RECORD OF COUNCIL VOTE
MAYOR:
DISTRICT 1:
DISTRICT 2: 00,
DISTRICT 3:
DISTRICT 4: -
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