HomeMy WebLinkAboutCity of Tamarac Resolution R-96-238Temp. Reso. #7573
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October 23, 1996
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-96- z52
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 #52507
IN THE AMOUNT OF $10,053.88 POSTED FOR PUBLIC
IMPROVEMENTS AT KINGS POINT DEVON PHASE 1 AND
PHASE II.; PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, Lennar Homes, Inc., as Principal, with Comerica Bank, as Surety,
has filed with the City Letter of Credit #52507 in the amount of $10,053.88 to guarantee
public improvements at Kings Point Devon Phase I and Phase II (offsite sidewalks and
curbs); 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 Warranty Bond be released pursuant to City Code Section 10-156; and
Temp. Reso. #7573
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October 23, 1996
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 #52507 in the amount of $10,053.88, posted for
Public Improvements at Kings Point Devon Phase I and Phase II; and
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.
SECTI N 2: That the Letter of Credit #52507 posted by Lennar Homes,
Inc., as Principal, with Comerica Bank, as Surety, in the amount of $10,053.88 for public
improvements at Kings Point Devon Phase I and Phase II 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 #52507 in the amount of
$10,053.88 posted for public improvements at Kings Point Devon Phase I and Phase II.
SECTION 4: That all Resolutions or parks of Resolutions in conflict herewith
are HEREBY REPEALED to the extent of such conflict.
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Temp. Reso. #7573
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October 23, 1996
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
ATTEST:
CAROL A. EVANS
CITY CLERK
I HEREBY CERTIFY that I
approved this
RESOLUTION as to form.
ITCHELL S. r
CITY ATTO EY
(GES:cm-Commission Meeting 10/23/96)
2 day of QCkJ W 1996.
MA"A4, 4
NORMAN ABRAMOWITZ
MAYOR
RECORD OF COMMISSION VOTE
TELEX: 3772134 MNB INTL DET E DETROIT CENTER
SWIFT: MNBD US 33 500 WOODWARD AVENUE
FAX: ( 313 ) 222 - 9115 2 4 TH FLOOR, jMC - 33 3 41+ letter of Credit Division
DETROIT, 1 E l0. R'ES0. No. ZL73 „
IRREVOCABLE STANDBY LETTER OF CREDIT DATE: AUGUST 17, 1994
NO.: 525057
AMOUNT: $10,053.88
BENEFICIARY:
CITY OF TAMARAC
5811 N.W. 88TH AVENUE
TAMARAC, FLORIDA 33321
GENTLEMEN -
WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 525057 IN YOUR
FAVOR, FOR ACCOUNT OF LENNAR HOMES, INC., 700 N.W. 107TH AVE., MIAMI, FL 33172
FOR A SUM NOT EXCEEDING TEN THOUSAND FIFTY THREE AND 88/100 U.S. DOLLARS
AVAILABLE BY YOUR DRAFT AT SIGHT ON COMERICA BANK, WHEN ACCOMPANIED BY:
* A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS
FOLLOWS: "WE CERTIFY THAT LENNAR HOMES, INC. HAS FAILED TO COMPLETE THE
INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATED
JULY 21, 1994 AND ON PLANS PREPARED BY DANIEL CARNAHAN CONSULTING ENGINEERS
AND APPROVED BY THE CITY ENGINEER FOR CURB AND SIDEWALKS IN 108TH AVE. FOR
DEVON PHASE 1 AND PHASE 2 PROJECT NO. 861206A AND THAT LENNAR HOMES, INC.'S
OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 10-156
HAS NOT BEEN MET."
IT IS A C I ON OF S LE R OF RE T THAT IT S �t E DEEME� ,UTOMAjHREOF,
ALLY
EXTENDED TH AME NT FO ONE Y LEAST FIRTY(30XDAYSTPRNIATO
OR ANY F XPIRA IO DATE, UNLESS
EXPIRATION DATE WE SHALL NOTIFY YOU BY COURIER THAT WE ELECT NOT TO CONSIDER
THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD. UPON RECEIPT
BY YOU OF SUCH NOTICE, YOU MAY DRAW HEREUNDER BY PRESENTING YOUR SIGHT
DRAFT DRAWN ON US WHEN ACCOMPANIED BY THE SIGNED STATEMENT AS INDICATED ABOVE OR
A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS
FOLLOWS: "WE CERTIFY THAT WE HAVE BEEN NOTIFIED IN WRITING BY COMERICA BANK
OF THEIR ELECTION NOT TO RENEW THEIR LETTER OF CREDIT NO. 525057 AND THAT A
WARRANTY BOND REQUIRED BY THE TAMARAC CITY CODE HAS NOT BEEN PROVIDED".
ALL DRAFTS DRAWN UNDER THIS CREDIT MUST BE MARKED "DRAWN UNDER COMERICA
BANK'S LETTER OF CREDIT NO. 525057."
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 500.
,THIS ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS THERETO MUST BE SUBMITTED
TO US TOGETHER WITH ANY DRAWINGS HEREUNDER FOR OUR ENDORSEMENT OF ANY PAYMENTS
EFFECTED BY US AND/OR FOR CANCELLATION.
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 AT THIS OFFICE ON OR BEFORE AUGUST 16, 1994 OR ANY AUTOMATICALLY,.
EXTENDED DATE.
YOURS VERY TRULY,
AUTHORIZED I NATURE
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