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Home My WebLink AboutCity of Tamarac Resolution R-96-1411 Temp. Reso. #7428 Page 1 May 9, 1996 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-96- 1q1 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PERFORMANCE BOND, STANDBY LETTER OF CREDIT #1940251 IN THE AMOUNT OF $24,116.00 POSTED FOR PUBLIC IMPROVEMENTS, INCLUDING SIDEWALK AND CURBING, ON N.W. 80TH STREET BETWEEN NOB HILL ROAD AND N.W. 108TH TERRACE SUBJECT TO RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $9151.00; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERA91LITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., as Principal, with Sun Bank, as Surety, has filed with the City Letter of Credit # 1940251 in the amount of $24,116.00 to guarantee public improvements, including sidewalk and curbing, on N.W. 80th Street between Nob Hill Road and N.W. 108th Terrace; 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 the City Engineer that the Performance Bond be released, subject to receipt of a Warranty Bond the amount of $9151.00, 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, Standby Letter of Credit #1940251 in the amount of $24,116.00, posted for Public Improvements, including sidewalk and curbing, on N.W. 80th Street between Nob Hill Road and N.W. 108th Terrace, subject to receipt of a Warranty Bond in the amount of $9151.00. Temp. Reso. #7428 Page 2 May 9, 1996 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: That 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 Letter of Credit #1940251 posted by Lennar Homes, Inc., as Principal, with Sun Bank, as Surety, in the amount of $24,116.00 for public improvements, including sidewalk and curbing, on N.W. 80th Street between Nob Hill Road and N.W. 108th Terrace is HEREBY RELEASED, subject to receipt of a Warranty Bond in the amount of $9,151.00 A copy of the Performance Bond is attached as "Exhibit 1." SECTION 3: That the appropriate City Officials are HEREBY AUTHORIZED to release the Performance Bond, Standby Letter of Credit 41940251 in the amount of $24,116.00 posted for public improvements, including sidewalk and curbing, on N.W. 80th street between Nob Hill Road and N.W. 108th Terrace to Lennar Homes. SECTION 4: That all Resolutions or parts of Resolutions in conflict herewith are HEREBY REPEALED to the extent of such conflict. SECTION 5: That if any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution that can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are declared to be severable. SECTION 6: That this Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this 1 d y of v"n�- 1996. NORMAN ABRAMOWITZ MAYOR 1 ATTEST: CAROL A. EVANS CITY CLERK I HEREBY CERTIFY that I approved this RESOLUTION as to form. MAYOR DIST.1: DIST. 2: DIST. 3: DIST. 4: MITCHELL S. CITY ATTOR Y)r 1 Temp. Reso. #7428 Page 3 May 9, 1996 RECORD OF COMMISSION VOTE 1 16 EXHIBTT # I LHI ADULT LAND TEL:305-724-4017 Mar 06,95 12;51 No.003 P.02 0r(I C, flunft*Mlaml, N.A. Inlorlmlonal Banking olvlaion > J.J 1'�.�1.' `� r`� •-� 9737 N.W. 8ir1A Avenue •• 1'��l• Miami, Florida =78 I i ". ' !'' � � „ �. • . i,.. I OA Ta"VOBLU LETTER OF CREDIT NUMBER 1940251 [[' - . • . '; ` '' :' MARCH Oi; 1995 �.�, � cITY ..oF TAMARAC -.�,.„'"•.•"�.-.-. sail N.N., 99TH AVENUE ' TAMARAC, FL. 33321 ATTN1:CITY CLERK REai QVR IRREVOCAaL! LETTER OF CREDIT I940I51(PREVIOIJBLY 032332) , ZBOUND1 MARCH 3, 1994 AKOUNT1 U.S. DOLLARS 24,116.00 ACCOUNT PARTYI LENNAR NON$$ INC. PIRATI08•'DAT41. -MARCH 03, 2996 DEAR BENBFICIARYI THIA•IA TO NOTIrV YOU THAT THE ABOVE REFERENCED LETTER OF CREDIT HA8 BEEN iUIMXWXV FOR AN ADDITIONAL PERIOD AS STATED IN TUB TERMS AND CONDITIONS OF THE LETTER OF CREDIT. I8 IA A NOTIFICATION ONLY AND IS NOT AN AMENDMENT TO THE 102UAL LETTER OF CREDIT. DUE TO'THE COMPUTER XNHANOEMWNT OF OUR LETTER OF CREDIT SYSTEM NE HAVE ABNIOUND A NxW R8P3RUXC8 NUMBER TO THIS LETTER OF CRUDIT4 PLEASN U91 TUB NNW HUMBBR', 2940251 IN ALL CORRES— POND'ENCS RAGARDING THIS LETTER OF CREDIT. - IF YOU HAVa ANY OURSTIONO CONCERNING THIS LETTER OF CREDIT PLBAB,H PALL OUR UI TXR OF CREDIT DEPARTMENT AT 305591— 6230" RIVERRING TO OUR MEN LETTER OF CREDIT NQM�BR 1940251 AND THIA RENENAL NOTICE. AAA' SI4NA1"UR11 InA ur.rrr, .rr wrr.w ' 0 A GunTrual Bank ZOOd -724-4017 03-05-95 12157 PM P002 SHZVIOOM IddHMM KOH WJ IZ:CO 96-9Z-�O Sun SunBank/Mlsml, National Association nK International Services qr 3737 N.W. 87th Avenue Miami, Florida 33178 Tel: (305) 591-6250 Telex: TRT 1441493 SUNeKMIA Swift: SN80US3M • ISSUING BANK: IRREVOCABLE STANDBY LETTER SUNBANK/MIAMI, N.A. OF CREDIT NUMBER 32539 LETTER OF CREDIT DEPT. 3737 N.W. 87TH AVENUE MIAMI, FL. 33178 DATE AND PLACE OF ISSUE: DATE AND PLACE OF EXPIRY: MARCH 3, 1994 MIAMI,FL. MARCH 3, 1995 MIAMI,FL. APPLICANT: BENEFICIARY: LENNAR HOMES, INC. CITY OF TAMARAC 700 N.W. 107TH AVENUE 5811 N.W. 88TH AVENUE MIAMI, FLORIDA 33172 TAMARAC, FLORIDA 33321 ATTN: CITY CLERK PARTIAL DRAWING PERMITTED AMOUNT:USD24,116.00*** UP TO AN AGGREGATE THEREOF ADVISING BANK: CREDIT AVAILABLE WITH: SUNBANK/MIAMI, N.A. DIRECT TO BENEFICIARY 3737 N.W. 87TH AVENUE MIAMI, FL. 33178 BY: PAYMENT --AGAINST DOCUMENTS DETAILED HEREIN AND YOUR DRAFTS AT SIGHT DRAWN ON SUNBANK/MIAMI, N.A. BY ORDER OF OUR CLIENT, LENNAR HOMES, INC., 700 N.W. 107TH AVENUE, MIAMI, FL. 33172, WE HEREBY OPEN OUR CLEAN IRREVOCABLE LETTER OF CREDIT NUMBER 32539 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S. DOLLARS TWENTY FOUR THOUSAND ONE HUNDRED SIXTEEN AND 00/100 ($24,116.00), EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR SUNBANK/MIAMI, N.A., 3737 N.W. 87TH AVENUE, MIAMI, FL. 33178, OFFICE. WITHOUT OBLIGATION ON OUR PART, WE ARE ADVISED THAT THIS IRREVOCABLE LETTER OF CREDIT IS TO ENSURE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATED DECEMBER 15, 1993 AND ON PLANS PREPARED BY CONSULTEC ENGINEER AND APPROVED BY THE CITY ENGINEER, FOR N.W. BOTH ST. IMPROVEMENTS 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 REPRESENTATIVE OF THE CITY OF TAMARAC, HEREBY CERTIFIES THAT: u 0 SunBank/Mlaml, National Association International Services 3737 N.W. 87th Avenue Miami, Florida 33178 Tel: (305) 591-6250 Telex: TRT 1441493 SUNBKMIA Swift: SNBOUS3M CONTINUANCE OF IRREVOCABLE STANDBY LETTER OF CREDIT 32539 ( A ) THE DRAWING IS DUE TO THE PUBLIC IMPROVEMENTS. (B) THAT THE DEVELOPER'S THE CITY OF TAMARAC HAS EXTENDED. OR (C) THAT A WARRANTY BOND NOT BEEN PROVIDED." LENNAR HOMES, INC. 'S FAILURE TO CONSTRUCT OR OBLIGATIONS HAVE NOT BEEN COMPLETED AND BEEN NOTIFIED THAT THE BOND WILL NOT BE THAT IS REQUIRED BY TAMARAC CITY CODE HAS 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 YOU THAT EACH DRAFT DRAWN UNDER AND IN STRICT COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION OF THE DOCUMENTS AS SPECIFIED IF PRESENTED AT OUR COUNTERS AT SUNBANK/MIAMI, N.A. , 3737 N.W. 87TH AVENUE, MIAMI, FLORIDA 33178. ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN UNDER SUNBANK/MIAMI, N.A., LETTER OF CREDIT NUMBER 32539." 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. ZED SIGNATURE