HomeMy WebLinkAboutCity of Tamarac Resolution R-99-0821
Temp. Reso. #8581, March 24, 1999 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-99-2c),
A RESOLUTION OF THE CITY COMMISSION AUTHORIZING
THE APPROPRIATE CITY OFFICIALS TO RELEASE A
PUBLIC IMPROVEMENT WARRANTY BOND IN THE FORM
OF AN IRREVOCABLE STANDBY LETTER OF CREDIT
#1157 FROM POINTBANK, IN THE AMOUNT OF $1,115.00
FOR THE WATER DISTRIBUTION SYSTEM
IMPROVEMENTS, INSTALLED BY PROSPECT
COMMERCIAL, INC., FOR THE BAGELMANIA PROJECT,
LOCATED ON THE SOUTHWEST CORNER OF
COMMERCIAL BOULEVARD AND PROSPECT ROAD;
PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
WHEREAS, Prospect Commercial, Inc., has constructed the Bagelmania Project
and installed the Water Distribution System Improvements in accordance with the Site Plan
approved by the Planning Commission on December 6, 1996; and
WHEREAS, the Water and Sewer Developer's Agreement accepted and
executed by the City of Tamarac on December 11, 1996, requires Prospect
Commercial, Inc., to provide a one-year Warranty Bond to the City of Tamarac for the
Bagelmania Water Distribution System Improvements, located on the southwest corner
of Commercial Boulevard and Prospect Road (attached hereto in map form as "Exhibit
1 "); and
Temp. Reso. #8581, March 24, 1999 2
WHEREAS, Prospect Commercial, Inc., has requested the release of a Public
Improvement Warranty Bond in the form of an Irrevocable Standby Letter of Credit
#1157 from Pointbank, in the amount of $1,115.00 (attached hereto as "Exhibit 2") for
the Water Distribution System Improvements installed for the Bagelmania Project; and
WHEREAS, the Improvements were inspected, approved and are recommended
for acceptance for City ownership by the Utilities Engineering Division; and
WHEREAS, it is the recommendation of the Director of Utilities that the Public
Improvement Warranty Bond be released for the Bagelmaina 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 Warranty Bond in the form of an Irrevocable Standby Letter of
Credit #1157 from Pointbank in the amount of $1,115.00 from Prospect Commercial,
Inc., for the Bagelmania Project Water Distribution System Improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
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Temp. Reso. #8581, March 24, 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
release the one-year Public Improvement Warranty Bond for the Water Distribution
System Improvements in the amount of $1,115.00 for the Bagelmania Project, located
on the southwest corner of Commercial Boulevard and Prospect Road 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 Prospect Commercial, Inc., the Warranty
Bond for the Bagelmania Project. The bond is in the form of an Irrevocable Standby
Letter of Credit #1157 from Pointbank, in the amount of $1,115.00 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.
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Temp. Reso. #8581, March 24, 1999 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/Aay of ,
1999.
ATTEST:
a""oy'ew
CAROL G D, CMC/AAE
CIT LERK
I HEREBY CERTIFY that I have
MW/krs/mg
JOE SCHREIBER
MAYOR
RECORD OF COMMISSION
MAYOR SCHREIBER
DIST 1:
COMM. PORTNE
DIST 2:
VIM,MISHKIN
DIST 3:
cow StJ1.TANOF
DIST 4:
COMM. ROBEWM
TE
.EXHIBIT 1.
•
•
•
BAGELMANIA
WARRANTY BOND RELEASE
BAGELE,DWG
"Exhibit 2"
BOCAPOWERRATON, FL 3 ROAD
BQCA RATON, FL 33433
561/368.6300
httpV/pointebank.com
Date of Issue: February 10, 1998
Date of Expiry: February 10, 1999
Irrevocable Letter of Credit No. 1157
Beneficiary:
City or Tamarac
7525 NW 88th Avenue
Tamarac, Florida 33321
Gentlemen:
LETTER OF CREDIT
Applicant:
Prospect Commercial, Inc.
943 Clint Moore Road
Boca Raton, Florida 33487
By order of our client, Prospect Commercial, Inc. we hereby open our clean irrevocable letter of
credit #1157 in your favor for and amount not to exceed $1,115.00 (One thousand one hundred
fifteen dollars), effective immediately and expiring with close of business on February 10, 1999.
• We are advised that this irrevocable letter of credit is to insure installation of public im
provements
mprovements
indicated on the certified cost estimate dated 12-26-97 and on plans prepared by Stamos &
Associates and approved by the City of Tamarac to comply with the requirements of the 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 representatives that:
(A) The drawing is due to Prospect Commercial, Inc.'s failure to construct the public
improvements.
(B) That the developer's obligations have not been completed and the City of Tamarac has been
notified the Letter of Credit will not be extended. Al
® 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 year unless we provide written notice to the City Clerk via registered mail of our intent not
to renew for an additional period, which notice must be provided at least thirty days (30) prior to
the expiration date of the original term hereof or any renewed one year term or unless the City of
Tamarac returns the original Letter of Credit together with notice that it may be terminated.
Page Two
February 10, 1998
Letter of Credit #1157
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 the documents as specified if presented to us at our 21845
Powerline Road, Boca Raton, Florida 33433, office.
Except so far as otherwise expressly stated, this credit is subject to the "Uniform Customs and
Practice for Documentary Credit (1993 Revision) International Chamber of Commerce Brochure
No. 500."
Very ly o s,
Ok
J P. Dover
Vice President
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Temp. Reso. #8568, March 16, 1999 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-99- �3
A RESOLUTION OF THE CITY COMMISSION AUTHORIZING
THE APPROPRIATE CITY OFFICIALS TO RELEASE A
PUBLIC IMPROVEMENT WARRANTY BOND IN THE FORM
OF AN IRREVOCABLE STANDBY LETTER OF CREDIT
#S970521 FROM SUNTRUST BANK, NA., IN THE AMOUNT
OF $7,437.25 FOR THE WATER DISTRIBUTION SYSTEM
IMPROVEMENTS INSTALLED BY LENNAR HOMES, INC.,
FOR THE KINGS POINT WELDON BUILDINGS J & K
PROJECT, LOCATED ON THE NORTHEAST CORNER OF
NW 77th STREET AND NW 961h AVENUE; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Lennar Homes, Inc., has constructed the Kings Point Weldon Buildings
J & K Project and installed the Water Distribution System Improvements in accordance with
the Site Plan approved by the City Commission on August 11, 1993; and
WHEREAS, the Water and Sewer Developer's Agreement accepted and
executed by the City of Tamarac on April 11, 1996, requires Lennar Homes, Inc., to
provide a one-year Public Improvement Warranty Bond to the City of Tamarac for the
Kings Point Weldon Buildings J & K Water Distribution System Improvements, located
on the northeast corner of NW 771h Street and NW 961h Avenue (attached hereto in map
form as "Exhibit 1 "); and
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