HomeMy WebLinkAboutCity of Tamarac Resolution R-2000-128May 9, 2000 - Temp. Reso. #9027
Revision # 1 - May 17, 2000
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2000- /ag
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA, AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO RELEASE
PERFORMANCE BOND (LETTER OF CREDIT #L986426) IN
THE AMOUNT OF $2,480.00 POSTED FOR SIDEWALK AND
CURBING LOCATED ALONG LAGOS DE CAMPOS IN
FRONT OF PARKWOOD AT COLONY WEST; PROVIDING -
FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Parkwood At Colony West, Inc. with Union Planters Bank as Surety,
has filed with the City a performance bond; (Letter of Credit # 1-986426) in the amount of
$2,480.00 to guarantee construction of sidewalk and curbing located along Lagos De
Campos in front of Parkwood at Colony West; and
WHEREAS, the sidewalk and curbing has been inspected and found acceptable by
the Engineering Division; and
WHEREAS, it is the recommendation of the Public Works Director and the Acting
City Engineer that the performance bond be released, subject to the delivery of a warranty
bond in the amount of $620.00.
WHEREAS, the City Commission of the City of Tamarac, Florida deems it to be in
the best interest of the citizens and residents of the City of Tamarac to release the
performance bond, Letter of Credit # 1-986426, in the amount of $2,480.000, posted for the
sidewalk and curbing located along Lagos De Campos in front of Parkwood at Colony
West.
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May 9, 2000 - Temp. Reso. #9027
Revision # 1 - May 17, 2000
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA THAT:
Section 1: The foregoing "WHEREAS' clauses are hereby ratified and confirmed
as being true and correct and are hereby made a specific part of this resolution.
Section 2: The appropriate City Officials are hereby authorized to release the
performance bond (Letter of Credit # 1-986426) in the amount of $2,480.00 posted for the
sidewalk and curbing located along Lagos De Campos in front of Parkwood at Colony
West. (a copy of the Letter of Credit is attached hereto as "Exhibit 1"). The release is
subject to the delivery of a warranty bond in the amount of $620.00, according to City Code
Section 10-156.
Section 3: That 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 portions or applications of this
Resolution.
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May 9, 2000 - Temp. Reso. #9027
Revision # 1 - May 17, 2000
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Section 5: This Resolution shall become effective immediately upon its passage
and adoption.
RASSD, ADOPTED AND APPROVED this day of ,2000.
W- JOE SCHREIBER
MAYOR
MARION SWENSON, CMC
INTERIM CITY CLERK
I HEREBY CERTIFY that I have
approved this RESOLUTION as
o form. 7
919TCHELL S. KAAFT
CITY ATTORV40Y
RECORD OF COMMISSION VO
MAYOR SCHREIBER
DIST 1: COMM. PORTNER
DIST 2: COMM. MISHKIN
DIST 3: COMM. SULTANOF
DIST 4: VIM ROBERTS ...,..,.
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November 18,1998
Beneficiary:
City Of Tamarac
7525 N.W. 88th Avenue
Tamarac,Florida 33321
LUNION
PLANTERS
BANK
Letter of Credit No. L986426
Expiration Date:November 18,1999
At Our Counters
:X
Gentlemen:
n.j
We hereby establish our Irrevocable Standby Letter of Credit No. L986426 in your favor at the
request of Park Wood At Colonly West,Inc.,2409 University Drive,Coral Springs in the amount
of USD 2,480.00 (Twenty four hundred and eighty dollars only and 00/100).
The purpose of this Irrevocable Letter of Credit is to insure installation of Public Improvements
indicated on the certified cost estimate dated MARCH 15,1999.
-: Funds under this Letter of Credit are available to you in one or more drawings against sight draft
(s) drawn on. Union Planters Bank ,North Bay Village, Florida mentioning our Letter of Credit
No. L986426. Each draft must be accompanied by:
"v A signed statement from The City of Tamarac or its authorized representives stating that:
(a)The drawing is due to Park Wood At Colonly West, Inc. failure to construct the public
improvements.
(b)That the developer's obligations have not been completed and the City of Tamarac has notified
the bond will not be extended, or
(c)That a warranty bond that is required by Tamarac City code has not been provided.
It is a condition of this Letter of Credit that it shall be deemed automatically extended ,without
amendment for successive periods 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,which notice
must be provided at least thirty (60) day 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 notification that it may be terminated.
•
Any draft here under and in compliance with the terms of this credit will be duly
honored if presented at this office on or before the date of expiration, when
accompanied by the required documents.
Except so far as otherwise expressly stated, this credit is subject to the Uniform
Customs and Practice for Documentary Credit (1993 Revision), International
Chamber of Commerce Publication No. 500
C7
MARIA FEBUS
ASST, VICE PRESIDEW
LETTERS DF CREDIT DEPARTMENT
11
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horized Si afore
PNONNE ESP NOSA
Asst. Cashier
International Division