HomeMy WebLinkAboutCity of Tamarac Resolution R-2001-220August 22, 2001 - Temp. Reso. #9484
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2001-220
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
A STANDBY LETTER OF CREDIT #LC870-112230 FROM
WACHOVIA BANK, IN THE AMOUNT OF $8,625.00 POSTED
BY ACTIVE SENIOR LIVING RESIDENCE, INC., FOR
PAVING, SIDEWALK AND CURB IMPROVEMENTS AT THE
ACTIVE SENIOR LIVING RESIDENCE PROJECT LOCATED
ON THE NORTH SIDE OF NW 57T" STREET BETWEEN NW
915T AVENUE AND PINE ISLAND ROAD, SUBJECT TO THE
RECEIPT OF A ONE-YEAR WARRANTY BOND IN THE
AMOUNT OF $2,156.25; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, Active Senior Living Residence, Inc., has constructed paving, sidewalk
and curb improvements at the Active Senior Living Residence project in accordance with
the Site Plan approved by the City Commission on March 25, 1998 through resolution
number R-1998-88; and
WHEREAS, the paving, sidewalk and curb improvements were inspected and found
to be acceptable according to the requirements of the City Code; and
WHEREAS, Active Senior Living Residence, Inc., has requested the release of this
Public Improvement Performance Bond in the form of Standby Letter of Credit #LC870-
112230 from Wachovia Bank as Surety, in the amount of 18,625.00, a copy of which is
attached hereto as "Exhibit A", subject to the receipt of a Warranty Bond in the amount of
$2,156.25 to the City Of Tamarac for the construction of paving, sidewalk and curb
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improvements for the Active Senior Living Residence project; and
WHEREAS, it is the recommendation of the Director of Public Works and the
Assistant City Engineer that the Public Improvement Performance Bond be released forthe
Active Senior Living Residence project for paving, sidewalk and curb improvements,
subject to the receipt of a one-year Warranty Bond from Active Senior Living Residence,
Inc.; 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 in the form of a Standby Letter of Credit #LC870-112230
from Wachovia Bank as surety in the amount of $8,625.00 for the construction of paving,
sidewalk and curb improvements of the Active Senior Living Residence project, subject to
the receipt of a one-year Warranty Bond from Active Senior Living Residence, Inc.
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 farm of a Standby Letterof Credit#
LC870-112230 from Wachovia Bank as Surety, in the amount of $8,625.00, for the
construction of paving, sidewalk and curb improvements subject to the receipt of a one-
year Warranty Bond in the amount of $2,156.25 for the Active Senior Living Residence
project in accordance with Section 10-156 of the City Code.
Section 3: That all Resolutions or parts of resolutions in conflict herewith are
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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.
Section 5: This Resolution shall become effective immediately upon its passage
and adoption.
PASSED, ADOPTED AND APPROVED this 22"d day of August, 2001.
JOE SCHREIBER
MAYOR
ATTEST: -
RECORD OF COMMISSION VOTE:
MARION S ENSON, CMC
CITY CLERK
I HEREBY CERTIFY that I
nU
wed this
ION as to
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"EXHIBIT "A"
Temp. Reso. #9484
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TLY 16, 1999
BENEFICIARY:
CITY OF TAMARAC,
7525 NW 88TH AVE
TAMARAC, FL 33321
WICHOVL
PAGE: 1
OUR IRREVOCABLE STANDBY LETTER OF CRED]
LC870-112230
APPLICANT:
PUBLIC WORKS ACTIVE SENIOR LIVING RESIDENCE, INC
14450 STIRLING ROAD
FT. LAUDERDALE, FL 33330
AMOUNT: EXACTLY USD 8,625.00
EXACTLY EIGHT THOUSAND SIX HUNDRED TWEN
FIVE AND 00/100'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:LC870-112230 IN
YOUR FAVOR FOR THE ACCOUNT OF THE ABOVE REFERENCED APPLICANT, UP TO THE
AGGREGATE AMOUNT OF EXACTLY USD 8,625.00 .
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:LC870-112230", ACCOMPANIED BY THE FOLLOWING:
- BENEFICIARY'S SIGNED STATEMENT READING:
THE DRAWING IS DUE TO APPLICANTS FAILURE TO CONSTRUCT THE PUBLIC
IMPROVEMENTS-
2) THE APPLICANTS OBLIGATIONS HAVE NOT BEEN COMPLETED, AND THE CITY OF TAMARA(
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 INSTALLATIOT
OF PUBLIC IMPROVEMENTS INDICATED ON THE CERTIFIED COST ESTIMATE DATED AND
APPROVED JUNE 1, 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 AUTOMATICALI
EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM ITS EXPIRATION DATE, OR FROM ANY
"EXHIBIT "A"
Temp. Reso. #9484 Page 2 of 2
NACHO"
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: LC870-112230 PAGE: 2
FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY DAYS PRIOR TO ANY SUCH EXPIRATI
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 SUBJEj
TO UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, 1993 REVISION,
INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500.
WACHOVIA BANK, N.A.
��_r V
BY. -__ ____tom. --
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).
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