HomeMy WebLinkAboutCity of Tamarac Resolution R-99-144Temp. Reso. #8626, May 10, 1999 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-99-A
A RESOLUTION OF THE CITY COMMISSION TO
AUTHORIZE THE APPROPRIATE CITY OFFICIALS TO
RELEASE A PUBLIC IMPROVEMENT PERFORMANCE
BOND IN THE FORM OF AN IRREVOCABLE STANDBY
LETTER OF CREDIT #BA-375 FROM BANK ATLANTIC IN
THE AMOUNT OF $20,480.00 SUBJECT TO THE RECEIPT
OF A ONE-YEAR WARRANTY BOND IN THE AMOUNT OF
$4,687.50 FOR THE WATER DISTRIBUTION SYSTEM
IMPROVEMENTS INSTALLED BY LEF/TAMARAC, LTD.,
FOR THE WALGREENS TAMARAC PROJECT, LOCATED
ON THE NORTHWEST CORNER OF COMMERCIAL
BOULEVARD AND NW 64"' AVENUE; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, LEF/Tamarac, Ltd., has constructed the Walgreens Tamarac Project
and installed the Water Distribution System Improvements in accordance with the Site Plan
approved by the City Commission on March 25, 1998; and
WHEREAS, LEF/Tamarac, Ltd., is required to provide a one-year Warranty Bond
to the City of Tamarac for the Walgreens Tamarac Water Distribution System
Improvements, located on the northwest corner of Commercial Boulevard and NW 6411
Avenue (attached hereto in map form as "Exhibit 1 "); and
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Temp. Reso. #8626, May 10, 1999 2
WHEREAS, LEF/Tamarac, Ltd., has requested the release of a Public
Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit
#BA-375 from Bank Atlantic in the amount of $20,480.00 (attached hereto as "Exhibit
2") subject to the receipt of a one-year Warranty Bond in the amount of $4,687.50 to the
City of Tamarac for the Water Distribution System Improvements installed for the
Walgreens Tamarac 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 Walgreens Tamarac Project Water
Distribution 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 LEF/Tamarac, Ltd., for the Walgreens Tamarac Project Water Distribution
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
PI
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Temp. Reso. #8626, May 10, 1999 3
resolution.
SECTION 2: That the appropriate City Officials are hereby authorized to
accept the one-year Warranty Bond for the Water Distribution System Improvements in
the amount of $4,687.50 for the Walgreens Tamarac Project, located on the northwest
corner of Commercial Boulevard and NW 641" 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 LEF/Tamarac, Ltd., the Performance
Bond, upon acceptance of the one-year Warranty Bond for the Walgreens Tamarac
Project. The bond is in the form of an Irrevocable Standby Letter of Credit #BA-375
from Bank Atlantic in the amount of $20,480.00 for the Water Distribution 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.
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Temp. Reso. #8626, May 10, 1999 4
SECTION 6: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED AND APPROVED this day of -<21 ,
1999.
ATTE
CAROL G , CMC/AAE
CITY LERK
MW/krs/mg
MITCHELL S. K AF
CITY ATTOR EY
JOE SCHREIBER
MAYOR
IRECOA
MAYOR
DIST 1:
DIST 2:
DIST 3:
DIST 4:
EXHIBIT 1
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WALGRE64,DWG
WALGREENS TAMARAC
PERFORMANCE BOND RELEASE
-21-98 02:49P LEFMARK Palm -Aire
"Exhibit 2"
95a 969 4901 P-02
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BankAtlantic.
September 10, 1998
Mr. Kurt Schoenfelder
City of Tamarac
7525 Northwest 88th Avenue
Tamarac, Florida 33321
HnnkAtlanric
P.Q. pox i3h(1N
Fort isuci��daf�. I71ori,fu 33310-&),N
(954) 700-5000
RE: Irrevocable Standby Line of Credit Number BA-375
Gentlemen:
We hereby establish our Irrevocable Standby Letter of Credit i:�
your favor by order of and for the account of LEF/Tamarac, Ltd. un
to an aggregate amount of Twenty Thousand Four Hundrod mighty and
00/100 Dollars ($20,480.00) which is available for payment by your
draft drawn on us at sight being marked "draw: under BankAtlantic,
a Federal Savings Bank, Letter of Credit Number BA-375 dated
September 10, 1996" and kccompanied by.
1. This original Standby Letter of Credit
2. A statement purportedly signed by an authorized
representative of the City of Tamarac stating than
LEF/Tamarac, Ltd. has failed to comply w-; th the Water and
Sewer Developers Agreement `or water distribution and
sewer collection, (see attached).
We engage with you that all drafts drawn under and in compliance
with the terms of this Letter of Credit will be honored if
presented at this bank on or before September 10, 1999.
Except as otherwise stated herein, this credit is subject to the
"Uniform Customs and Practices for Documentary credits (1993
Revision) International Chamber of commerce (Publication 500)". If
a conflict between the Uniform Customs and Practice for Documentary
Credits and Florida law should arise, Florida law shall prevail. If
a conflict between the law of another state or country and Florida
law should arise, Florida law shall, prevail.
Ver ru1,y yo s,
William Aber
Senior Vice President
Credit Administration
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