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HomeMy WebLinkAboutCity of Tamarac Resolution R-2001-017Temp. Reso. #9246 January 2, 2001 1 Revision #1, January 12, 2001 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2001-17 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT PERFORMANCE BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT#LC870- 112231 FROM WACHOVIA, IN THE AMOUNT OF $78,940.00, SUBJECT TO THE RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $20,987.75 FOR THE WATER AND SEWAGE COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY ACTIVE SENIOR LIVING RESIDENCE, INC., FOR THE ACTIVE SENIOR RESIDENCE PROJECT LOCATED ON THE NORTH SIDE OF 57T" STREET BETWEEN NW 91ST AVENUE AND PINE ISLAND ROAD; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Active Senior Living Residence, Inc., has constructed the Active Senior Residence Project and installed the Water and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on March 25, 1998; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac, requires Active Senior Living Residence, Inc., to provide a Warranty Bond to the City of Tamarac for the Active Senior Residence Project 0 Temp. Reso. #9246 January 2, 2001 2 Revision #1, January 12, 2001 Water and Sewage Collection System Improvements located on the north side of 57 th Street between NW 91 " Avenue and Pine Island Road (a copy of which is attached hereto in map form as "Exhibit 1 "); and WHEREAS, Active Senior Living Residence, Inc., has requested the release of a Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #LC870-112231 from WACHOVIA, in the amount of $78,940.00 (a copy of which is attached hereto as "Exhibit 2") subject to the receipt of a Warranty Bond in the amount of $20,987.75 to the City of Tamarac for the Water and Sewage Collection System Improvements installed for the Active Senior Residence Project; and WHEREAS, the Improvements were inspected, approved and are recommended 4D for acceptance for a warranty period by the Utilities Engineering Division; and WHEREAS, it is the recommendation of the Director of Utilities that the Public Improvement Performance Bond be released for the Active Senior Residence Project Water 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 Performance Bond subject to the receipt of a Warranty Bond from Active Senior Living Residence, Inc., for the Active Senior Residence Project Water and Sewage Collection System Improvements. I'-] L 0 E 0 Temp. Reso. #9246 January 2, 2001 3 Revision #1, January 12, 2001 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 and directed to release a Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #LC870-112231 from WACHOVIA, in the amount of $78,940.00, subject to the receipt and acceptance of a Warranty Bond for the Water and Sewage Collection System Improvements in the amount of $20,987.75 for the Active Senior Residence Project located on the north side of 57' Street between NW 91 " Avenue and Pine Island Road in accordance with Section 10-156 of the City Code. SECTION 3: 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. Temp. Reso. #9246 January 2, 2001 4 40 Revision #1, January 12, 2001 SECTION 5: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this 27 1h day of January, 2001. JOE SCHREIBER 11141YOV ATTEST: MARION' ISWENSON, CMC RECORD OF COMMISSION VOTE CITY CLERK MAYOR SCHREIBER DIST 1: COMM. PORTNER DIST 3: COMM. SULTANOF I HEREBY CERTIFY that I have DIST 4: V/M ROBERTS approved this RESOLUTION as CITY ATTORNEY RG/TR/mg E -WAMOVU JULY 16, 1999 BENEFICIARY: CITY OF TAMARAC, UTILITIES 7525 NW 88TH AVENUE TAMARAC, FL 33321 PAGE: 1 OUR IRREVOCABLE STANDBY LETTER OF CREDIT LC870-112231 APPLICANT: ACTIVE SENIOR LIVING RESIDENCE, INC 14450 STIRLING ROAD FT. LAUDERDALE, FL 33330 AMOUNT: EXACTLY USD 78,940.00 EXACTLY SEVENTY EIGHT THOUSAND NINE HUNDRED FORTY AND 001100'S U.S. DOLLARS DATE OF EXPIRY: JULY 6, 2000 OR ANY FUTURE EXTENDED DATE AS PROVIDED HEREIN PLACE OF EXPIRY: AT OUR COUNTERS WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO:LC870-112231 IN YOUR FAVOR FOR THE ACCOUNT OF THE ABOVE REFERENCED APPLICANT, UP TO THE AGGREGATE AMOUNT OF EXACTLY USD 78,940.00 . THIS LETTER OF CREDIT IS AVAILABLE FOR PAYMENT BY PRESENTATION OF YOUR DRAFTS AT SIGHT DRAWN ON US BEARING THE CLAUSE: "DRAWN UNDER WACHOVIA BANK, N.A. LETTER OF CREDIT NO:LC870-11223111, ACCOMPANIED BY THE FOLLOWING: 1 - BENEFICIARY'S SIGNED STATEMENT READING: "A) THE DRAWING IS DUE TO APPLICANTS FAILURE TO CONSTRUCT THE PUBLIC IMPROVEMENTS B) THE APPLICANTS OBLIGATIONS HAVE NOT BEEN COMPLETED, AND THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND WILL NOT BE EXTENDED, OR C) THAT A WARRANTY BOND THAT IS REQUIRED BY TAMARAC CITY CODE HAS NOT BEEN PROVIDED". 2 - THE ORIGINAL LETTER OF CREDIT. SPECIAL CONDITIONS: WE ARE ADVISED THAT THIS IRREVOCABLE LETTER OF -CREDIT IS TO.INSURE INSTALLATION OF PUBLIG IMPROVEMENTS INDUCATED ON -THE CERTIFIED. COST EST , IMATEDATED AND'. APPROVED FEBRUARY 23, 1999. ALL DRAFTS MUST INDICATE THE''NUMBER, AND b"Aitt *-O]�.- THIS', CREDIT.w17.::.l 1:t I I z 1 7.' WE HEREBY ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER"AND IN 'COMPLIANCE WItH',THE TERMS OF THIS CREDIT WILL BE DULY HONORED UPON.PRESENTATION: - OF,DOCUMENTS.TO..US ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT.'-'7 WACHOVIA T v THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: LC870-112231 PAGE: 2 FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY DAYS PRIOR TO ANY SUCH EXPIRATION DATE WE SHALL NOTIFY YOU BY REGISTERED/COURIER MAIL, THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD. EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS DOCUMENTARY CREDIT IS SUBJECT TO UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, 1993 REVISION, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. WACHOVIA BANK, N.A. BY: ----------------------- AUTHORIZED SIGNATURE PLEASE DIRECT ANY CORRESPONDENCE INCLUDING DRAWING OR INQUIRY QUOTING OUR REFERENCE NUMBER TO WACHOVIA BANK N.A., 401 LINDEN STREET, WINSTON-SALEMA. N.C. 27101, ATTN: STANDBY LETTER OF CREDIT UNIT. THIS DOCUMENT CONSISTS OF 2 PAGE(S). n Z i Z' 7 Z HOVIA JULY 1G, 1999 BENEFICIARY: CITY OF TAMARAC, UTILITIES 7525 NW 88TH AVENUE TAMARAC, FL 33321 PAGE: 1 OUR IRREVOCABLE STANDBY LETTER OF CREDIT: LC870-112231 APPLICANT: ACTIVE SENIOR LIVING RESIDENCE, INC 14450 STIRLING ROAD FT. LAUDERDALE, FL 33330 AMOUNT: EXACTLY USD 78,940.00 EXACTLY SEVENTY EIGHT THOUSAND NINE HUNDRED FORTY AND 0011001S U.S. DOLLARS DATE OF EXPIRY: JULY 6, 2000 OR ANY FUTURE EXTENDED DATE AS PROVIDED HEREIN PLACE OF EXPIRY: AT OUR COUNTERS WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO:LC870-112231 IN YOUR FAVOR FOR THE ACCOUNT OF THE ABOVE REFERENCED APPLICANT, UP TO THE AGGREGATE AMOUNT OF EXACTLY USD 78,940.00 . THIS LETTER OF CREDIT IS AVAILABLE FOR PAYMENT BY PRESENTATION OF YOUR DRAFTS AT SIGHT DRAWN ON US BEARING THE CLAUSE: "DRAWN UNDER WACHOVIA BANK, N.A. LETTER OF CREDIT NO:LC870-11223111, ACCOMPANIED BY THE FOLLOWING: 1 - BENEFICIARY'S SIGNED STATEMENT READING: "A) THE DRAWING IS DUE TO APPLICANTS FAILURE TO CONSTRUCT THE PUBLIC IMPROVEMENTS B) THE APPLICANTS OBLIGATIONS HAVE NOT BEEN COMPLETED, AND THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND WILL NOT BE EXTENDED, OR C) THAT A WARRANTY BOND THAT IS REQUIRED BY TAMARAC CITY CODE HAS NOT BEEN PROVIDED". 2 - THE ORIGINAL LETTER OF CREDIT. SPECIAL CONDITIONS: WE ARE ADVISED THAT THIS IRREVOCABLE LETTER OF CREDIT IS TO INSURE INSTALLATION OF PUBLIC IMPROVEMENTS INDUCATED ON THE CERTIFIED COST ESTIMATE DATED AND APPROVED FEBRUARY 23, 1999. ALL DRAFTS MUST INDICATE THE NUMBER AND DATE OF THIS CREDIT. WE HEREBY ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED UPON PRESENTATION OF DOCUMENTS TO US ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM ITS EXPIRATION DATE, OR FROM ANY HOVIA vv THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: LC870-112231 PAGE: 2 FUTURE EXPIRATION DATE, UNLESS AT.LEAST SIXTY DAYS PRIOR TO ANY SUCH EXPIRATION DATE WE SHALL NOTIFY YOU BY REGISTERED/COURIER MAIL, THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD. EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS DOCUMENTARY CREDIT IS SUBJECT TO UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, 1993 REVISION, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. SOO. WACHOVIA BANK, N.A. c6x_"_�"c BY: ----------------------- AUTHORIZED SIGNATURE PLEASE DIRECT ANY CORRESPONDENCE INCLUDING DRAWING OR INQUIRY QUOTING OUR REFERENCE NUMBER TO WACHOVIA BANK N.A., 401 LINDEN STREET, WINSTON-SALEM, N.C. 27101, ATTN: STANDBY LETTER OF CREDIT UNIT. THIS DOCUMENT CONSISTS OF 2 PAGE(S).