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Home My WebLink AboutCity of Tamarac Resolution R-96-209Temp. Reso. #7506 Page 1 August 6, 1996 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-96- Z 0 J A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A WARRANTY BOND, STANDBY LETTER OF CREDIT #SB-95- 2390 IN THE AMOUNT OF $13,602.25 POSTED FOR PUBLIC IMPROVEMENTS AT VGC PARK REPLAT- FUNDAMENTAL HOPKINS EASTON NO. 11, LTD.; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Fundamental Hopkins Easton No. 11, Ltd., as Principal, with Ocean Bank, as Surety, has filed with the City Letter of Credit # SB-95-2390 in the amount of $13,602.25 to guarantee public improvements at VGC Park including two right turn lanes, curb, gutter and sidewalk ; and WHEREAS, The facilities have been inspected and found acceptable by the Public Works Engineering Division; and WHEREAS, It is the recommendation of the Director of Public Works and the City Engineer that the Warranty Bond be released 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 Warranty Bond, Standby Letter of Credit #SB-95-2390 in the amount of $13,602.25, posted for Public Improvements at VGC Park. Temp. Reso. #7506 Page 2 August 6, 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 #SB-95-2390 posted by Fundamental Hopkins Easton No. 11, Ltd., as Principal, with Ocean Bank, as Surety, in the amount of $13,602.25 for public improvements at VGC Park is HEREBY RELEASED. A copy of the Warranty Bond is attached as "Exhibit 1." SECTION 3: That the appropriate City Officials are HEREBY AUTHORIZED to release the Warranty Bond, Standby Letter of Credit #SB-95-2390 in the amount of $13,602.25 posted for public improvements at VGC Park. SECTION 4: That all Resolutions or parts of Resolutions in conflict herewith are HEREBY REPEALED to the extent of such conflict.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. 1 Cl 1 Temp. Reso. #7506 Page 3 August 6, 1996 SECTION 6: That this Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this ?•� day of `Z�0 " "-996. ATTEST: CAROL A. EVANS CITY CLERK I HEREBY CERTIFY that I approved this LUTION as to f m. MITCHELL S. KF CITY ATTORN GES/cam Commission Meeting 9/25/96 *�*N�ORMAN MAYOR RECORD OF COMMISSION MAYOR ARRA DIST 1: DIST 2:.M�� .� DIST 3» DIST 4» OOMM, HUE I P L/C 5►952368 CA-1 "EXHIBIT 1" "` NI V 12,d AVE.FlL"Y' MIAMI. FLORIDA 33126-5597 Letter of Credit unit BEE Issuance(305)441-5432 'RO. BOX 441140 Nezotiation (305) 441-5449 MIAM1, FLORIDA 33144-1140 OCEAN BANK Collections Unit (305) 445-4122 X: (305) 443-3260 �T�,FY NO. 1441124 1441202 159581 1595821 AUG 2 1 1595 TAWiAF!Av Tr E N 0 N E TEMP. RESO, NO.,.�_ U)A[�RA NT U _ o�l� co IRREVOCABLE LETTER OF CREDIT c� SB-95-2390 AUGUST 16, 1995 -tom f m y� C CITY OF TAMARAC x G 7525 N. W. 88 AVENUE �`r' co 4 TAMARAC, FLORIDA 33321-2401 40 GENTLEMEN: WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NOSH-95-2368 IN YOUR FAVOR, FOR ACCOUNT OF FUNDAMENTAL HOPKINS--EASTON #11, LTD. , 300 GRECO AVENUE, CORAL GABLES, FLORIDA :a 33146,IN THE AMOUNT OF THIRTEEN THOUSAND SIX HUNDRED AND TWO w. . ,,:1 DOLLARS WITH 25/100 (USD13, 602. 25) . 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 SITE IMPROVEMENTS OF THE CITY OF TAMARAC FOR THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICTED ON CERTIFIED COST ESTIMATE DATED DECEMBER 1991 AND APPROVED BY THE CITY ENGINEER FOR SITE PREPARATION, PAVING,DRAINAGE,CLEARING AND GRUBBING AT VGC PARK AS ON PLANS PREPARED BY PBS & J DATED DECEMBER 1991-JOB NO. 02-74-3. 00. THIS STAND-BY LETTER OF CREDIT IS AVAILABLE TO THE BENEFICIARY AGAINST THE PRESENTATION OF THE FOLLOWING DOCUMENTS: 1) DRAFT(S) DRAWN AT SIGHT ON OCEAN BANK. 2) BENEFICIARY'S SIGNED STATEMENT CERTIFYING THAT CITY OF TAMARAC OR IT'S AUTHORIZED REPRESENTATIVE STATING THAT: (A) THE DRAWING IS DUE TO FUNDAMENTAL HOPKINS-EASTON #11,LTD.'S FAILURE TO CORRECT ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FOUND WITHIN (1) YEAR OF THE DATE OF THE FORMAL ACCEPTANCE OF THE PUBLIC IMPROVEMENTS BY THE CITY COUNCIL OF THE CITY OF TAMARAC, OR (B) THAT THE DEVELOPER'S OBLIGATION HAVE NOT BEEN COMPLETED �.�rvL OR PAGE. 1 FOR L/C SB952390 780 1s.W. 42nd AVENUE II,41, FLORIDA 1, 1 26-5597 P.O. BOX 441140 dIAML FLORIDA 3314.4-1140 46 "EXHIBIT I" Letter of Credit Unit Nis Issuance ) 305) da 1-54 2 Negotiation 1305) 441-5.449 OCEAN BANK Collections Unit (305) 445-41_-3 FAX: 005) 443-3260 TELEX NO. 14 41 1 _4 1441202 159581 - 159582 R,, 0, No.� WILL NOT BE EXTENDED". THIS STANDBY LETTER OF CREDIT EXPIRES ON AUGUST 189 1996. SPECIAL CONDITIONS: ***DOCUMENTS MUST BE PRESENTED FOR NEGOTIATION AT THE COUNTER OF OCEAN BANK NOT LATER THAN AUGUST 18, 1996 REIMBURSEMENT INSTRUCTIONS: . ***PAYMENT AT SIGHT WILL BE EFFECTED AFTER RECEIPT OF DOCUMENTS PROVIDED THAT ALL TERMS AND CONDITIONS OF CREDIT HAVE BEEN COMPLIED WITH, FOLLOWING YOUR PAYMENT INSTRUCTIONS. ***FIFTY U.S. DOLLARS (US50.00) FEE WILL BE DEDUCTED FROM PROCEEDS IF DOCUMENTS HAVE ANY DISCREPANCIES. WE HEREBY AGREE WITH YOU THAT ALL DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH TERMS OF THIS STAND-BY LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION, AS SPECIFIED HEREIN. THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDIT (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION 500. 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