HomeMy WebLinkAboutCity of Tamarac Resolution R-95-056Temp. Reso. #6998
Revision #1-3/16/95
Revision #2-3/27/95
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-95-5Co
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO RELEASE A
PERFORMANCE BOND, STANDBY LETTER OF CREDIT
#514496 IN THE AMOUNT OF $5,161.20, POSTED FOR
PUBLIC IMPROVEMENTS AT THE CLAIRMONT ENTRANCE
OFF N.W.71st. PLACE; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, Lennar Homes, Inc., as Principal, with Manufacturers Bank, as Surety,
has filed with the City Letter of Credit #514496 in the amount of $5,161.20 to guarantee
public improvements at the Clairmont Entrance off N.W. 71st Place, and
WHEREAS, it is the recommendation of the Public Works Director and the City
Engineer that the Performance Bond be released, subject to receipt of a Warranty Bond
in the amount of $1,206.38 per the requirements of City Code Section 10-156.
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
Performance Bond, Standby Letter of Credit #514496 in the amount of $5,161.20 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:
CTION 1: That the Letter of Credit #514496 posted by Lennar Homes, Inc. , as
Principal, with Manufacturers Bank, as Surety, in the amount of $5,161.20 posted for
public improvements at the Clairmont Entrance off N.W. 71st Place, is HEREBY
RELEASED, subject to receipt of a Warranty Bond in the amount of $1,206.38 per the
requirements of City Code Section 10-156.
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Temp. Reso. # 6998
Revision #1-3/16/95
Revision #2-3/27/95
SECTION 2: That the appropriate City Officials are hereby authorized to
execute this Resolution to release a Performance Bond, Standby Letter of Credit
#514496 in the amount of $5,161.20 posted for public improvements, a copy of which 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hereby repealed to the extent of such conflict.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 5i This resolution shall become effective immediately upon adoption.
PASSED, ADOPTED AND APPROVED this,�Rday o, 1995.
ATTEST:
CAROL A. EVANS, CMC
CITY CLERK
I HEREBY CERTIFY that I have
approved this Resolution as
t
ITCHELL S. K
CITY ATTOR14EY
MAYOR
DIST. 1:
DIST. 2:
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NORMAN ABRAMOWITZ
MAYOR
RECORD OF COM ISSION V TE
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IRREVOCABLE STANDBY LETTER OF
BENEFICIARY:
CITY OF TAMARAC
5811 N.W. 88TH AVENUE
TAMARAC, FLORIDA 33321
GENTLEMEN:
MANUFACTURERS BANKNN A
INTERNATIONAL- BANKING DEPARTMENT
MANUFACTURERS [SANK TOWER
RENAISSANCE CENTER
P O. BOX 55012A
DETROIT, MICHIGAN 48255
CREDIT DATE
NO..
AMOUNT
MAY 6, 1992
51449-6
55,161.20
�_Bt1P,r of C'ud,l U
WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 514496 IN YOUR
FAVOR, FOR ACCOUNT OF LENNAR HOMES, INC., 700 N.W. 107TH AVE., MIAMI, FL 33172
FOR A SUM NOT EXCEEDING FIVE THOUSAND ONE HUNDRED SIXTY-ONE AND 20/100 U.S.
DOLLARS AVAILABLE BY YOUR DRAFT AT SIGHT ON MANUFACTURERS BANK, N.A., WHEN
ACCOMPANIED BY:
X 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
MARCH 11, 1992 AND ON PLANS PREPARED BY DANIEL CARNAHAN CONSULTING ENGINEERS AND
APPROVED BY THE CITY ENGINEER FOR CURB AND LANSCAPE INSTALLATION FOR THE
'
CLAIRMONT ENTRANCE PROJECT JOB NO. 860107 AND THAT LENNAR HOMES, INC.S
OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTI HAS NOT BEEN MET." ON 10-156
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY
EXTENDED WITHOUT AMENDMENT FOR ONE YEAR PERIODS FROM THE EXPIRATION DATE HEREOF,
OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST THIRTY (30) DAYS PRIOR TO ANY
EXPIRATION DATE WE SHALL NOTIFY YOU BY REGISTERED MAIL 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 MANUFACTURERS
BANK, N.A. OF'THEIR ELECTION NOT TO RENEW THEIR LETTER OF CREDIT NO. 514496 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 MANUFACTURERS
BANK, N.A. IS LETTER OF CREDIT NO. 514496.1,
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1983 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 400.
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 MAY 5, 1993 OR ANY AUTOMATICALLY
EXTENDED DATE.
YOURS V RY RULY,
AUTH-0 -1 TURF
i.