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HomeMy WebLinkAboutCity of Tamarac Resolution R-96-115Temp. Reso. # 7395 - April 12, 1996 1 CITY OF TAMARAC RESOLUTION NO. R-96-� A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT PERFORMANCE BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #S950419 FROM SUNBANK/MIAMI, N.A., IN THE AMOUNT OF $66,443.00 SUBJECT TO THE RECEIPT OF A ONE- YEAR WARRANTY BOND IN THE AMOUNT OF $36,276.13 FROM LENNAR HOMES, INC., FOR WATER DISTRIBUTION AND SEWAGE COLLECTION IMPROVEMENTS IN THE WELDON PHASE 2 PROJECT LOCATED ON THE NORTHEAST CORNER OF NW 77TH STREET AND NW 96TH AVENUE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., is constructing the Weldon Phase 2 Project located on the northeast corner of NW 77th Street and NW 96th Avenue (attached hereto in map form as "Exhibit 1 "), which consists of 60 condominium units and has installed the Water Distribution and Sewage Collection 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 July 26, 1995, requires Lennar Homes, Inc., to provide a Warranty Bond to the City of Tamarac for the Weldon Phase 2 Project Water Distribution Temp. Reso. # 7395 - April 12, 1996 2 and Sewage Collection System Improvements; 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 #S950419 from Sunbank/Miami, N.A., in the amount of $66,443.00 subject to the receipt of a one-year Warranty Bond in the amount of $36,276.13 to the City of Tamarac for the Water Distribution and Sewage Collection System Improvements installed in Weldon Phase 2 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 Weldon Phase 2 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 in the form of an Irrevocable Standby Letter of Credit #S950419 from Sunbank/Miami, N.A., in the amount of $2,610.00 subject to the receipt of a one-year Warranty Bond from Lennar Homes, Inc., for the Weldon Phase 2 Project Water Distribution and Sewage Collection System Improvements. Temp. Reso. # 7395 - April 12, 1996 3 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 resolution. SECTION.2: That the appropriate City Officials are hereby authorized to release the Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #S950419 from Sunbank/Miami, N.A., in the amount of $66,443.00 (attached hereto as "Exhibit 2") subject to the receipt of a one-year Warranty Bond for the Water Distribution and Sewage Collection System Improvements in the amount of $36,276.13, for the Weldon Phase 2 Project in accordance with Section 10-156 of the City Code. SECTION_3i That the City Clerk is hereby authorized and directed to release to the Utilities Department the subject Improvement Bond for return to Lennar Homes, Inc., after the appropriate City Officials have authorized the release of the bond and received a one-year Warranty Bond in the amount of $36,276.13. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. 1 Temp. Reso. # 7395 - April 12, 1996 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 thisday of , 199�p. NORMAN ABRAMOWITZ MAYOR ATTEST: CAROL A. EVANS, CMC CITY CLERK I HEREBY CERTIFY that I have U 1 1 1 /-% 1 1 v Utilities/dav • MCNAB ROAD MAYOR DIST. 1: DIST. 2: DIST. 3: DIST. 4: RECORD OF COMMISSION VOTE U-7j, ,,/ WELDON PHASE 8 RELEASE OF PERFORMANCE BOND WELD2RPB.DWG [ (s, EXHIBIT 2 SunBank/Mlaml, N.A. international Banking Division K 3737 N.W.87th Avenue Miami, Florida 33178 SUNBANK/MIAMI, N.A. IRREVOCABLE STANDBY LETTER OF CREDIT NO. S950419 MAY 24, 1995 BENEFICIARY: APPLICANT: CITY OF TAMARAC LENNAR HOMES, INC. 7525 N.W. 88TH AVENUE 700 NW 107TH AVENUE TAMARAC, FLORIDA 33321 MIAMI, FL 33172 AMOUNT: USD 66,443.00 DATE OF EXPIRATION: MAY 24, 1996 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 S950419 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S. DOLLARS USD 66,443.00 (SIXTY SIX THOUSAND FOUR HUNDREED, FORTY THREE AND 00/100 U.S. DOLLARS) EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR SUNBANK/MIAMI, N.A. 3737 NW 87TH AVENUE, MIAMI, FL. 33178, OFFICE. WITHOUT OBLIGATION ON OUR PART, WE ARE ADVISED THAT THIS v IRREVOCABLE LETTER OF CREDIT IS TO ENSURE THE CORRECTION OF ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FUND 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 DATED APRIL 26, 1995 AND APPROVED BY THE CITY ENGINEER FOR WATER DISTRIBUTION AND SANITARY SEWER INSTALLATION FOR WELDON PHASE 2 AND DEVELOPER'S 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 FROM THE CITY OF TAMARAC OR ITS' AUTHORIZED REPRESENTATIVE THAT: "THE UNDERSIGNED, AN AUTHORIZED 4ir REPRESENTATIVE OF THE CITY OF TAMARAC, HEREBY CERTIFIES THAT: �M (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 COUNCIL OF THE CITY OF TAMARAC, OR (8) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED, OR THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT WE BOND WILL NOT BE EXTENDED, OR CONTINUED ON NEXT PAGE A SunTrust Bank CABL�"BYY�iv�78°i"'LTTt, pF CREDIT NO. 5950419 2 nternational Ban ing vision 3737 N.W. 87th Avenue Miami, Florida 33178 (C) THAT THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND 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 REGISTERED 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 YOUR 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. TF� ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN UNDER SUNBANK/MIAMI, N.A., LETTER OF CREDIT NUMBER S950419." 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.+ • A SunTrust Bank