HomeMy WebLinkAboutCity of Tamarac Resolution R-95-082Temp. Reso. #7036
Revised 4/14/95
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-95-To-?
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 #23579
IN THE AMOUNT OF $77,213.75, POSTED FOR PUBLIC
IMPROVEMENTS AT MALVERN, LOCATED IN THE 9700
BLOCK OF WESTWOOD DRIVE, EAST OF NOB HILL,
SUBJECT TO RECEIPT OF A WARRANTY BOND IN THE
AMOUNT OF $21,901.94; 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 #23579 in the amount of $77,213.75 to guarantee public
improvements 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 Public
Works/Engineering Division.
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 $21,901.94.
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 #23579 in the amount of $77,213.75, posted
for Public Improvements, subject to receipt of a Warranty Bond in the amount of
$21,901.94.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: That the Letter of Credit #23579 posted by Lennar Homes, Inc., as
Principal, with Sun Bank, as Surety, in the amount of $77,213.75 for public improvements
at Malvern is HEREBY RELEASED, subject to receipt of a Warranty Bond in the amount
of $21,901.94.
-1-
Temp. Reso. # 7036
Revised 4/14/95
SECTION 2: That the appropriate City Officials are hereby authorized to release
the Performance Bond, Standby Letter of Credit #23579 in the amount of $77,213.75
posted for public improvements, subject to receipt of a Warranty Bond in the amount of
$21,901.94. A copy of the Performance Bond is attached as "Exhibit 1."
SECTION I All Resolutions or parts of Resolutions in conflict herewith are hereby
repealed to the extent of such conflict.
SEQTION 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 26day o/--, 1995.
*ORMAN ABRAMOWITZ
MAYOR
ATTEST:
CAROL A. EVANS, CIVIC -- =
CITY CLERK
I HEREBY CERTIFY that I have
aMreved this Resolution av'
/ RECORD OF COM ISSION VOTE
MAYOR ABRAMOWITZ
MI CH LL S. KOV&T DIST, 1: V / M KATZ
CITY ATTORNEY DIST. 2: COMM. MISHKIN
DIST. 3: COMM. SCHREIBER
GES:mf DIST. 4: COMM, MACHEK
-2-
1
4nSUN 13ANK / MIAM1,
National Association
International Banking Div.
K3737 N.W.87th Avenue
Miami, Florida 33178
"EYRTRTT In
IRREVOCABLE STANDBY LETTER OF CREDIT
ADVISING BANK
N/A
BENEFICIARY
CITY OF TAMARAC
5811 N.W. 88th Avenue
Tamarac, Fl. 33321
DATE OF ISSUE
Ur- IJJUiNU HANK
L/C23579
N1ay . 6, 1992
CREDIT NUMBER
APPLICANT
LENNAR HOM>,.S , -INC.
700 N.W. 107th Aveneue
Miami, F1. 33172
OF ADVISING 6AN
P
US$77,213.75 (USDO�L,ARN EVENTy SEVEN THOUSAND
TWO HUNDRED THIRTEEN AND 75/100)
EXPIRATION DATE
AT OUR COUNTERS May 6, 1993
By order of our client, LENNAR HOMFS, D'4C., 700 N.W. 107th Avenue, Miami, Fl. 33172 we hereby
open our clean Irrevocable Letter of Credit No. 23579 in your favor for an 1,*,t not to exc
in the aggregate U.S. m3.75 SEVL"NSEVEN THOUSAND TWO HUNDRED AND THIRTEEN AND 75/100
eec
business on May 6, 1993.
U.S. DOLLARS, effectivee irmlediately andd expiring at Sun Bank/Miami, N.A., with our close of
We are advised that this Irrevocable Letter of Credit is to ensure installation of public
Dmprovwmts
indicated.oncertified cost estimate dated April 8, 1992 and on plans prepared by
aniel Carnahan Consulting Engineers and approved by the city engineer for site preparation,
paving and drainage, sidewalks, curbing .installation for MALVERN
to comply with the requirements of Tamarac City Code D DEVELOPER'S obligation
Section 10-1ANAN
The City is authorized to draw drafts at sight accompanied by a signed statement from the City
of Tamarac of its authorized representative that;
(A) The drawing is due to LENNAR IOMES, INC.1S failure to construct the public improvements.
(B) That the developer's obligations have not been
notified that the bond will not be extended, or
oolt1p1eted and the City of Tamarac has been
(C.) That a warranty bond that is required by Tamarac. City code has not been provided.
This Letter of Credit shall be automatically renewed, without amendment, for successive period,
of 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,
thirty (30) days which notice must be provided at least
Y prior to the expiration date of the original texms hereof or any renewed one
(1) year term or unless The City of Tamarac returns the. original letter of credit together witY
Except so far as otherwise expressly stated, this Standby Credit Is subject to the "Uniform Customs and Practice for Documentary Credits" (1983 Revision) International
Chamber of Commerce (Publication 400). or revision currently in effect.
We hereby engage with you that drafts drawn and negotlated in conformity
with the terms of this credit will be duly honored on presentation.
ZAUTHORIZ SIGNATUR e
.�. &' ager E.fC
CJ
SB505
SUNBANK/MIAMI, f _9," 8 1
National Association Cantixn -rcm page No. 1
98)K
International Banking Div. Letter vi Credit No. 23579
3737 NW 87th Avenue
Miami, Florida 33178 Dated May 6, 1992.
notification that it may be terminated,
engage with you that each draft drawn under and in compliance with the to
�w.i11 be duly honored on delivery of this Cr
ry of the dac>rmlents as edrt
Bank/Miami, N.A. 3737 N.W. 87th Avenue, Miami, Floridap33178� if Presented to us at Sun
THIS ORIGINAL LL7TER OF CREDIT INSTRLMaU MUST BE SUBMIT k) TO US TOGETHER WITH ANY DRAWING(S)
HEREUNDER FOR OUR ENDORSIMiM OF ANY pAYMUqP EFFBCTID BY US AND/OR FOR CANCII TION.
Except fhr as otherwise stated, This Documentary Credit is subject
to th iform Customs and Practice for Documentary Credits"
(1983 sion) International Chamber of Commerce (Publication
No. 400),
CAI
SB 507
F
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J
�.Hernandez
A
SIGNATURESrg
A.V.P. & Manager L/C