HomeMy WebLinkAboutCity of Tamarac Resolution R-95-160Temp. Reso. #7035
Revision#1-7/6/95
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-95- 160
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 #32656
IN THE AMOUNT OF $26,152.31, POSTED FOR WATER
AND SEWER FACILITIES AT KINGS POINT-LOMBARDY;
PROVIDING FOR CONFLICTS; PROVIDING FOR
SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Lennar Homes, Inc., as Principal, with Sun Bank, as Surety, has filed
with the City Letter of Credit #32656 in the amount of $26,152.31 to warranty water and
sewer facilities at Kings Point -Lombardy; and
WHEREAS, the facilities have been inspected and found acceptable by the
Utilities/Engineering Division.
WHEREAS, it is the recommendation of the Public Works Director and the City
Engineer that the Warranty Bond be released, pursuant to the requirements of City Code
Section 10-156; and
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 #32656 in the amount of $26,152.31, posted for
water and sewer facilities.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: That the Letter of Credit #32656 posted by Lennar Homes, as
Principal, with Sun Bank, as Surety, in the amount of 126,152.31 for water and sewer
facilities at Kings Point -Lombardy is HEREBY RELEASED.
-1-
I
1
Temp. Reso. # 7035
Revision #1-7/6/95
SECTION 2: That the appropriate City Officials are hereby authorized to release
the Warranty Bond, Standby Letter of Credit #32656 in the amount of $26,152.31 posted
for water and sewer facilities. A copy of the letter of credit is attached as "Exhibit 1."
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repealed to the extent of such conflict.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 eYp day of , 1995.
ATTEST:
CAROL A. EVANS, CMC
CITY CLERK
I HEREBY CERTIFY that I have
approved this Resolution as
to form. 11
MITCHELL S. KRAFT
CITY ATTORNEY
GES:mf
V ABRAMOWITZ
MAYOR
RECORD OF COMMISSION VOTE
MAYOR
_ABRAMOWITZ
DIST. 1:
V / M KATZ
DIST. 2:
COMM. MISHKIN
DIST. 3:
COMM. SCHREIBER fir
DIST. 4:
COMM. MACHEK
1V2
p-1�5-14o
•
RS�un Sunl3ank/Miami,
�., Sam National Association
International Services
3737 N.W. 871h Avenue
Miami, Florida 33178
Tel: (305) 591-6250
Telex: TRT 1441493 SUNBKMIA
Swift: SN80US3M
"F.XHTFtTT .1."
TEWRES4. No.
ISSUING BANK:
IRREVOCABLE STANDBY LETTER
SUNBANK/MIAMI, N.A.
OF CREDIT NUMBER 32656
LETTER OF CREDIT DEPT.
3737 N.W. 87TH AVENUE
MIAMI, FL. 33178
DATE AND PLACE OF ISSUE:
DATE AND PLACE OF EXPIRY:
MARCH 31, 1994 MIAMI,FL.
MARCH 31, 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
PARTIAL DRAWING PERMITTED
AMOUNT:USD26,152.31***
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 URULK Uk- UUR C:LIEN'I', LtNNA.R MUMES, INC., 700 N.W. 107TH AVENUE,
MIAMI, FL. 33172, WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT
NUMBER 32656 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE
AGGREGATE U.S. DOLLARS TWENTY SIX THOUSAND ONE HUNDRED FIFTY TWO
AND 31/100 ($26,152.31), 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 (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 SEPTEMBER 3, 1993 AND APPROVED BY THE CITY ENGINEER
FOR WATER DISTRIBUTION AND SANITARY SEWER INSTALLATION FOR LOMBARDY
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:
10
SunBank/Mlami,
National Association
International Services
3737 N.W. 87th Avenue
Miami. Florida 33178
Tel: (305) 591-6250
Telex: TRT 1441493 SUNBKMIA
Swift: SNBOUS3M
un
K
d
TEMP, -RESO, No.
CONTINUANCE OF IRREVOCABLE STANDBY LETTER OF CREDIT 32656
(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
THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND WILL NOT BE
EXTENDED. 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
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 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 32656."
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.
AUTHORIZED SIGNATURE
0 B'_" B. Cloak