HomeMy WebLinkAboutCity of Tamarac Resolution R-2001-219August 22, 2001 - Temp. Reso. #9483
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2001-219
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 A
STANDBY LETTER OF CREDIT #L986426 FROM UNION
PLANTERS BANK IN THE AMOUNT OF $620.00 POSTED
BY PARKWOOD AT COLONY WEST, INC., FOR SIDEWALK
AND CURBING IMPROVEMENTS FOR THE PARKWOOD
AT COLONY WEST PROJECT LOCATED ON LAGOS DE
CAMPO BOULEVARD EAST OF NW 84T" TERRACE;
PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, Parkwood at Colony West, Inc., has constructed the sidewalk and
curbing improvements at the Parkwood at Colony West Project in accordance with the Site
Plan approved by the City Commission on July 22, 1998; and
WHEREAS, Parkwood at Colony West, Inc., has requested the release of a Public
Improvement Warranty Bond in the form of a Standby Letter of Credit # L986426 from
Union Planters Bank as Surety, in the amount of $620.00 (a copy of which is attached
hereto as "Exhibit A") for the construction of sidewalk and curbing improvements at the
Parkwood at Colony West project; and
WHEREAS, the sidewalk and curbing improvements were inspected and found to
be acceptable according to the requirements of the City Code; and
WHEREAS, pursuant to City Code Section 10-156, this Public Improvement
Warranty Bond has remained in place for the required one (1) year period; and
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WHEREAS, it is the recommendation of the Director of Public Works and the
Assistant City Engineer that the Public Improvement Warranty Bond be released for the
sidewalk and curbing improvements at the Parkwood at Colony West project; 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 a Standby Letter of Credit #L986426 from
Union Planters Bank, in the amount of $620.00 for the sidewalk and curbing improvements
at the Parkwood at Colony West project.
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 in the form of a Standby Letter of Credit #
L986426 in the amount of $620.00, for the sidewalk and curbing improvements constructed
by Parkwood at Colony West, Inc., for the Parkwood at Colony West project located on
Lagos De Campo Boulevard east of NW 84'h Terrace in accordance with Section 10-156 of
the City Code.
Section 3: That all Resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
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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 22n" day of August, 2001.
ATTEST:
Zhu,
MARION SWIfNSON, CMC
CITY CLERK
=I:I=1V=1W991:4011wim -%
UIYAIIU
JOE SCHREIBER
MAYOR
RECORD OF COMMISSION VOTE:
MAYOR SCHREIBER Ayes
DIST 1: COMM. PORTNER AM
DIST 2: COMM. MISHKIN A e/
DIST 3: V/M SULTANOF A ev
DIST 4: COMM. ROBERTS Al M
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No Text
November 18,1998
Beneficiary:
City Of Tamarac
7525 N.W. 88th Avenue
Tamarac,Florida 33321
Gentlemen:
AUNION
PLANTERS
BANK
"EXHIBIT "A"
Temp. Reso. #9483
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Letter of Credit No. L986426
Expiration Date -November 18, 1999
At Our Counters
We hereby establish our Irrevocable Standby Letter of Credit No. L986426 in your favor at the
request of Park Wood At Colonly West,lnc,,2409 University Drive,Coral Springs in the amount
of USD 2,480,00 (Twenty four hundred and eighty dollars only and 00/100).
The purpose of this Irrevocable Letter of Credit is to insure installation of Public Improvements
indicated on the certified cost estimate dated MARCH 15,1999.
Funds under this Letter of Credit are available to you in one or more drawings against sight draft. (s) drawn on Union Planters Bank ,North Bay Village, Florida mentioning our Letter of Credit
No. L986426. Each draft must be accompanied by:
A signed statement from The City of Tamarac or its authorized representives stating that:
(a)The drawing is due to Park Wood At Colonly West, Inc .failure to construct the public
improvements.
(b)That the developer's obligations have not been completed and the City of Tamarac has notified
the bond will not be extended,or
(c)That a warranty bond that is required by Tamarac City code has riot been provided.
It is a condition of this Letter of Credit that it shall be deemed automatically extended ,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 thirty (60) day 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.
Letters of Credit Department
"EXHIBIT "A"
Temp. Reso. #9483
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Any draft here under and in compliance with the terms of this credit will be duly
honored if presented at this office on or before the date of expiration, when
accompanied by the required documents.
Except so far as otherwise expressly stated, this credit is subject to the Uniform
Customs and Practice for Documentary Credit (1993 Revision), International
Chamber of Commerce Publication No. 500
Authorize7'gonatiu.i�re
MARIA FEBUS
ASST. VICE PRESIDENT
LETTERS OF CREDIT DEPARTMENT
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