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Home My WebLink AboutCity of Tamarac Resolution R-97-263Temp. Reso.#8024 October 1, 1997 1 CITY OF TAMARAC RESOLUTION NO. R-97_ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT WARRANTY BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #S530442 FROM FIRST UNION NATIONAL BANK OF FLORIDA IN THE AMOUNT OF $7,325.00 FOR THE WATER DISTRIBUTION SYSTEM IMPROVEMENTS INSTALLED BY R.E. PEARSON, M.D. FOR THE RADIATION THERAPY CENTER PROJECT LOCATED AT 7900 UNIVERSITY DRIVE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE, WHEREAS, R.E. Pearson, M.D. has constructed the Radiation Therapy Center Project Water Distribution System Improvements in accordance with the Site Plan approved by the City Commission on July 26, 1995; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on July 26, 1995, required R.E. Pearson, M.D. to provide a Warranty Bond to the City of Tamarac for the Radiation Therapy Center Project Water Distribution System Improvements located at 7900 University Drive (attached hereto in map form as "Exhibit 1 "); and WHEREAS, the Improvements were inspected, approved and are recommended for City ownership by the Utilities Engineering Division; and Temp. Reso.#8024 October 1, 1997 2 WHEREAS, R.E. Pearson, M.D., has requested the release of a Public Improvements Warranty Bond in the form of an Irrevocable Standby Letter of Credit #S530442 from First Union National Bank of Florida in the amount of $7,325.00 (attached hereto as "Exhibit 2") for the Water Distribution System Improvements installed in the Radiation Therapy Center Project; and WHEREAS, it is the recommendation of the Director of Utilities that the Public Improvement Warranty Bond be released for the Radiation Therapy Center Project Water Distribution 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 Warranty Bond in the form of an Irrevocable Standby Letter of Credit #S530442 from First Union National Bank of Florida in the amount of $7,325.00 from R.E. Pearson, M.D. for the Radiation Therapy Center Project Water Distribution System Improvements. 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 Temp. Reso.#8024 October 1, 1997 3 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 one-year Public Improvement Warranty Bond, for the Water Distribution System Improvements in the amount of $7,325.00 for the Radiation Therapy Center Project located at 7900 University Drive in accordance with Section 10-156 of the City Code. SECTION 3: That the City Clerk is hereby authorized and directed to release to the Utilities Department for return to R.E. Pearson, M.D. the Warranty Bond for the Radiation Therapy Center Project. The bond is in the form of an Irrevocable Standby Letter of Credit #S530442 from First Union National Bank of Florida in the amount of $7,325.00 for the Water Distribution System Improvements. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. 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 1 LJI applications of this Resolution. SECTION 6: passage and adoption. 1iPI~YA Temp. Reso.#8024 October 1, 1997 4 This Resolution shall become effective immediately upon its PASSED, ADOPTED AND APPROVED this /a2 day of l , CAROL A. EVANS, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to fora, TR/dav/aml MS r MITCHELL S. KRPf CITY ATTORNE) JOE SCHREIBER MAYOR RECORD OF COMMIS MAYOR SCHREIBER DIST 1: COMM. MCKAYE DIST 2: V/M MISHKIN DIST 3: COMM. SULTANOF DIST 4: COMM. ROBERTS VOTE EXHIBIT 1 �J TEMP. 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THE CENTRE i `� n WnODM❑NT Z / n n 78 ST 78 ST 77 ST F' R D jj 77. -T I /. •/ TAMARAC ELEM ¢ � h 76 F WEST El El 17 I SCHOOL �W� Q d / ✓ 3 76 DR cv � I j�%j/j 76 CT `% n DRy L5 CT�� TAMARAC //./j. S.B..LL F & D/! I / Ll /iPARK f 7 ST r _ /` 76 ST 76� jTR75 ./ TOWN -; PLAZA a n ¢ 75rr' Q n %/ 75 RA➢IATI❑.DWG RADIATION THERAPY CENTER WARRANTY BOND RELEASE ^' EXHIBIT 2 Temp. Reso. #8024 FIRST UNION NATIONAL BANK OF FLORIDA IRREVOCABLE STANDBY LETTER OF CREDIT DECEMBER 26, 1995 CITY OF TAMARAC 7SZ5 N.W. 88TH AVENUE TAMARAC, FLORIDA 33321 LETTER OF CREDIT NO. S530442 GENTLEMEN: WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR, FOR THE ACCOUNT OF R.E. PEARSON, M.D., C/O RHON ERNEST JONES, 2930 UNIVERSITY DRIVE CORAL SPRINGS, FL 3306S IN THE AGGREGATE OF: USD 7,325.00 UNITED STATES DOLLARS (SEVEN THOUSAND THREE HUNDRED TWENTY FIVE 00/100 ) AVAILABLE BY PAYMENT OF YOUR DRAFT(S) AT SIGHT DRAWN ON OURSELVES. A. WE ARE ADVISED THAT THIS IRREVOCABLE LETTER OF CREDIT IS TO INSURE INSTALLATION OF PUBLIC: IMPROVEMENTS INDICATED ON THE CERTIFIED COST ESTIMATE DATED DECEMBER S, 1995 AND ON PLANS .PREPARED BY RHON ERNEST-JONES, CONSULTING ENGINEERS, INC., AND APPROVED BY THE CITY ENGINEER FOR RADIATION THERAPY CENTER AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 10-156. B. THE CITY IS AUTHORIZED TO DRAW DRAFTS AT SIGHT ACCOMPANIED BY ASSIGNED STATEMENT FROM THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVES THAT: C. (A) THE DRAWING IS DUE TO R.E. PEARSON M.O.'S FAILURE TO CONSTRUCT THE PUBLIC IMPROVEMENTS. D. (B) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED AND THE CITY OF TAMARAC HAS BEEN NOTIFIED THE LETTER OF CREDIT WILL NOT BE EXTENDED. OR E. (C) THAT A WARRANTY BOND THAT IS REQUIRED BY TAMARAC CITY CODE HAS NOT BEEN PROVIDED. F. 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 CLERIC VIA REGISTERED MAIL OF OUR INTENT NOT TO RENEW FOR ADDITIONAL PERIOD WHICH NOTICE MUST BE PROVIDED AT LEAST THIRTY (30) 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 NOTIFICATION THAT IT MAY BE TERMINATED. WE ENGAGE WITH YOU THAT EACH DRAFT DRAWN UNDER AND IN COMPLIANCE i WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON DELIVERY OF IRREVOCABLE STANDBY LETTER OF CREDIT SS30442 PAGE NO. 2 DECEMBER 26, 199S THE DOCUMENTS AS SPECIFIED IF PRESENTED TO US AT OUR 111 WALL STREET OFFICE, N.X. 10043, ATTN: NORTH AMERICAN TRADE SERVICES. EXCEPT AS FAR AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. S00. SINCERELY, All llkL Ob'RIZED SIGNATURE RST UNION NATIONAL BANK OF FLORIDA