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Home My WebLink AboutCity of Tamarac Resolution R-95-083Temp. Reso. #7034 Revised 4/14/95 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-95-� 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 #S511819 IN THE AMOUNT OF $44,462.45, POSTED FOR PUBLIC IMPROVEMENTS AT VGC PARK, LOCATED AT THE CORNER OF COMMERCIAL BOULEVARD AND N.W.94TH AVENUE, SUBJECT TO RECEIPT OF A WARRANTY BOND FOR $13,602.25; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. _ WHEREAS, Fundamental Hopkins -Easton No.11, Ltd., as Principal, with First Union National Bank, as Surety, has filed with the City Letter of Credit #S511819 in the amount of $44,462.45 to guarantee public improvements at VGC Park, located at the corner of Commercial Boulevard and N.W. 94th Avenue; 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 $13,602.25. 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 #S511819 in the amount of $44,462.45, posted for Public Improvements, subject to receipt of a Warranty Bond in the amount of $13,602.25. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: That the Letter of Credit #S511819 posted by Fundamental Hopkins - Easton No.11, Ltd., as Principal, with First Union National Bank, as Surety, in the amount of $44,462.45 for public improvements at VGC Park is HEREBY RELEASED, subject to receipt of a Warranty Bond in the amount of $13,602.25. -1- Temp. Reso. # 7034 Revised 4/14/95 SECTION 2- That the appropriate City Officials are hereby authorized to release the Performance Bond, Standby Letter of Credit #S511819 in the amount of $44,462.45 posted for public improvements, subject to receipt of a Warranty Bond in the amount of $13,602.25. A copy of the Performance Bond 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 SECTION 3: All Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict.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,�Lday of, 1995. 11ORMAN ABRAMOWITZ MAYOR ATTEST: CAROL A. EVANS, CMC - = CITY CLERK I fvEBYCERTIFY that I have pred this Resolut' n as to n RECORD OF COMMISSION VOTE MAYOR ABRAMOWITZ M ITC LL 4. K FT DIST. 1: V / M KATZ 1,40 f� CITY ATT6AEY DIST. 2: COMM. MISHKIN GES:mf DIST. 3: COMM. SCHREIBER 4& ti DIST. 4: COMM. MACHEK .ice Firs pion National Bank 1bNc; International Division "EXHIBIT 1" FIRST UNION NATIONAL. BANK OF FLORIDA . AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT JUL.Y 03, 1992 CITY OF TAMARAC 7525 N.W. 88 AVENUE TAMARAC, FL 33321-2401 LETTER OF CREDIT NO, S313127 GENTLEMEN: WE: AMEND OUR ABOVE REFERENCED LETTER OF CREDIT ISSUED IN YOUR FAVOR ON JUNE 25, 1992 FOR THE ACCOUNT OF FUNDAMENTAL HOPLINS-- EASTON *11, LTD, AS FOLLOWS: DELETE LETTER OF CREDIT IN ITS ENTIRETY AND RESTATE AS FOLLOWS: FIRST UNION NATIONAL BANK OF FLORIDA IRREVOCABLE STANDBY LETTER OF CREDIT JUNE 25, 1992 CITY OF TAMARAC 7525 N.W. 68 AVENUE TAMARAC, FL 3:.3321-2401. LETTER OF CREDIT NO. S313127 RE:: SITE PREPARATION, , PAVING, DR AINGE_' , CLEARING AND GRUBBING AT VGC PART( AS SHOWN ON PLANS PREPARED BY PBS & J ELATED DECEMBER 1991 -- ..LOB NO. 02-•74-3,00, GENTLEMEN: WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR, FOR THE ACCOUNT OF FUNDAMENTAL.. HOPKI:NS-EASTON *11, LTD., 300 GRECO AVENUE, CORAL.. GABLES, FL 33146 IN THE AGGREGATE OF $44,462.45 (UNITED STATES DOLLARS FORTY FOUR THOUSAND FOUR HUNDRED SIXTY TWO AND 4 /1.00) AVAILABLE BY PAYMENT OF YOUR DRAFT(S) AT SIGHT DRAWN ON OURSELVES, DRAFT(S) DRAWN UNDER THIS CREDIT MUST STATE ON THEIR FACE "DRAWN UNDER FIRST UNION NATIONAL.. BANK OF' FLOV.YT.IA IRREVOCABLE LETTER OF CREDIT NUMBER *S313127* DATED JUNE: 25, 1992". THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY RENEWED WITHOUT AMENDMENT FOR SUCCESSIVE:.' PERIODS OF SIX (6) MONTHS EACH UNLESS WE PROVIDE THE CITY MANAGMENT.. WITH WRITTEN NOTICE AT LEAST THIRTY (30) CLAYS PRIOR TO THE EXPIRATION DATE OF THE ORIGINAL. TERM HEREOF OR ANY RENEWED SIX (6) MONTH 'TERM OF OUR INTENT TO CONTINUED ON NEXT PAGE WHICH FORMS_AN INTEGRAL PART OF THIS LETTER OF CREDIT ' -~�~~�"°"�= =~��m�w�/ �� '�� N��~�� 0&N��N �N�~~��@~ _/\�° < '�� `! ��m��UKnno�U �^��----` -~~~~�� ~~� ^�� - ' -^ ^ ^ �� AMENDMENT TO IRREVOCABLE 9TANO8Y LETTER OP CREDIT MARCH 1O' 199O CITY OF TAMARAC �525 N.W. 88 AVENUE TAMARA�' FL 33321-2401 RE� S%TE8PREPARATION' PAVIN8^ DRAINA0E, CLEARIN8 ANO 0RU88ING */C«McEp#RKpAS 9HOWN ON pLAN8 PREPARED BY P8S & F DATED "� � o x z� � - JOB NO. O2-74-3.00. GENTLEMEN� THIGBISNTOOINFORM YOU n�oCE��IN� ��OLIDATED THA? THE LETTER OF CREDIT REFERENCED BELOW rnuE8��RyuT��STEM. IN INTO OUR ORDER FIRST UNION-MIAMI AUTOMATED nc�ONu*IAMIVR�HANGE THE TO CURRENT ACCOMPLISH THIS REFERENCE IT WAS "'`� -n L��RENCE NUMBER' THEREFORE� NUMBE' '` TO A FIRST WEUHERE8Y AMEND LETTER OF CREDlT NO. S313127 IN FAVOR OF /uDK5�LVESLFORSTHE ACCOUNT OF FUNDAM�NTAL HOPKzNS-EA9TON #11, -LETTER OF�CRED%� NUMBER CHAN8ED TO READ A8 FOLLOWS� S5l1819 -c^r�x/Tu*�LO EXTENDED TO MARCH O1' 1994 (NEW ANNIVER8AQY DATE rux ou u��|IC RENEWAL PROVISION) � -PLEA8ETDI8RE8ARD OUR NONRENEWAL 'OTICE DATED FERRUARY 19 1993 -nu/unw �c K�NEWAL PROV%SION I8 ��TILL I� EFFECT ' ' �� ` °� DOCUMENTS MUST NOW BE PRESENTED FOR PAYMENT AT THE FOLLOWING pIR8T UNION NATIONAL BANK OF FLORIDA INTERNATIONAL DIVISION - FL6O42 1801 NORTHWE8T 79TH AVENUE, 2ND FLOOR MIAMI' FL 33126 ALLBOTHERATERMS AND CONOITIONS REMAIN UNCHAN8ED THIS LETTER I8 '«EDcT*/|S�MLDETO AND TO�BECOME AN INTEGRAL PAR' OF THE ORI0INA� ~"TT^R ^n /xun N/. pLEA9E REFER TO THE NEW FIR'T UN%ON MIAM% �c � u� [REDIT NUM8ER IN ALL FUTURE CORRESPON°ENCE. - � THISOCON8OLIOATION IS AN INTEGRAL PART OF OUR ON8OING RECORO8 �unoI��u*/1VNEpROCES8 AND IT 18 OUR 8INCERE DESIRE TO MINIMIZE "".5�n�unv�n��N�ETTHAT MAY ARISE. PLEASE CALL JO8E POMAREDA AT `~. "''-��' w� M HNY QUESTIONS OR CONCERNS YOU MAY HAVE. SINCE � - —.-~.` .`".^unm� uonx V� �LURIDA Firs pion National Baier bN International n Dwiiso � C1� 1 FIRST UNION NATIONAL BANK OF FLORIDA PAGE NO. IRREVOCAI3I...E" STANDBY LETTER OF CREDIT S:31.3127 ..TUNE: 25, 1.992 TERMINATE THIS LETTER OF CREDIT, RECEIPT BY THE CITY OF SAID NOTICE: SHAI...I... BE DEEMED A DEFAULT IN PERFORMANCE OF TIME DEVELOPER'S OBLIGATIONS, WE HEREBY AGREE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS CREDIT SHALL BE DULY HONORED IF PRESENTED, WITH THE ORIGINAL OF THIS CREDIT, AT OUR OFFICE LOCATED AT 301 S. TRYON STREET, INTERNATIONAL T7, CHARLOTTE:, NC; 28288-0742 ON OR BEFORE MARCH 31, 1.993. EXCEPT AS OTHE:RWIEE EXPRESSLY STATED HEREIN, THIS LETTER OF' C:RED I:T IS SUBJECT TO TFIE- UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, ESTABLISHED BY THE: INTERNATION41._ CHAMBER OF COMMERCE, AS IN EFFECT ON TFIE DATE: OF ISSUANCE OF' TFIIS CRE. 01 T. SINCERELY, A. _... _ ii1.17'FICII IIE ' S.I. 31NAT5E. FIRST UNION NATIONAL.. BANK OF- F]...ORIDA CJ f3