HomeMy WebLinkAboutCity of Tamarac Resolution R-99-122Temp. Reso.#8491, December 17, 1998 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-99-��i
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 #S970860 FROM SUNTRUST BANK, Nk, IN THE
AMOUNT OF $79,127.25 SUBJECT TO THE RECEIPT OF A
ONE-YEAR WARRANTY BOND IN THE AMOUNT OF
$32,755.00 FOR THE WATER DISTRIBUTION AND SEWAGE
COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY
LENNAR HOMES, INC., FOR THE EXETER-WEST PORTION
PROJECT LOCATED ON THE SOUTH SIDE OF NW 80"
STREET BETWEEN NW 108" TERRACE AND NW 106"
AVENUE; PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, Lennar homes, Inc., has constructed the Exeter -West Portion Project
and installed the Water Distribution and Sewage Collection System Improvements in
accordance with the Site Plan approved by the City Commission on October 22, 1997; and
WHEREAS, the Water and Sewer Developer's Agreement accepted and
executed by the City of Tamarac on January 14, 1998, requires Lennar Homes, Inc., to
provide a one-year Warranty Bond to the City of Tamarac for the Exeter -West Portion
Project Water Distribution and Sewage Collection System Improvements located on the
south side of NW 80' Street between NW 1081" Terrace and NW 1061" Avenue
(attached hereto in map form as "Exhibit 1 "); and
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Temp. Reso.#8491, December 17, 1998 2
WHEREAS, Lennar Homes, Inc., has requested the release of a Public
Improvement Performance Bond in the form of a Irrevocable Standby Letter of Credit
#S970860 from Suntrust Bank, NA., in the amount of $79,127.25 (attached hereto as
"Exhibit 2") subject to the receipt of a one-year Warranty Bond in the amount of
$32,755.00 to the City of Tamarac for the Water Distribution and Sewage Collection
System Improvements installed for the Exeter -West Portion 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 Exeter -West Portion 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 Lennar Homes, Inc., for the Exeter -West Portion Project Water Distribution
and Sewage Collection System Improvements.
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Temp. Reso.#8491, December 17, 1998
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
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
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System Improvements in the amount of $32,755.00 for the Exeter -West Portion Project
located on the south side of NW 80'h Street between NW 108'h Terrace and NW 106th
Avenue 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 Lennar Homes, Inc., the Performance
Bond upon acceptance of the one-year Warranty Bond for the Exeter -West Portion
Project. The bond is in the form of an Irrevocable Standby Letter of Credit #S970860
from Suntrust Bank, NA., in the amount of $79,127.25 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.
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Temp. Reso.#8491, December 17, 1998 4
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.
SECTION 6: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED AND APPROVED this,/ day of 71YAO,
1999.
ATTEST:
CAROL. GO CMC/AAE
CITY QUERK
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JOE SCHREIBER
MAYOR
RECORD OF COMMISSION
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EXETER — WEST PORTION
PERFORMANCE BOND RELEASE
"Exhibit 2"
0 SUNTRUST
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SUNTRUST MIAMI, N.A.
IRREVOCABLE STANDBY LETTER OF CREDIT NO. S970860
DECEMBER 30,1998
BENEFICIARY:
CITY OF TAMARAC
7525 N.W. 88TH AVE.
TAMARAC, FL. 33321
APPLICANT:
LENNAR HOMES, INC.
700 NW 107TH AVENUE
MIAMI, FL 33172
AMOUNT: USD 79,127.25
DATE OF EXPIRY DECEMBER 30, 1998
PLACE OF EXPIRY: AT OUR COUNTERS
BY ORDER OF OUR CLIENT, LENNAR HOMES INC., 700 N.W. 107TH
AVENUE, MIAMI, FL 33172, WE HEREBY OPEN OUR IRREVOCABLE LETTER
OF CREDIT NUMBER S970860 IN YOUR FAVOR FOR AN AMOUNT NOT TO
EXCEED IN THE AGGREGATE U.S. DOLLARS USD 79,127.25 (SEVENTY NINE
THOUSAND ONE HUNDRED TWENTY SEVEN AND 25/100 U.S. DOLLARS)
EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR
SUNTRUST BANK,MIAMI N.A., 3737 NW 87TH AVENUE, MIAMI, FL.
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 a
ESTIMATE DATE OCTOBER 23,1997 AND APPROVED BY THE UTILITY
ENGINEER FOR WATER & SEWER INSTALLATION FOR EXETER-WEST PORTION
AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENT
OF TAMARAC CITY CODE SECTION 10-156.
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: `
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(A) THE DRAWING IS DUE TO LENNAR HOMES, INC.'S 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, Miami, Florida 33178 Swift: SNBOUS3M Telex: 6734609
"Exhibit 2"
SLNT)IzUST
IRREVOCALBLE LETTER OF CREDIT NO. S970860
(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 S970860."
UNLESS EXPRESSLY STATED OTHERWISE, THIS LETTER OF CREDIT IS
SUBJECT TO THE UNIFOPKVUSTOMS AND PRACTICE (1993 REVISION)
INTERNATIONAL CHAMBE 0# COMMERCE PUBLICATION NUMBER 500, OR ANY
RE�KION SUPERCE(IN PU1716LICATION NUMBER 500.
UTHORIZED SIGNATURE
A
SUNTRUST INTERNATIONAL SERVICES
ACTING AS AGENT FOR
SUNTRUST BANK MIAMI, N.A.
307 _ f -
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All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th
Avenue, Miami, Florida 33176 Swift: SNBOUS3M Telex: 6734609