HomeMy WebLinkAboutCity of Tamarac Resolution (132)May 22, 2002 - Temp. Reso. #9781
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2002-132
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA, AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO RELEASE A
PERFORMANCE BOND IN THE FORM OF LETTER OF
CREDIT #98-107 FROM COLONIAL BANK, IN THE AMOUNT
OF $1,626.00 POSTED BY BRISTOL PARK OF TAMARAC,
LIMITED, FOR PAVING AND DRAINAGE IMPROVEMENTS
CONSTRUCTED FOR THE BRISTOL PARK ASSISTED
LIVING FACILITY PROJECT LOCATED ON THE
SOUTHWEST CORNER OF McNAB ROAD AND
NORTHWEST 70T" AVENUE; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, Bristol Park of Tamarac, Limited has filed with the City of Tamarac a
Performance Bond in the form of Letter of Credit #98-107 from Colonial Bank in the
amount of $1,626.00 to guarantee construction of paving and drainage improvements
located within the Bristol Park Assisted Living Facility project; and
WHEREAS, the paving and drainage improvements have been inspected and found
acceptable by the Public Works Engineering Division; and
WHEREAS, pursuant to City Code Section 10-156, this Public Improvement
Performance Bond, Letter of Credit #98-107, has remained in place for the required one (1)
year period in lieu of the warranty bond, and it has been held as guarantee of performance
and as warranty; and
WHEREAS, it is the recommendation of the Public Works Director and the Assistant
City Engineer that this Performance Bond be released; and
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May 22, 2002 - Temp. Reso. #9781
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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 this
Performance Bond in the form of Letter of Credit #98-107, in the amount of $1,626.00,
posted for the paving and drainage improvements located within the Bristol Park Assisted
Living Facility project, located on the southwest corner of McNab Road and Northwest 70th
Avenue.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA THAT:
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: The appropriate City Officials are hereby authorized to release this
Performance Bond in the form of Letter of Credit #98-107, from Colonial Bank, in the
amount of $1,626.00 posted for the paving and drainage improvements located within the
Bristol Park Assisted Living Facility project, located on the southwest corner of McNab
Road and Northwest 70th Avenue. A copy of the Letter of Credit is attached hereto as
"Exhibit A".
Section 3: That all Resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
Section 4: 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.
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May 22, 2002 - Temp. Reso. #9781
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Section 5: This Resolution shall become effective immediately upon its passage
and adoption.
PASSED, ADOPTED, AND APPROVED this 22nd day of May, 2002.
ATTEST:
MARIOI�T S _ ENSON, CMC
CITY CLERK
I HEREBY CERTIFY that I
have a roved this
RESOZTION as to
ITCHELL SLARAFT
CITY ATTORNEY
�l�i r.
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RECORD OF COMMISSION VOTE:
MAYOR SCHREIBER flyer
DIST 1: V/M. PORTNER_yg
DIST 2: COMM. MISHKIN_Aye�
DIST 3: COMM. SULTANOF_Aye,
DIST 4: COMM. ROBERTS A e/
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EXHIBIT "A"
Temp. Reso. #9781
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COLO1vIAI. BANK
June 18, 1998
City of Tamarac, City Engineer
7525 NW 88th Avenue
Tamarac, FL 33321
Gentlemen:
RE: IRREVOCABLE LETTER OF CREDIT #98-107
By order of our client, BRISTOL PARK OF TAMARAC, LIMITED, 1601 FORUM PLACE,
SUITE 805, WEST PALM .BFACH, FL 33401, we hereby open our clean IRREVOCABLE
LETTER OF CREDIT #98-107 in your favor for an amount not to exceed in the aggregate US
$1,626.00 (ONE THOUSAND SIX HUNDRED TWENTY SIX & N0/100), effective
immediately and expiring at our office at 2000 Palm Beach Lake Boulevard, West Palm Beach,
Florida, with our close of business onJUNE 18, 1999.
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 17, 1997, and
on plans prepared by Rhon. Ernest -Jones Consulting Engineers and approved by the
Utility Engineer for BRISTOL PARK OF TAMARACASSISTED LIVING,
paving, drainage, sidewalks, curbs, and gutters, 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 a signed statement
from the City of Tamarac or its authorized representatives that:
C. (a) The drawing is due to Bristol Park'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 that the bond will not be extended, or,
E. (c) That a warranty bond that is required by Tamarac City Code has not been
provided.
An Affiliate of (colonial BancGrotlp. Inc.
3(MN) fain [leach Lakes Iondevard, West Whim Beach. Floricht 3340O
I'.U. Box 3305, West 11ahu )leach. Florida 3.3402-1105
Telephone 561IONX 1 Wo / Fax 561/0 3•4532
W W W.u)IOn iAIhan kxovn
ALv 1sQ Al. (71'lK)KTllhil'Cl' EMPLOYER
EXHIBIT "A"
Temp. Reso. #9781
Page 2 of 2
City of Tamarac, Utility Director
June 18, 1998
Page 2
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
Clerk via registered mail of our intent not to renew for an additional period, which
notice must be provided at least sixty (60) days prior to the expiration date of the
original terns 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 with the terms of this credit will
be duly honored on delivery of the documents as specified if presenter) at our office located at 2000
Palm Beach Lakes Boulevard, West Palm Beach, Florida.
Except as far as otherwise expressly stated herein, this Letter of Credit is subject to the Uniform
Customs and practice for Documentary Credits (1983 Revision) International Chamber of
Commerce Publication No. 400.
Very truly yours,
er F. en
Senior Vice President
Mcm