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Home My WebLink AboutCity of Tamarac Resolution R-99-007Temp. Reso. #8483, December 15, 1998 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-99- 0 / A RESOLUTION OF THE CITY COMMISSION AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT PERFORMANCE BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #933321 FROM NATIONSBANK, NA., IN THE AMOUNT OF $5,052.50 SUBJECT TO THE RECEIPT OF A ONE-YEAR WARRANTY BOND IN THE AMOUNT OF $2,863.75 FOR THE WATER DISTRIBUTION AND SEWAGE COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY VALUE DINING OF TAMARAC, INC., FOR THE GOLDEN CORRAL PROJECT LOCATED AT 7401 WEST COMMERCIAL BOULEVARD; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Value Dining of Tamarac, Inc., has constructed the Golden Corral 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 May 27, 1998, requires Value Dining of Tamarac, Inc., to provide a one-year Warranty Bond to the City of Tamarac for the Golden Corral Project Water Distribution and Sewage Collection System Improvements located at 7401 West Commercial Boulevard (attached hereto in map form as "Exhibit 1"); and Temp. Reso. #8483, December 15, 1998 2 WHEREAS, Value Dining of Tamarac, Inc., has requested the release of a Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #933321 from NationsBank, NA., in the amount of $5,052.50 (attached hereto as "Exhibit 2") subject to the receipt of a one-year Warranty Bond in the amount of $2,863.75 to the City of Tamarac for the Water Distribution and Sewage Collection System Improvements installed for the Golden Corral Project; and WHEREAS, the Improvements were inspected, approved and are recommended for acceptance for a one-year 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 Golden Corral 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 Performance Bond subject to the receipt of a one-year Warranty Bond from Value Dining of Tamarac, Inc., for the Golden Corral Project Water Distribution and Sewage Collection System Improvements. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: 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 11 1 1 1 Temp. Reso. #8483, December 15, 1998 3 resolution. SECTION 2: That the appropriate City Officials are hereby authorized to accept the one-year Warranty Bond for the Water Distribution and Sewage Collection System Improvements in the amount of $2,863.75 for the Golden Corral Project located at 7401 West Commercial Boulevard in accordance with Section 10-156 of the City Code. SECTION 3 That the City Clerk is hereby authorized and directed to release to the Utilities. Department for return to Value Dining of Tamarac, Inc., the Performance Bond upon acceptance of the one-year Warranty Bond for the Golden Corral Project. The 09nd is in the form of an Irrevocable Standby Letter of Credit #933321 from Nations$ank, NA., in the amount of $5,052.50 for the Water Distribution and Sewage Collection System Improvements. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 5: 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. #8483, December 15, 1998 4 SECTION 6: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this�day of , 1999. CAROL LD, CMC/AAE Ci CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as ITCHELL U. KRAFT CITY ATTORNEY TR/krs/mg JOE SCHREIBER MAYOR RECORD OF COMMISSION MAYOR SCHREIBER DIST 1: CO�NiM, I lcKAYE DIST 2: VL/M MISHKIN DIST 3: COMM. SULTANOF DIST 4: COMM. R( 2TC EXHIBIT I TEMP. RESO. # 8483 w 11 A COMMONS 67 ST Li BELLE CAR ERRE TOF > <C 0 66 ST C3 0- TAMARAC u W Li MAINL NDS S I 5 N N 0 65 ST \N UNIV. ( '4 cl N X. > SHOPPES OFCS, 64 ST 64 ST cy- EGAN VIEW N C3 u z C3 A PLAT > a 63 63 CT > CT NNN cy- 0 ILLAGEL'i 63 ST 63 ST 62 CT REEK WATER HUMB QUARE > SAINT 62 ST 62 S L6 PLANT z MALACHY CK Li > > > > SITE/ Q zoo—Z JOHN < > 4z T(EDGE�IWYTIER) m HYRAN ER. > cn r- cn P, N�7p ,D 61 ST 61 ST _ 4c CURTIS -MAINhANDS 10 SE 10 Go co n FIELD PLAT NATIONS BANK N r� 60 ST WATERSIDE 60 ST 10 LAND SEC, 10 ST .59 z AEARTLAND! OF TAMARAC co < [m 58 CT > > > MIDWAY PLAZA tm�� u-) 58 ST 0 r- qt c l < BLOCK 00 L"I.- r� 57 PL 01% BUSTER W BIG LOTS MA114L D UNITED BOSTON PLAZA 57 STATES POST CHICKEN 01 >- 57 CT OFFICE 57 ST 58 SEC 9 < 57 CT ?` z z M Li x >- -j < I 0. 0 —1 <E CQ Z ��d D001- 3 t ZZ C3. > -cx 0: Li 0 Li o rn V) <E x Q -i as 0 -3' w zwl m Q w 1-- cc z L) QQ (64% a a- im, .0 COMMERCIAL BLVD (CO RD. 870) SITE LOCATION LAUDERHILL T wo: z GOLDEN CORRAL OF PERFORMAN GOLD-COR-DWG 1 ofionsBank InlarnaNanal farvleae PO Box 830483 Dallas TX 75283-0483 ISSUING BANK. NATIONSBANK, N.A. DATE:JUNE 5, 1998 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVENUE TAMARAC, FLORIDA 33321 APPLICANT: VALUE DINING INCORPORATED 6051 PALM TRACE LANDING #107 FT. LAUDERDALE, FLORIDA 33314 "Exhibit 2" S.W.I.F.T. # NCNBUS 44 LOC Telex Number: (MCI) 6829317 Answer Back: NCNSDAL IRREVOCABLE STANDBY LETTER OF CREDIT NO. 933321 GENTLEMEN: 0 BY ORDER OF OUR CLIENT, VALUE DINING INCORPORATED, 6051 PALM TRACE LANDING #107, FT. LAUDERDALE, FLORIDA 33314 WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT NO. 933321 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE - AGGREGATE U.S. S 5,052.50 (FIVE THOUSAND FIFTY-TWO AND 50/100), EFFECTIVE IMMEDIATELY AND EXPIRING AT OUR OFFICE AT 901 MAIN STREET, 9TH FLOOR, DALLAS, TEXAS 75202, WITH OUR CLOSE OF BUSINESS ON MAY 31, 1999. WE ARE ADVISED THAT THIS IRREVOCABLE LETTER OF CREDIT IS TO INSURE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON THE CERTIFIED COST ESTIMATE DATED MAY 15, 1998 AND PLANS PREPARED BY FLYNN ENGINEERING AND APPROVED BY THE UTILITY ENGINEER FOR VALUE DINING OF TAMARAC, INC. WATER DISTRIBUTION INSTALLATION AND THE DEVELOPERS OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 10-156. THE CITY IS AUTHORIZED TO DRAW DRAFTS AT SIGHT ACCOMPANIED BY A SIGNED STATEMENT PURPORTEDLY FROM THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVES THAT: A) THE DRAWING IS DUE TO VALUE DINING INCORPORATED FAILURE TO CONSTRUCT THE PUBLIC IMPROVEMENTS. PAGE 1 0 matiansBank fStemafiened snwicex O Box 830483 lallas= 75283-0483 • IRREVOCABLE LETTER OF CREDIT NO 933321 S.W.I.F.T. # NCNBUS 44 LOC Telex Number: (MCI) 6829317 Answer Back: NCNBDAL B) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED AND THE CITY OF TAMARAC HAS BEEN NOTIFIED THE BOND WILL NOT BE EXTENDED, OR C) THAT A WARRANTY BOND THAT IS REQUIRED BY TAMARAC CITY CODE HAS NOT BEEN PROVIDED. 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 OVERNIGHT COURIER SERVICE OF OUR INTENT NOT TO RENEW FOR AN ADDITIONAL PERIOD, WHICH NOTICE MUST BE PROVIDED AT LEAST THIRTY (30) 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 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 DOCUMENTS AS SPECIFIED IF PRESENTED TO US AT OUR 901 MAIN ST., 9TH FLOOR, DALLAS, TEXAS 75202 OFFICE. EXCEPT AS FAR AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, 1993 REVISION, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. NATIONSBANK, N.A. 1-14 SON,, •• rZWEVII * mplo PAGE 2 d. FOR APPROVAL ONLY - PERFORMANCE BOND 0 Item Title: GOLDEN CORRAL - PERFORMANCE BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #933321 FROM NATIONSBANK NA. IN THE AMOUNT OF 9,052.50. THE PROJECT IS LOCATED ON THE NORTH SIDE OF COMMERCIAL BOULEVARD BETWEEN UNIVERSITY DRIVE AND NW 73RD STREET. The initiating Division is to place a number between the parentheses ( ) below, beginning with 1, to indicate the routing order of each department that must initial their approval in order for this item to be accepted by City. Department (3) City Attorney Initials for Approval (4) City Clerk(please return Return approved form to Utilities) (2) Risk Management (1) Utilities/Engineering Initiating Division Signature: Date: Date NafionsSank' International Services PO Box 830483 Dallas TX 75283-0483 ISSUING BANK: NATIONSBANK, N.A. DATE: TUNE 5, 1998 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVENUE TAMARAC, FLORIDA 33321 APPLICANT: VALUE DINING INCORPORATED 6051 PALM TRACE LANDING # 107 FT. LAUDERDALE, FLORIDA 33314 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 933321 GENTLEMEN: S.W.I.F.T. # NCNBUS 44 LOC Telex Number: (MCI) 6829317 Answer Back: NCNBDAL BY ORDER OF OUR CLIENT, VALUE DINING INCORPORATED, 6051 PALM TRACE LANDING #107, FT. LAUDERDALE, FLORIDA 33314 WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT NO. 933321 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S $ 5,052,50 (FIVE THOUSAND FIFTY-TWO AND 501100), EFFECTIVE IMMEDIATELY AND EXPIRING AT OUR OFFICE AT 901 MAIN STREET, 9TH FLOOR, DALLAS, TEXAS 75202, WITH OUR CLOSE OF BUSINESS ON MAY 31, 1999. WE ARE ADVISED THAT THIS IRREVOCABLE LETTER OF CREDIT IS TO INSURE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON THE CERTIFIED COST ESTIMATE DATED MAY 15, 1998 AND PLANS PREPARED BY FLYNN ENGINEERING AND APPROVED BY THE UTILITY ENGINEER FOR VALUE DINING OF TAMARAC, INC. WATER DISTRIBUTION INSTALLATION AND THE DEVELOPERS OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 10-156. THE CITY IS AUTHORIZED TO DRAW DRAFTS AT SIGHT ACCOMPANIED BY A SIGNED STATEMENT PURPORTEDLY FROM THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVES THAT: A) THE DRAWING IS DUE TO VALUE DINING INCORPORATED FAILURE TO CONSTRUCT THE PUBLIC IMPROVEMENTS. PAGE 1 Nafiansank International Services PO Box 830483 Dallas TX 75283-0483 IRREVOCABLE LETTER OF CREDIT NO 933321 S.W.I.F.T. # NCNBUS 44 LOC Telex Number: (MCI) 6829317 Answer Back: NCNBDAL B) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED AND THE CITY OF TAMARAC HAS BEEN NOTIFIED THE BOND WILL NOT BE EXTENDED, OR C) THAT A WARRANTY BOND THAT IS REQUIRED BY TAMARAC CITY CODE HAS NOT BEEN PROVIDED, 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 OVERNIGHT COURIER SERVICE OF OUR INTENT NOT TO RENEW FOR AN ADDITIONAL PERIOD, WHICH NOTICE MUST BE PROVIDED AT LEAST THIRTY (30) 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 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 DOCUMENTS AS SPECIFIED IF PRESENTED TO US AT OUR 901 MAIN ST., 9TH FLOOR, DALLAS, TEXAS 75202 OFFICE. 0 EXCEPT AS FAR AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, 1993 REVISION, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. NATIONSBANK, N.A. Wull" /( F AUTHORIZED NATURE PAGE 2 0