HomeMy WebLinkAboutCity of Tamarac Resolution R-95-080Temp. Reso. #7038
Revised 4/14/95
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-95- Sa
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
#519716 IN THE AMOUNT OF $16,921.75, POSTED FOR
SANITARY SEWER FACILITIES AT MALVERN, LOCATED
IN THE 9700 BLOCK OF WESTWOOD DRIVE, EAST OF
NOB HILL, ROAD; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING .AN
EFFECTIVE DATE.
WHEREAS, Lennar Homes, Inc., as Principal, with Comerica, as Surety, has filed
with the City Letter of Credit #519716 in the amount of $16,921.75 to guarantee sanitary
sewer facilities at Malvern, located in the 9700 block of Westwood Drive, east of Nob Hill
Road; and
WHEREAS, The facilities have been inspected and found acceptable by the
Utilites/Engineering Division.
WHEREAS, it is the recommendation of the Public Works Director and the City
Engineer that the Warranty Bond, Letter of Credit #519716 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 #519716 in the amount of $16,921.75, posted for
Water Distribution facilities.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: That the Letter of Credit #519716 posted by Lennar Homes, Inc., as
Principal, with Comerica, as Surety, in the amount of $16,921.75 for water distribution
facilities at Malvern is HEREBY RELEASED.
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Temp. Reso. # 7038
Revised 4/14/95
SECTION 2: That the appropriate City Officials are hereby authorized to release
the Warranty Bond, Standby Letter of Credit #519716 in the amount of $16,921.75 posted
for water distribution facilities. A copy of the Warranty Bond is attached as "Exhibit 1."
ECTION I 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repealed to the extent of such conflict.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 Zday of, 1995.
ATTEST:
CAROL A. EVANS, CMC
CITY CLERK
I HEREBY CERTIFY that I have
MITCHELL S.
CITY ATTO
GES:mf
EY
60.a
MAYOR
DIST. 1:
DIST. 2:
DIST. 3:
DIST. 4:
*- . •
►� A •
RECORD OF COMMI SION VOTE
ABRAMOWITZ
V / M KATZ
COMM. MISHKIN A&le f—
COMM. SCHREIBER -- . ----
COMM. MACHEK ,4i./r
TELEX: 164366 MNB INTL DET DETROIT CENTER
170363 MNB INTL DET 500 WOODWARD AVENUE
SWIFT: MNBD US 33 MC 3341 Letter of Credit Division
FAX: (313) 222-9115 DETROIT, MI 48226
"EXHIBIT 1"
0 IRREVOCABLE STANDBY LETTER OF CREDIT DATE: JUNE 7, 1993
NO.: 519716
AMOUNT: $16,921.75
BENEFICIARY:
CITY OF TAMARAC
7525 N.W. 88TH AVE.
TAMARAC, FLORIDA 33321
GENTLEMEN:
WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 519716 IN YOUR
FAVOR, FOR ACCOUNT OF LENNAR HOMES, INC., 700 N.W. 107TH AVE., MIAMI, FL 33172
FOR A SUM NOT EXCEEDING SIXTEEN THOUSAND NINE HUNDRED TWENTY ONE AND
75/100 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 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 SUB -DIVISION
IMPROVEMENTS OF THE CITY OF TAMARAC FOR THE INSTALLATION OF PUBLIC IMPROVEMENTS
INDICATED ON CERTIFIED COST ESTIMATE DATED APRIL 16, 1993 AND APPROVED BY THE
CITY ENGINEER FOR THE SEWER COLLECTION INSTALLATION FOR MALVERN (PROJECT
#881205-F) AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC
CITY CODE SECTION 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 SIXTY (60) 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 COMERICA BANK.
OF THEIR ELECTION NOT TO RENEW THEIR LETTER OF CREDIT NO. 519716 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. 519716."
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 JUNE 22, 1994 OR ANY AUTOMATICALLY
EXTENDED DATE.
YOURS VERY TRULY,
�iORIZEb SIGNATURE