HomeMy WebLinkAboutCity of Tamarac Resolution (145)Temp. Reso. #9785
May 7, 2002 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2002-145
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 NO.
S002241 FROM SUNTRUST BANK, IN THE AMOUNT OF $67,315.13 FOR
THE WATER DISTRIBUTION AND SEWAGE COLLECTION SYSTEM
IMPROVEMENTS INSTALLED BY LENNAR LAND PARTNERS FOR THE
EXETER EAST PROJECT LOCATED ON THE SOUTHEAST CORNER OF
NW 80t" STREET AND GRANVILLE DRIVE; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, Lennar Land Partners has constructed the Exeter East Project and
installed the Water Distribution and Sewage Collection System improvements in
accordance with the Site Plan approved by the City Commission on May 13, 1998; and
WHEREAS, the Water and Sewer Developer's Agreement accepted and executed
by the City of Tamarac on July 22, 1998, requires Lennar Land Partners to provide a one-
year Warranty Bond to the City of Tamarac for the Exeter East Project Water Distribution
and Sewage Collection System improvements located on the southeast corner of NW 80t"
Street and Granville Drive (a copy of which is attached hereto in map form as "Exhibit 1 ");
and
WHEREAS, Lennar Land Partners has requested the release of a Public
Improvement Warranty Bond in the form of an Irrevocable Standby Letter of Credit No.
S002241 from Suntrust Bank, in the amount of $67,315.13 (a copy of which is attached
hereto as "Exhibit 2") for the Water Distribution and Sewage Collection System
improvements installed for the Exeter East Project; and
WHEREAS, the improvements were inspected, approved and are recommended
for acceptance for City ownership by the Utilities Engineering Division; and
Temp. Reso. #9785
May 7, 2001 2
WHEREAS, it is the recommendation of the Director of Utilities that the Public
Improvement Warranty Bond be released for the Exeter East 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 Warranty Bond in the form of an Irrevocable Standby Letter of Credit No.
S002241 from Suntrust Bank, in the amount of $67,315.13 for the Exeter East Project
Water Distribution and Sewage Collection System improvements.
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
the one-year Public Improvement Warranty Bond for the Water Distribution and Sewage
Collection System improvements in the form of an Irrevocable Standby Letter of Credit No.
S002241 in the amount of $67,315,13 for the Water Distribution and Sewage Collection
System improvements installed by Lennar Land Partners for the Exeter East Project
located on the southeast corner of NW 80t" Street and Granville Drive in accordance with
Section 10-156 of the City Code.
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SECTION 3: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
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Temp. Reso. #9785
May 7, 2001 3
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.
SECTION 5: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED AND APPROVED this 12T" day of June, 2002.
ATTEST:
MARION S ENSON, CMC
CITY CLERK
I HEREBY CERTIFY that
-1 have approved this
RESOLUTION as to form.
MITCHELL S.
CITY ATTO
JOE SCHREIBER
MAYOR
RECORD OF COMMISSION VOTE:
MAYOR SCHREIBER
AYE
DIST 1:
V/M. PORTNER
AYE
DIST 2:
COMM. MISHKIN
AYE
DIST 3:
COMM. SULTANOF
AYE
DIST 4:
COMM. ROBERTS
AYE
EXHIBIT 1
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EXETER EAST
Exhibit 2
SuNTRuST
IRREVOCABLE
APRIL 19,2000
BENEFICIARY:
CITY OF TAMARAC
7525 N.W. 88TH AVE.
TAMARAC, FL. 33321
SUNTRUST MIAMI, N.A.
STANDBY LETTER OF CREDIT NO. S002241
AMOUNT: USD 67,315.13
DATE OF EXPIRY : APRIL 19,2001
PLACE OF EXPIRY: AT OUR COUNTERS
APPLICANT:
LENNAR LAND PARTNERS
8190 STATE ROAD 84
DAVIE, FL. 33324
BY ORDER OF OUR CLIENT, LENNAR LAND PARTNERS, 8190 STATE
ROAD 84, DAVIE, FL 33324, WE HEREBY OPEN OUR IRREVOCABLE LETTER
OF CREDIT NUMBER S002241 IN YOUR FAVOR FOR AN AMOUNT NOT TO
EXCEED IN THE AGGREGATE U.S. DOLLARS USD 67,315.13 (SIXTY SEVEN
THOUSAND THREE HUNDRED FIFTEEN AND 13/100 U.S. DOLLARS)
EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR
SUNTRUST BANK, 3737 NW 87TH AVENUE, MIAMI, FLORIDA
33178 OFFICE.
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 AND APPROVED BY THE UTILITY ENGINEER FOR WATER
CONSTRUCTION FOR EXETER EAST AND DEVELOPER'S
OBLIGATION TO CO PLY WITH HE REQUIREMENT OF TAMARAC
CITY CODE SECTION 10-156. "y
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
REPRESENTATIVE OF THE CITY OF TAMARAC, HEREBY CERTIFIES THAT:
(A) THE DRAWING IS DUE TO LENNAR LAND PARTNERS' 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
COMMISSION 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 THE BOND WILL NOT BE
EXTENDED, OR
All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th
Avenue, 1st Floor, Miami, Florida 33178 Swift: SNTRUS3M Telex: 542210
SuNTRuST
IRREVOCALBLE LETTER OF CREDIT NO. S002241
(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 YOU 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.
ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN
UNDER SUNTRUST,MIAMI,N.A., LETTER OF CREDIT NUMBER S002241."
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-e,e
UTHORI ED NATURE
SUNTRUST BANK, MIAMI, N.A.
307
All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th
Avenue, 1st Floor, Miami, Florida 33178 Swift: SNTRUS3M Telex: 542210