HomeMy WebLinkAboutCity of Tamarac Resolution R-99-083Temp. 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 771h 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 77" Street and NW 96th Avenue (attached hereto in map
form as "Exhibit 1 "); and
I�
Temp. Reso. #8568, March 16, 1999 2
WHEREAS, Lennar Homes, Inc., has requested the release of 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 (attached hereto as
"Exhibit 2") for the Water Distribution System Improvements installed for the Kings Point
Weldon Buildings J & K 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 Kings Point Weldon Buildings J & K
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 #970521 from Suntrust Bank, N.A. in the amount of $7,437.25 from Lennar
Homes, Inc., for the Kings Point Weldon Buildings J & K Project Water Distribution
System Improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
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1
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Temp. Reso. #8568, March 16, 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 $7,437.25 for the Kings Point Weldon Buildings
J & K Project, located on the northeast corner of NW 77th Street and NW 96th 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 Lennar Homes, Inc., the Public
Improvement Warranty Bond for the Kings Point Weldon Buildings J & K Project. The
bond is 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.
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. #8568, March 16, 1999 4
SECTION 6: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED AND APPROVED this�day of
1999.
ATTEST:
CAROL G , CMC/AAE
CITY CLERK
a
MW/krs/mg
' CERTIFY that I have
this RESOLUTION as
RNEY
JOE SCHREIBER
MAYOR
RECORD OF COMMISSION
MAYOR SCHREIBER
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WARRANTY BOND RELEASE
"Exhibit 2"
SUNTRUST 0
IRREVOCABLE LETTER OF CREDIT NUMBER S970521
MAY 26, 1998
CITY OF TAMARAC
7525 N.W. 88TH AVE.
MIAMI, FL 33321
RE: OUR IRREVOCABLE LETTER OF CREDIT S970521
ISSUED: AUGUST 01, 1997
CURRENT.' BALANCE: 7,437.25 U.S. DOLLARS
ACCOUNT PARTY: LENNAR HOMES, INC.
NEW EXPIRATION DATE: AUGUST 01, 1999
DEAR CITY OF TAMARAC
THIS IS TO NOTIFY YOU THAT THE ABOVE REFERENCED LETTER OF
CREDIT HAS BEEN RENEWED FOR AN ADDITIONAL PERIOD AS STATED
IN THE TERMS AND CONDITIONS OF THE LETTER OF CREDIT. •
THIS IS A NOTIFICATION ONLY AND IS NOT AN AMENDMENT TO THE
ORIGINAL LETTER OF CREDIT.
IF YOU HAVE ANY QUESTIONS CONCERNING THIS LETTER OF CREDIT
PLEASE CALL OUR LETTER OF CREDIT DEPARTMENT AT (305) 591-
6250, REFERRING TO OUR NEW LETTER OF CREDIT NUMBER S970521
AND THIS RENEWAL NOTICE.
SINCER
AUTHORIZED SIGNATURE
SUNTRUST INTL SERVICES INC.
ACTING AS AGENTS FOR
SUNTRUST BANK, MIAMI, N.A.
307
FA
CC: LENNAR HOMES, INC.
700 NW 107TH AVENUE
MIAMI, FL 33172
•
All correspondence and communication should be directed to our agent SunTrust International Services, Inc.. 3737 N.W. 87th
Avenue, 1st Floor, Miami, Florida 33178 SwiW SNTRUS3M Telex: 542210