HomeMy WebLinkAboutCity of Tamarac Resolution R-99-123r-J,
Temp. Reso. #8600, April 16, 1999 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-99--j
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 #77399
FROM FIRST UNITED BANK IN THE AMOUNT OF
$26,776.00 FOR THE WATER DISTRIBUTION SYSTEM
IMPROVEMENTS INSTALLED BY UMC PARTNERS, LTD.,
FOR THE UNIVERSITY MEDICAL ARTS BUILDING
PROJECT, LOCATED ON THE SOUTH SIDE OF NW 74"
STREET ON THE UNIVERSITY HOSPITAL'S CAMPUS;
PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, UMC Partners, Ltd., has constructed the University Medical Arts
Building Project, located on the south side of NW 74" Street (attached hereto in map form
as "Exhibit 1 ") and has installed the Water Distribution System Improvements; and
WHEREAS, the Water and Sewer Developer's Agreement accepted and
executed by the City of Tamarac on September 10, 1997, for the University Medical
Arts Building Project requires UMC Partners, Ltd., to provide a Performance Bond
(attached hereto as "Exhibit 2") to the City of Tamarac for the Water Distribution System
Improvements; and
Temp. Reso. #8600, April 16, 1999 2
WHEREAS, the Improvements were inspected, approved and are recommended
for acceptance by the Utilities Engineering Division; and
WHEREAS, the Bill of Sale Absolute for this project was accepted and executed
by City Commission on June 10, 1998, which began the one-year warranty period on
this date, and the Public Improvement Performance Bond was left in place for the one-
year warranty period; and
WHEREAS, it is the recommendation of the Director of Utilities that the Public
Improvement Performance Bond be released for the University Medical Arts Building
Project Water Distribution System; 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 from UMC Partners, Ltd., for the University
Medical Arts Building Project Water Distribution System Improvements and waive the
one-year Warranty Bond.
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.
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Temp. Reso. #8600, April 16, 1999 3
SECTION 2: That the appropriate City Officials are hereby authorized to
release the Public Improvement Performance Bond in the amount of $26,776.00 for the
Water Distribution System Improvements for the University Medical Arts Building
Project.
SECTION 3: That the City Clerk is hereby authorized and directed to
release to the Utilities Department for return to UMC Partners, Ltd., the Public
Improvement Performance Bond for the University Medical Arts Building Project. The
bond is in the form of an Irrevocable Standby Letter of Credit #77399 issued by First
United Bank in the amount of $26,776.00 for the Water Distribution System
Improvements installed for the University Medical Arts Building Project, located on the
south side of NW 74th Street on the University Hospital's campus.
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.
SFr C)KI A
passage and adoption.
1999.
Temp. Reso. #8600, April 16, 1999 4
This Resolution shall become effective immediately upon its
PASSED, ADOPTED AND APPROVED this day of ,
ATTEST:
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CAROL GOL CMC/AAE
CITY CLERK
I HEREBY CERTIFY that I have
approved this RESOLUTIC�,�
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RECORD OF COMMISSION
MAYOR SCHREIBER
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DIST 2: V/M MISHKIN
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UNI_MEDICAL_ARTS.DWG
UNIVERSITY MEDICAL ARTS BUILDING
PERFORMANCE BOND RELEASE
"Exhibit 2"
1sT UNITED BANK
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IRREVOCABLE LETTER OF CREDIT NO. 77399
June 18, 1997
Beneficiary: City of Tamarac
7525 N. W. 88th Avenue
Tamarac, Florida 33321
Gentlemen:
We have established this Irrevocable Letter of Credit No. 77399 in your favor for the account, of:
UMC Partners, Ltd.
1900 Glades Road, Suite #400
Boca Raton, Florida 33431
for drawing up to the aggregate amount of
TWENTY SIX THOUSAND SEVEN HUNDRED SEVENTY SIX AND NO1100
DOLLARS ($26,776.00)
0 effective immediately and expiring at our office at:
1 st United Bank
6801 Lake Worth Road
Lake Worth, FL 33467
with our close of business on June 18, 1998.
We are advised that this irrevocable Letter of Credit is to insure the installation of public improvements
indicated on the certified cost estimate dated June 2, 1997 and on plans prepared by Rhon Ernest -Jones
Consulting Engineers, Inc. and approved by the city engineer for University Medical Arts, Phase I,
utilities construction and developer's obligation to comply with the requirements of Tamarac City Code
Section 10-156.
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The city is authorized to draw drafts at sight accompanied by assigned statement from the City of Tamarac
or its authorized representatives that:
A. The drawing is due to UMC Partners, Ltd.'s failure to construct the public improvements.
B. That the developer's obligations have not been completed and the City of Tamarac has been noted
the bond will not be extended or
C. That a warranty bond that is required by Tamarac City Code had not been provided.
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D. This instrument shall be renewed for successive periods of one (1) year each unless we provide written
notice to the City Clerk via registered mail of our intent to terminate the credit herein extended, which
notice must be provided at least sixty (60) days prior to the expiration date of the original term, unless
the City of Tamarac returns the original letter of credit together with notification that it may be
terminated.
We hereby undertake to promptly honor one or more of your sight draft(s) drawn on us in compliance
with the terms of this letter of credit, in your favor, for all or any part of this Letter of Credit, if presented
at our office at the above address on or before the above expiration date or any automatically extended
date, upon presentation of the original of this letter of credit and any and all amendments for proper
endorsement. All drafts must be clearly marked "Drawn under 1st United Bank Letter of Credit No.
17399 ". Such documents must accompany all presentments for payment.
Except as stated herein, this undertaking is not subject to any condition or qualification. Our obligation
under this Letter of Credit shall be our individual obligation, in no way contingent upon reimbursement
with respect thereto.
This Letter of Credit is subject to the ICC Uniform Customs and Practice for Documentary Credits (1993
Revision), International Chamber of Commerce Publication No. 500 (the "UCP"). Notwithstanding
Article 17 of the UCP, if this Letter of Credit expires during an interruption of our business as described
in said Article 17, you may draw alternatively hereunder at our main Letter of Credit facility as noted on
this letterhead, on or before the current expiration date or any amended expiration date, provided that you
present the original of the Letter of Credit and any and all amendments thereto.
1ST UNITED BANK
Anne Davis Paddock, Vice President
ATTEST
Oliver, Vice President
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