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Home My WebLink AboutCity of Tamarac Resolution R-97-032Temp Reso #.7669 Page 1 of 3 February 5, 1997 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-97- ,3.z A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A WARRANTY BOND, STANDBY LETTER OF CREDIT NO. S960180 IN THE AMOUNT OF $8,806.25 POSTED FOR PUBLIC IMPROVEMENTS AT KINGS POINT TRENT PHASES 1 AND II.; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., as Principal, with Sun Trust Bank, as Surety, has filed with the City Letter of Credit No. S960180 in the amount of $8,806.25, to guarantee Public Improvements at Kings Point Trent Phases I and II (off -site sidewalk and curb); and WHEREAS, The facilities have been inspected and deemed acceptable by the Public Works Engineering Division; and WHEREAS, It is the recommendation of the Public Works Director and the City Engineer that the Warranty Bond be released pursuant to City Code Section 10-156; 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 Warranty Bond, Standby Letter of Credit No. S960180 in the amount of $8,806.25, posted for Public Improvements at Kings Point Trent Phases I and II. Temp Reso #.7669 Page 2 of 3 February 5, 1997 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: That the foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Resolution. 5ECTION 2: That the Letter of Credit No. S960180 posted by Lennar Homes, Inc., as Principal, with Sun Trust Bank, as Surety, in the amount of $8,806.25, for Public Improvements at Kings Point Trent Phases I and II is HEREBY RELEASED. A copy of the Warranty Bond is attached as "Exhibit 1." SECTION 3: That the appropriate City Officials are HEREBY AUTHORIZED to release the Warranty Bond, Standby Letter of Credit No. S860180 in the amount of $8,806.25, posted for Public Improvements at Kings Point Trent Phases I and II. SECTION 4: That all Resolutions or parts of Resolutions in conflict herewith are HEREBY REPEALED to the extent of such conflict. SECTION 5: That if any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or 1 [J 1 1 Temp Reso #.7669 Page 3 of 3 February 5, 1997 applications of this Resolution that can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are declared to be severable. SECTIOU: That this Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this a26 ATTEST: CAROL A. EVANS CITY CLERK I HEREBY CERTIFY that I approved this RESOLUTION as ti form. ITCHELL S. K CITY ATTORF (GES:vgh-Commission Meeting temp7669.res day of FaR u4R- , 1997. LARRYOMISHKIN VICE MAYOR ,F� ;y � t F C0?,F.,e�t: $1M-1 VOTE };,.. VW11. F, yr:-�.• �rM Dt T o VW.. TEMP. RESO. No.LAI. 0 SUNTRUST SUNTRUST BANK, MIAMI, N.A. IRREVOCABLE STANDBY LETTER OF CREDIT NO. S960180 MARCH 4, 1996 BENEFICIARY: APPLICANT: CITY OF TAMARAC LENNAR HOMES, INC. 7525 N.W. 88TH AVE. 700 NW 107TH AVENUE MIAMI, FLORIDA 33321 MIAMI, FL 33172 ATTN: CITY CLERIC AMOUNT: USA 8,806.25 DATE OF EXPIRY : MARCH 4, 1997 PLACE OF EXPIRY: AT OUR COUNTERS WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER S960180 IN YOUR FAVOR FOR THE ACCOUNT OF LENNAR HOMES, • INC. WHICH IS AVAILABLE WITH SUNTRUST BANK, MIAMI N.A. 3737 NW 87 AVE., MIAMI, FL. 33178 ATTN: LETTERS OF CREDIT DEPARTMENT BY PAYMENT AGAINST 'DOCUMENTS DETAILED HEREIN AND YOUR DRAFT(S) AT SIGHT DRAWN ON SUNBANK/MIAMI, N.A. UP TO AN AGGREGATE AMOUNT OF USD 8,806.25 (EIGHT THOUSAND EIGHT HUNDRED SIX AND 25/100 U.S. DOLLARS). WITHOUT OBLIGATION ON OUR PART, WE ARE ADVISED THAT THIS IRREVOCABLE LETTER OF CREDIT IS TO ENSURE THE CORRECTION OF ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FOUND 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 NOVEMBER 16, 1995 AND APPROVED BY THE CITY ENGINEER FOR OFFSITE PAVING AND DRAINAGE FOR TRENT AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 1-156. THE CITY IS AUTHORIZED TO DRAW DRAFTS AT SIGHT ACCOMPANIED BY A SIGNED STATEMENT FROM THE CITY OF TAMARAC OR IT'S AUTHORIZED REPRESENTATIVE THAT: "THE UNDERSIGNED, AN AUTHORIZED REPRESENTATIVE OF THE CITY OF TAMARAC, HEREBY CERTIFIES THAT: (A) THE DRAWING IS DUE TO LENNAR HOMES, INC.'S FAILURE TO CORRECT ALL INSUFFIENCIES 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 (B) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED, OR THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT BOND WILL NOT BE EXTENDED. OR (C) THAT THE CITY OF CONTINUED ON NEXT PAGE 0 All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th Avenue, Miami, Florida 33178 Swift: SNBOUS3M Telex: 6734609 TEMP. RESO. No. TW 0 SUNTkUST �J IRREVOCABLE LETTER OF CREDIT NO. S960180 2 TAMARAC HAS BEEN NOTIFIED THAT THE BOND WILL NOT BE EXTENDED." THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING AND SUCH UNDERTAKING SHALL NOT IN ANYWAY BE MODIFIED, AMENDED, OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT(S) INSTRUMENT(S), OR AGREEMENT(S) REFERRED TO HEREIN, OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR THIS LETTER OF CREDIT RELATES, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENTS, INSTRUMENTS, OR AGREEMENT. THE ORIGINAL LETTER OF CREDIT MUST BE PRESENTED WITH ANY DRAWING HEREUNDER. DRAFT(S) UNDER THIS LETTER MUST BE MARKED "DRAWN UNDER LETTER OF CREDIT NUMBER S960180." THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY RENEWED WITHOUT AND 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 RENEWTHE CREDIT FOR AN ADDITIONAL, PERIOD, WHICH NOTICE MUST BE PROVIDED AT LEAST SIXTY (60) DAYS PRIOR TO'EXPIRATION DATE OF THE ORIGINAL TERM HEREOF 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 YOU THAT YOUR DRAFTS DRAWN UNDER AND IN STRICT COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED IF PRESENTED TO US ON OR BEFORE THE EXPIRATION DATE OF THIS CREDIT OR ANY EXTENDED DATE AS PROVIDED HEREIN. EXCEPT SO FAR AS OTHERWISE STATED, THIS CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS" (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION 500, OR REVISION CURRENTLY IN EFFECT. 11)61,, C fa ate_ (AUTHORIZED SIGNATURE 320 A N D99 Letters �4 Ci C& Oboe. All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th Avenue, Miami, Florida 33178 Swift: SNBOUS3M Telex: 6734609