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HomeMy WebLinkAboutCity of Tamarac Resolution R-99-174Temp. Reso. # 8689 June 29, 1999 Page 1 of 2 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-99-� A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE PERFORMANCE BOND (LETTER OF CREDIT # 933320) IN THE AMOUNT OF $4,925.00 POSTED FOR PUBLIC IMPROVEMENTS AT GOLDEN CORRAL LOCATED AT 7401 WEST COMMERCIAL BOULEVARD SUBJECT TO RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $1,231.25; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.. WHEREAS, Value Dining, Inc. furnished to the City a good and sufficient bond in the total amount of $4,925.00 to guarantee public improvements at the Golden Corral Restaurant located at 7401 West Commercial; and WHEREAS, according to City Code Section 10-156 the bond shall remain in full force until the improvements have been accepted and a one-year warranty bond has been submitted to the City; and WHEREAS, the facilities have been inspected and found acceptable by the Public Works Engineering Division; and WHEREAS, it is the recommendation of the Public Works Director and City Engineer that the performance bond be released subject to receipt of a warranty bond in the amount of $1,231.25 pursuant to City Code Section 10-156; 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 performance bond (Letter of Credit # 933320) in the total amount of $4,925.00 posted for public improvements at Golden Corral located at 7401 West Commercial Boulevard subject to the receipt of a warranty bond in the amount of $1,231,25. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA THAT: UAAdm Correspondence\Resolutions\Resolution\99-Perfomance Bond Release -Golden Corral.doc 1 L Temp. Reso. # 8689 June 29, 1999 Page 2 of 2 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 to release the performance bond (Letter of Credit # 933320) in the total amount of $4,925.00 posted for public improvements at Golden Corral located at 7401 West Commercial Boulevard subject to the receipt of a warranty bond in the amount of $1,231.25. (a copy of the Letter of Credit is attached hereto as "Exhibit 1 "). Section 3: That all Resolutions or parts of resolutions in conflict herewith are 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 ATTEST: CAROL GOL C C/AAE CITY CLEW I HE EBY CERTIFY that I ha ap r eA this RESQ0TIQX as / " IMITCHEI ( CITY A MAYUK DWI:�� DIST t _m DIST & CQM,M. DIST 4: _....COMM. UAAdm Correspondence\Resolutions\Resolution\99-Perfomance Bond Release -Golden Corral.doc HafionsBank 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. 933320 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 4107, FT. LAUDERDALE, FLORIDA 33314 WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT NO. 933320 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S. $ 4,925.00 (FOUR THOUSAND NINE HUNDRED TWENTY FIVE AND 00/100), 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 EXHIBIT 1 Nations8nnk International Services PO Box 830483 Dallas TX 75283.0483 IRREVOCABLE LETTER OF CREDIT NO 933320 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. W Aea �' AUTHORIZED 4)u�IGNATURE PAGE 2 ` �� �� ons nk UIhS DAMK: IONSBANK, M'A' /C NC: 93332O MF�.D�ENT N5: 01 MEND�ENT DATE: 15JUN9O FNEF�CIARY: ITY OF T��ARAC 525 N'W' 88TH A AVENUE AMARAC, FL 33321 APPLICANT: VAL�E DINING I�CORPORATED 6051 PALM 7RACE LANDIN3 #107 FT. LAUDERDALE, FL 33314 E HEREBY AMEND THE ABOVE REFERENCED STANDBY LETTER OF REDIT AS FOLLOWS: N PARAGRAPH 2 STA��TING ON LINE 4 DELETE "...APPROVED BYTHE TILITY ENGINEER FOR VALUE DINING OF TAMARAC, INC., WATER ISTRIBUTION INSTALLATION..." AND INSERT "... APPROVED BY THE ITY ENGI�EER FOR VALUE DINING OF TAMARAC, INC. PAVING, DRAINAGE, IDEWALKS AND CURBS IHSTALLATION...". PARAGRAPH 7 DELETE "...PROVID6D AT LEAST THIRTY (30) S..." AHD INSERT "PROVIDED AT LEAST SIXTY (6O) DAYS..." �DVlSE THROUGH BANK: )LA L OTHER TERMS THIS IS THE OPERATIVE INSTRUMENT �HICH FORMS AN INTEGRAL PART OF LETT 32TER OCREDIAND �HOULD BE ATTACH�:"D THERETO. �OR ASSISTANCE PLEASE CALL CUSTOMER SERVICE AT 214-5O8-O685 -- RREVOCABLE STANDB`/ LETTER OF CREDIT NO. 933320, PAGE 1 ORIGINAL BOND #45BSBAC9448 SUBDIVISION IMPROVEMENT WARRANTY BOND Project Name: Value Dining of Tamarac, Inc. dba Golden Corral Restaurant__ _ KNOW ALL MEN BY THESE PRESENTS: That Steve Markle having an address of 7401 W. Commercial Blvd., Tamarac Fl as Principals, and Hartford Fire Insurance Company having an address of P.O. Box 94800, Maitland, Fl. 32794-8000 A corporation, existing under the laws of the State of Florida, and having heretofore complied with All the requirements of the laws of the State of Florida regulating the admission of such corporation to transact business in this State, as Surety, are held and firmly bound unto the City of Tamarack of Brossard County, a municipal corporation of the State of Florida, having an address of 7525 NW 88`e Avenue, Tamarac, Florida 33321 in the full and just sum of One thousand two hundred thirty-one Dollars and 25/100 ($1,231.25), lawful money of the United States of America, for which sum well and truly to be paid to said City of Tamarac, the said Principal and the said Surety do hereby bind is themselves, their heirs, executors, administrators, successors or assigns respectively, as the case may be jointly and severally, firmly by these presents. WHEREAS, in accordance with the terms of Section 10-156, as amended by Ordinance 93- 23, paragraph (b) of the Tamarac City Code, there is a requirement that a bond in the amount of 25% of the actual cost of the Subdivision Improvements be posted upon formal acceptance of said Subdivision Improvements by the City of Commission, and; WHEREAS, in compliance with said warranty bond requirements, said Principal is required to furnish a good and sufficient bond in a surety company licensed to do business in the State of Florida conditioned upon the correction of all insufficiencies in design, workmanship and/or materials which are found within one year of the date of the formal acceptance of the Subdivision Improvements by the City Commission of City of Tamarac, Florida. NOW, THEREFORE, the condition of the obligation is such that if the said Principal, its successors, legal representatives or assigns shall have made all corrections and shall have paid all claims for the cost of correcting all insufficiencies in design, workmanship and/or materials -0 discovered with one year of the date of formal acceptance of the Subdivision Improvements by the City Commission of the City of Tamarac, Florida, then this obligation shall be void; else to continue 0 in full force and effect. Prior to the end of the calendar year following said City Commission's formal acceptance of the Subdivision Improvements warranted by this bond, the Director of Public Works or his designee shall inspect them for final release. If his investigation reveals any insufficiencies, then he shall notify the Principal, in writing, that the work is unacceptable. The Principal and the Surety, jointly and severally, agree that said City of Tamarac shall have the right to correct insufficiencies in design, workmanship and/or materials in the even the Principal should fail or refuse so to do within ninety (90) days after said written notice by the Director of Public Works, and, pursuant to public advertisement and receipt and acceptance of bids, cause and insufficiencies in design, workmanship and/or materials to be corrected. In such case, the Principal and Surety shall be jointly and severally liable hereunder to pay and indemnify said City upon the correction of said insufficiencies in design, workmanship and/or materials, the final total cost thereof, including but not limited to engineering, legal and contingent cost together with any damage, direct or consequential, which said City of Tamarac may sustain on account of the failure of the Principal to comply with all of the requirements hereof. Upon recommendation by the Director of Public Works for final acceptance and upon compliance by Principal with applicable conditions, as hereinabove stated, the Director of Public Works will then recommend to the City Commission the release of this reduced bond, by resolution. IN WITNESS WHEREOF, the above bounden parties have executed their instrument by affixing • LJ r� u their corporate names and seals hereto and causing their authorized representatives to sign these presents, pursuant to the authority of their governing bodies on the 30 day of March 1999. SIGNED AND SEALED IN THE PRESENCE OF: VALUE DINING OF TAMARAC INC. P CIPAL B TITLE HARTFORD FIRE INSURANCE CO. BY ^r^ r IRA H. NOVAK, ATTO T EY--IN-FACT �/j A" ATTIVSTED BY A TESTED HARTFORD FIRE INSURANCE COMPANY Hartford, Connecticut POWER OF ATTORNEY Know all men by these Presents, That the HARTFORD FIRE INSURANCE COMPANY, a corporation duly organized under the laws of the State of Connecticut, and having its principal office in the City of Hartford. County of Hartford, State of Connecticut. does hereby make. constitute and appoint IRA H. NOVAK and/or NANCY O'BRIEN of BEACHWOOD, OHIO its true and lawful Attorney(s)-in-Fact, with full power and authority to each of said Attorney(s)-in-Fact, in their separate capacity if more than one is named above, to sign, execute and acknowledge any and all bonds and undertakings and other writings obligatory in the nature thereof on behalf of the Company in its business of guaranteeing the fidelity of persons holding places of public or private trust; guaranteeing the performance of contracts other than insurance policies: guaranteeing the performance of insurance contracts where surety bonds are accepted by states and municipalities, and executing or guaranteeing bonds and undertakings required or permitted in all actions or proceedings or by law allowed. in penalties not exceeding the sum of FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) each-------------------------------------------------------------------------------- and to bind the HARTFORD FIRE INSURANCE COMPANY thereby as fully and to the same extent as if such bonds and undertakings and other writings obligatory in the nature thereof were signed by an Executive Officer of the HARTFORD FIRE INSURANCE COMPANY and sealed and attested by one other of such Officers, and hereby ratifies and confirms all that its said Attorney(s)-in-Fact may do in pursuance hereof. This power of attorney is granted by and under authority of the following provisions: (1) By -Laws adopted by the Stockholders of the HARTFORD FIRE INSURANCE COMPANY at a meeting duly called and held on the 9th day of March, 1971. ARTICLE IV SECTION 8. The Presidert or any vice -President, acting with any Secretary or Assistant Secretary, shall have power and authomy to appoint, for purposes only of executing and attesting bonds and undertakings and other writings obligatory in the nature thereof, one or more Resaerit Yce-Preaidems. Residartt Assistant Secretaries and Attomsys-in-Fact and at any time to remove any such Resident Vice -President. Resident Assistant Secretary, or Attorney -in -Fact. and revoke the power and authority given to him. SECTION 11. Attorneys-in•Fact shall have power and authority, subject to the terms and limitations of the power of attorney issued to them. to execute and deliver on behalf of the Company and to attaeh the seal of the Company thereto any and all bonds and undertakings. ano other writings obligatory in the nature thereof, and any such istrumem executed by any such Attorney -in -Fact shall be as binding upon the Company as if signed by an Executive Officer and sealed and attested by one other of such Officers. In Witness Whereof, the HARTFORD FIRE INSURANCE COMPANY has caused these presents to -be signed by its Vice -President, and its corporate seal to be hereto affixed, duly attested by its Secretary, this 15th day of October, 1992. HARTFORD FIRE INSURANCE COMPANY Attest J w^J �? Lam^ Richard R. Hermanson Secretary STATE OF CONNECTICUT'^' Robert N. H. Sevier' lace -President COUNTY OF HARTFORD On this 15th day of October, A.D. 1992, before me personally came Robert N. H. Senor, to me known, who being by me duly sworn, did depose and say: that he resides in the County of Hartford, State of Connecticut: that he is the Vice -President of the HARTFORD FIRE INSURANCE COMPANY, the corporation described in and which executed the above instrument: that he knows the seal of the said corporation; that the seal affixed to the said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation and that he signed his name thereto by like order. STATE OF CONNECTICUT //��`f%� + sa. / V Jean H. wounaK COUNTY OF HARTFORD Notary Arbsc rMy Commission Expires March 31, 1994 CERTIFICATE I, the undersigned, Assistant Secretary of the HARTFORD FIRE INSURANCE COMPANY, a Connecticut Corporation. DO HEREBY CERTIFY that the foregoing and attached POWER OF ATTORNEY remains in full forte and has not been revoked: and furthermore, that the Resolutions of the Board of Directors, set forth in the Power of Attorney. are now in force. Signed and sealed at the City of Hartford. Dated the 30 day of March 19 99 David A. Johnson Assistant Secretory Form S-3307-7 (HFl Printed in U.S.A.