HomeMy WebLinkAboutCity of Tamarac Resolution R-95-014Temp. Reso. #6957
Revised 2/6/95
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-95- I4
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 #SM-
34317-093 IN THE AMOUNT OF $18,260.77, POSTED FOR
PUBLIC IMPROVEMENTS AT TRENT, PHASE I; PROVIDING
FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING AN EFFECTIVE DATE__
WHEREAS, Lennar Homes, Inc., as Principal, with Nations Bank, as Surety, has
filed with the City Letter of Credit #SM-34317-093 in the amount of $18,260.77 to warranty
public improvements at Trent Phase I; and
WHEREAS, it is the recommendation of the Public Works Director that the
Warranty Bond be released.
WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in
the best interests of the citizens and residents of the City of Tamarac to release this
Warranty Bond, Standby Letter of Credit #SM-34317-093 in the amount of $18,260.77,
posted for Public Improvements. The facilities have been inspected and found acceptable
by the Public Works/Engineering Division.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: That the Letter of Credit #SM-34317-093 posted by Lennar Homes,
Inc., as Principal, with Nations Bank, as Surety, in the amount of $18,260.77 for public
improvements at Trent Phase I is HEREBY RELEASED.
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Temp. Reso. # 6957
Revised 2/6/95
SECTION 2: That the appropriate City Officials are hereby authorized to execute
the release of a Warranty Bond, Standby Letter of Credit #SM-34317-093 in the amount
of $18,260.77 posted for public improvements.
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repealed to the extent of such conflict.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 portion or applications of this
Resolution.
SECTION 5: This resolution shall become effective immediately upon adoption.
PASSED, ADOPTED AND APPROVED this 5' day of.�1995.
ATTEST:
21;; L-- L � '
CAROL A. EVANS, CMC
CITY CLERK
I HEREBY CERTIFY that I have
a ro ed this Resolution Os
ITCHELL S.
CITY ATTO
ORMAN ABRAMOWITZ
MAYOR
RECORD Or- COMM
MAYOR
ABRAMOWrrZ
DIST. 1:
V / M KATZ od
DIST. 2:
COMM. MISHKIN
DIST. 3:
COMM. SCHREIBER
DIST. 4:
COMM. MACHEK
GES:mf
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80 S.W. 8th Street, 23rd Floor, Miami, Florida 33130
P.O. Box 019624, Miami, Florida 33101-9624 U.S.A.
Telephone: (305) 358-0327 Telex: Graphnet 3728042 NationsBKINTL MIA S.W.I.ET.: NABKUS3B
APPLICANT:
LENNAR HOMES, INC.
700 N. W. 107TH AVE.
MIAMI, FL 33172
BENEFICIARY:
CITY OF TAMARAC
7525 N. W. 88TH AVE.
TAMARAC, FL 33321
CURRENCY AMOUNT:
USD 18, 260. 77
PAGE ONE OF TWO
ISSUE DATE: 28JAN93
L/C NUMBER: SM-34317-093
EXPIRY DATE: / PLACE
28JAN94 OUR COUNTERS
BY ORDER OF OUR CLIENT, LENNAR HOMES, INC., 700 N. W. 107TH AVENUE,
MIAMI, FLORIDA 33172, WE HEREBY OPEN OUR CLEAN IRREVOCABLE LETTER
OF CREDIT NO. SM-34317-093 IN YOUR FAVOR FOR AN AMOUNT NOT TO
EXCEED IN THE AGGREGATE U.S. $18,260.77 EIGHTEEN THOUSAND TWO HUNDRED
SIXTY AND 77/100 U.S. DOLLARS, EFFECTIVE IMMEDIATELY AND EXPIRING AT
NATIONSBANK OF FLORIDA, N. A. , 80 S. W. 8TH ST. , 23RD FLOOR, MIAMI, FL
33130, WITH OUR CLOSE OF BUSINESS ON 28JAN94.
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 DATED AUGUST 2, 1991 AND ON PLANS PREPARED BY
DANIEL CARNAHAN, CONSULTING ENGINEERS, AND APPROVED BY THE CITY ENGINEER
FOR WATER AND SEWER FACILITIES INSTALLATION FOR TRENT PHANSE I, KINGS
POINT 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
BENEFICIARY'S SIGNED STATEMENT PURPORTEDLY SIGNED BY THE CITY OF
TAMARAC REPRESENTATIVE CERTIFYING 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.
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."
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80 S.W. Sth Street, 23rd Floor, Miami, Florida 33130
P.O. Box 019624, Miami. Florida 33101-9624 U.S.A.
Telephone: (305) 358-0327 Telex; Graphnet 3728042 NationsBKINTL MIA S.WI.F.T.: NABKUS313
PAGE TWO OF TWO
L/C SM-34317-093
THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY RENEWED, WITHOUT
AMENDMENT, FOR SUCCESSIVE PERIODS ONE ONE (1) YEAR .EACH, UNLESS WE
PROVIDE WRITTEN NOTICE TO THE CITY CLERK VIA REGISTERED MAIL OF OUR
INTENT NOT TO RENEW 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 NOTIFICATION THAT IT MAY BE TERMINATED.
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 TO US AT 80 S.W. 8TH ST., 23RD
FLOOR, MIAMI, FL 33120.
EXCEPT AS FAR AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF
CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1983 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION
NO. 400.
THE ORIGINAL LETTER OF CREDIT MUST ACCOMPANY ANY DRAWINGS.
THIS IS IRREVOCABLE LETTER OF CREDIT NO. SM-34317-093 ISSUED ON 28JAN93
BY NATIQNSBANK OF FLORIDA, N. A.
MICHELE�BROUSSARD, VICE-PRESIDENT