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Home My WebLink AboutCity of Tamarac Resolution R-96-041Temp. Reso. #7330 January 31, 1996 Revision #1: February 13, 1996 CITY OF TAMARAC RESOLUTION NO. R-96- q I A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT WARRANTY BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #32556 FROM SUNBANK/MIAMI, N.A. IN THE AMOUNT OF $13,434.63 FROM LENNAR HOMES, INC., FOR WATER DISTRIBUTION AND SEWAGE COLLECTION IMPROVEMENTS IN TRENT PHASE II; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE, WHEREAS, Lennar Homes, Inc., constructed the Trent Phase II Project located on NW 108 Terrace, north of 80 Street (attached hereto in map form as "Exhibit 1 ") and installed Water Distribution and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on June 14, 1989; and WHEREAS, City Code Section 10-156 and the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac and Lennar Homes, Inc. on May 28, 1993 required Lennar Homes, Inc. to provide a Warranty Bond to the City of Tamarac for the Trent Phase II Project Water Distribution and Sewage Collection System after the release of a Performance Bond by the City Commission on February 9, 1994; and 1 1 Temp. Reso. #7330 January 31, 1996 Revision #1: February 13, 1996 WHEREAS, Lennar Homes, Inc. has requested the release of the Warranty Bond in the form of an Irrevocable Standby Letter of Credit #32556 by SunBank/Miami, N.A. in the amount of $13,434.63, issued to the City of Tamarac for the Water Distribution and Sewage Collection System Improvements installed in the Trent Phase II Project (attached hereto as "Exhibit 2"); and WHEREAS, the Improvements were inspected, approved and are recommended for acceptance by the Utilities Engineering Division; and WHEREAS, it is the recommendation of the Director of Utilities that the Warranty Bond be released for the Trent Phase II 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 Warranty Bond in the form of an Irrevocable Standby Letter of Credit #32556 from SunBank/Miami, N.A. in the amount of $13,434.63 for Water Distribution and Sewer Collection Systems installed by Lennar Homes, Inc. for the Trent Phase II Project. 1 Temp. Reso. #7330 January 31, 1996 Revision #1: February 13, 1996 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 Warranty Bond in the form of an Irrevocable Standby Letter of Credit #32556 from SunBank/Miami, N.A. in the amount of $13,434.63 for Water Distribution and Sewer Collection Systems installed by Lennar Homes, Inc. for the Trent Phase II Project. SECTION 3: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 4: 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. 3 Temp. Reso. #7330 January 31, 1996 Revision #1: February 13, 1996 SECTION_5 This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this..0142-day of FC-�y U 2y _ NORMAN ABRAMOWITZ MAYOR ATTEST: CAROL A. EVANS, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION, as to Utilities/rmc 1 MITCHELI.1/S. KRAFT CITY ATTORNEY 4 RECORD' OF COM MAYOR �► DIST. f : C DIST. 2: C DIST. 3: „ DIST.4: V VOTE • N 96,1-11 E%HIBIT i C14/CYPRESS CREEK CANAL ❑ U T H G A T E L V D. SANIBEL 83 ST 83 ST i > > Lig p a a m 82 ST o �D O 6 J Li/ $1 p Lo o o Z Li u a r 81 ST P� ¢ 7d r`� W S T W❑ D 6 tio2 ti0ti / n 80 CT SE I❑N /� rpN �✓ �� Q- w TR6 W 41 TR12 �. C w ��ZE �~ j EXETER // JOE %D W ti �G' %j/ . / TR13�-A a p� /j�///j%//%/j / 0 IJ L❑MBARDY r� w T R3 J w EXETER Z u ds KINGS PT. /�/�/// %j// %�j/ C❑MMER. PK. cu o TR13 LAJ ;//z `=' LAND SEC. �O ROCKFORD jj j%,/j/%% jj TR28 6 GRANVILLE TR15B / j// SEDGEFIELD a OR r / TR16 o TR27LAJ v TR15A EVANGELICAL 77 ST COVENANT x //�/// CHURCH TR33 z z KINGS PT. 0 7 %�!/% `� /jj%j,/j w PROF. PLAZA A FAIRFAX TRENT TRNTR❑WB.DWG RBLRABR OF WARRANTY BOLD c � - • �z 6 1" "EXHIBIT 2" SunBank/Mlami, National Association International Services 3737 N.W. 87th Avenue Miami, Florida 33178 Tel: (306) 591.6250 Telex: TRT 1441493 SUNSKMIA Swift: SNBOUS3M ISSUING BANK: IRREVOCABLE STANDBY LETTER SUNBANK/MIAMI, N.A. OF CREDIT NUMBER 32556 LETTER OF CREDIT DEPT. 3737 N.W. 87TH AVENUE MIAMI, FL. 33178 DATE AND PLACE OF ISSUE: DATE AND PLACE OF EXPIRY: MARCH 8, 1994 MIAMI,FL. MARCH 8, 1995 MIAMI,FL. APPLICANT: BENEFICIARY: LENNAR HOMES, INC. CITY OF TAMARAC 700 N.W. 107TH AVENUE 7525 N.W. 88TH AVENUE MIAMI, FLORIDA 33172 TAMARAC, FLORIDA 33321 ATTN: CITY CLERK PARTIAL DRAWING PERMITTED AMOUNT:USD13,434.63*** 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 32556 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S. DOLLARS THIRTEEN THOUSAND FOUR HUNDRED THIRTY FOUR AND 63/100 ($13,434.63), 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 THE CORRECTION OF ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FOUND WITHIN ONE (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 DATE SEPTEMBER 3, 1993 AND APPROVED BY THE CITY ENGINEER FOR WATER DISTRIBUTION AND SEWAGE COLLECTION INSTALLATION FOR TRENT PHASE II AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 10--156. Is 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 32556 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: (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 (B) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED, OR (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(S). 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 IF PRESENTED AT THIS OFFICE ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT OR ANY EXTENDED DATE AS PROVIDED FOR HEREIN. ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN UNDER SUNBANK/MIAMI, N.A., LETTER OF CREDIT NUMBER 32556." 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. RIZED SIGNATURE