HomeMy WebLinkAboutCity of Tamarac Resolution R-99-080Temp. Reso. #8562 March 10, 1999 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-99- 8U
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 #M525468 FROM BARNETT BANK, NA., IN THE
AMOUNT OF $116,585.50 SUBJECT TO THE RECEIPT OF
A ONE-YEAR WARRANTY BOND IN THE AMOUNT OF
$43,534.50 FOR THE WATER DISTRIBUTION AND SEWAGE
COLLECTION SYSTEM IMPROVEMENTS, INSTALLED BY
LENNAR HOMES, INC., FOR THE SOUTHAMPTON PHASE
F PROJECT, LOCATED ON THE WEST SIDE OF NOB HILL
ROAD BETWEEN NW 71ST PLACE AND NW 80" STREET;
PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, Lennar homes, Inc., has constructed the Southampton Phase F Project
and installed the Water Distribution and Sewage Collection System Improvements in
accordance with the Site Plan approved by the City Commission on December 11, 1996;
and
WHEREAS, the First Amendment to the Water and Sewer Developer's
Agreement accepted and executed by the City of Tamarac on September 9, 1998,
requires Lennar Homes, Inc., to provide a one-year Warranty Bond to the City of
Tamarac for the Southampton Phase F Project Water Distribution and Sewage
1
Temp. Reso. #8562 March 10, 1999 2
Collection System Improvements, located on the west side of Nob Hill Road between
NW 715' Place and NW 80" Street (attached hereto in map form as "Exhibit 1 "); and
WHEREAS, Lennar Homes, Inc., has requested the release of a Public
Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit
#M525468 from Barnett Bank, NA., in the amount of $116,585.50 (attached hereto as
"Exhibit 2") subject to the receipt of a one-year Warranty Bond in the amount of
$43,534.50 to the City of Tamarac for the Water Distribution and Sewage Collection
System Improvements, installed for the Southampton Phase F 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 Southampton Phase F 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 Southampton Phase F Project Water Distribution
and Sewage Collection System Improvements,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
Temp. Reso. #8562 March 10, 1999 3
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
System Improvements, in the amount of $43,534,50 for the Southampton Phase F
Project, located on the west side of Nob Hill Road between NW 715t Place and NW 80"
Street 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 Southampton Phase F
Project. The bond is in the form of an Irrevocable Standby Letter of Credit #M525468
from Barnett Bank, NA., in the amount of $116,585.50 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. #8562 March 10, 1999 4
SECTION 6: This Resolution shall become effective immediately upon its
passage and adoption.
rk
PASSED, ADOPTED AND APPROVED this�day of ,
1999.
JOE SCHREIBER
MAYOR
ATTEST:
CAROL GO , CMC/AAE
CITYt>LERK RECORD OF COMMISSION
MAYOR SCHREIBER , ,.
DIST 1: COMM. PORTNE
I HEREBY CERTIFY that I have DIST 2: V/M MISHKIN
appro d Is RESOLUTION as DIST $: COMM. SULTANOF
to !RIM - A r , DIST 4: COMM. ROBERTS
MW/krs/mg
1
MITCHELL S. KF
CITY ATTORN
EXHIBIT I
L'
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TEMP. RESO. # 8562
HAMPTON-M
SOUTHAMPTON - PHASE F
RELEASE OF PERFORMANCE BOND
"Exhibit 2"
PAGE: 1 L/C NUMBER: M525468 Barnett.
•
BARNETT BANK, N.A.
701 BRICKELL AVENUE - 8TH FLOOR
MIAMI, FL 33131
IRREVOCABLE STANDBY LETTER OF CREDIT
LETTER OF CREDIT NUMBER: M525468 ISSUE DATE: MARCH 6, 1998
APPLICANT: BENEFICIARY:
LENNAR HOMES, INC. CITY OF TAMARAC
700 N.W. 107TH AVE. 7525 N.W. 88TH AVE.
MIAMI , FL 33172 'TAMARAC, FLORIDA 33321
AMOUNT: USD 116,585.50
ONE HUNDRED SIXTEEN THOUSAND FIVE HUNDRE[.
EIGHTY FIVE AND 50/1001S USD
DATE OF EXPIRY : MARCH 6, 1999
PLACE OF EXPIRY: 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 M525468 IN YOUR
FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE ONE HUNDRED SIXTEEN THOUSAND
FIVE HUNDRED EIGHTY FIVE US DOLLARS AND 50/100 (USD116,585.50) EFFECTIVE
IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR.BARNETT BANK N.A., 701 BRICKELL
AVE., SUITE 801 MIAMI, FL. 33131.
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 ESTIMATE DATE
FEBRUARY
10, 1998 AND APPROVED BY THE UTILITY ENGINEER FOR WATER DISTRIBUTION
AND SEWAGE COLLECTION SYSTEMS INSTALLATION FOR SOUTHAMPTON PHASE F DEVELOPER'S
OBLIGATION TO COMPLY WITH THE REQUIREMENY 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:
(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 LETTER OF CREDIT WILL NOT BE EXTENDED, OR
(C) THAT THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE LETTER OF CREDIT 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 kEGISTERED 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.
ORIGINAL
152404 119fi
PAGE: 2 L/C NUMBER: M525468 Barw
ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST,BE MARKED: "DRAWN UNDER BARNETT BANK
N.A. OF CREDIT NUMBER M525468."
UNLESS EXPRESSLY STATED OTHERWISE, THIS LETTER OF CREDIT IS SUBJECT TO THE
UNIFORM CUSTOMS AND PRACTICE (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NUMBER 500, OR ANY REVISION SUPERCEDING PUBLICATION NUMBER 500.
AUTHORIZED SIGNATURE
i
ORIGINAL
PAGE: 1 L/C NUMBER: M519131
0 BARNETT BANK, N.A.
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: M519131
Barnett,
AMENDMENT NUMBER: 2
DATE OF AMENDMENT: MARCH 9, 1998
APPLICANT: BENEFICIARY:
LENNAR HOMES, INC. CITY OF TAMARAC
700 N.W. 107TH AVE. 7525 N.W. 88TH AVE.
MIAMI FL 33172 TAMARAC, FLORIDA 33321
THE ABOVE MENTIONED APPLICANT HAS AMENDED THE REFERENCED STANDBY LETTER
OF CREDIT AS FOLLOWS:
THE _FOLLOWING ADDITIONAL CONDITION HAS BEEN ADDED:
PARAGRAPH NO.1 LAST LINE SHOULD READ. QUOTE. HEREIN AT OUR BARNETT BANK N.A.
701 BRICKELL AVE,-SUITE 801, MIAMI, FL. 33131 UNQUOTE.
THE -FOLLOWING ADDITIONAL CONDITION HAS BEEN ADDED:
PARAGRAPHS N0.5 AND NO.6 SHOULD READ AS FOLLOWS INSTEAD OF AS PREVIOUSLY
STATED.
QUOTE (B) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED,
OR THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT TKE LETTER OF CREDIT WILL NOT
BE EXTENDED, OR.
(C) THAT THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE LETTER OF CREDIT WILL
NOT BE EXTENDED." UNQUOTE.
• ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
IN THE EVENT YOU DO NOT ACCEPT THIS AMENDMENT, KINDLY NOTIFY US IN WRITING
AT YOUR EARLIEST CONVENIENCE.
C]
AUTHORIZED SIGNATURE
10
ORIGINAL
152404 1196