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Home My WebLink AboutCity of Tamarac Resolution R-2000-022Temp. Reso. #8880, December 30, 1999 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2000- ,),9 A RESOLUTION OF THE CITY COMMISSION AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT PERFORMANCE BOND IN THE FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #S980391 FROM SUNTRUST BANK, IN THE AMOUNT OF $160,522.00 SUBJECT TO THE RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $67,315.13 FOR THE WATER DISTRIBUTION AND SEWAGE COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY LENNAR HOMES, INC. FOR THE EXETER EAST PROJECT LOCATED ON THE SOUTHEAST CORNER OF NW 80" STREET AND GRANVILLE DRIVE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., has constructed the Exeter East Project and installed the Water Distribution and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on May 13, 1998; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on July 22, 1998, requires Lennar Homes, Inc., to provide a Warranty Bond to the City of Tamarac for the Exeter East Project Water Distribution and Sewage Collection System Improvements, located on the southeast corner of NW 80'h Street and Granville Drive (attached hereto in map form as "Exhibit 1"), and Temp. Reso. #8880, December 30, 1999 2 WHEREAS, Lennar Homes, Inc., has requested the release of a Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #S980391 from SunTrust Bank, in the amount of $160,522.00 (attached hereto as "Exhibit 2") subject to the receipt of a Warranty Bond in the amount of $67,315.13 to the City of Tamarac for the Water Distribution and Sewage Collection System Improvements installed for the Exeter East Project; and WHEREAS, the Improvements were inspected, approved and are recommended for acceptance for a warranty period by the Utilities Engineering Division; and WHEREAS, it is the recommendation of the Director of Utilities that the Public Improvement Performance Bond be released for the Exeter East Project Water Distribution and Sewage Collection System Improvements; and 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 Public Improvement Performance Bond subject to the receipt of a Warranty Bond from Lennar Homes, Inc., for the Exeter East Project Water Distribution and Sewage Collection System Improvements. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: 1 1 G Temp. Reso. #8880, December 30, 1999 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: That the appropriate City Officials are hereby authorized to accept the Warranty Bond for the Water Distribution and Sewage Collection System Improvements in the amount of $67,315.13 for the Exeter East Project, located on the southeast corner of NW 8011 Street and Granville Drive, in accordance with Section 10- 156 of the City Code. SECTION 3: That the City Clerk is hereby authorized and directed to release to the Utilities Department for return to Lennar Homes, Inc., the Performance 3 Bond upon acceptance of the Warranty Bond for the Exeter East Project. The bond is in the form of an Irrevocable Standby Letter of Credit #S980391 from SunTrust Bank, in the amount of $160,522.00 for the Water Distribution and Sewage Collection System Improvements. SECTION 4: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 5: 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. J SECTION 6: passage and adoption. 1►WIT11 Temp. Reso. #8880, December 30, 1999 4 This Resolution shall become effective immediately upon its PASSED, ADOPTED AND APPROVED this (21 � day of , ATTEST: CAROL GOLD, CMC/AAE CITY CLERK I HEREBY CERTIFY that I have MW/krs/mg 1 IVII I UMr-LL 0. Nr CITY ATTORN JOE SCHREIBER MAYOR RECORD OF COMMISSION MAYOR SCHREIBER _ DIST 1: COMM. POR DIST 2: _VIM MISH, KiN,�,,,,, , DIST & COMM. SULTANOF DIST * COMM. ROBEATS _ EXHIBIT 1 • • S❑UTHGATE BLVD, � 83 ST � LAND > > SECTI❑N 6 > Q Q 82 ST ami I,- Q > CD< o CD CD Lo 0 81 ST CD �1 w 81 ST o2 WE TWA D 6 �a d 80 CT SECTION 4 oN o 80 "L (90 (9 �j SITE / E X E T E R LOCATION 7W py WEST N IZ W EXEAROPB.DWG EXETER EAST RELEASE OF PERFORMANCE BOND "Exhibit 2" • SUNTRUST SUNTRUST BANK, MIAMI, N.A. IRREVOCABLE STANDBY LETTER OF CREDIT NO. S980391 JUNE 25, 1998 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMARAC, FL. 33321 APPLICANT: LENNAR HOMES, INC. 700 NW 107TH AVENUE MIAMI, FL 33172 AMOUNT:USD160,522.00 DATE OF EXPIRY : JUNE 25,1998 PLACE OF EXPIRY: AT OUR COUNTERS BY ORDER OF OUR CLIENT, LENNAR HOMES INC., 700 N.W. 107TH AVENUE, MIAMI, FL. 33172, WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT NUMBER S980391 IN YOUR FAVOR FOR AN AMOUNT NOT TO EXCEED IN THE AGGREGATE U.S. DOLLARS USD 160,522.00 (ONE HUNDRED SIXTY THOUSAND FIVE HUNDRED TWENTY TWO AND 00/100) EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR SUNTRUST, MIAMI, N.A., 3737 NW 87TH AVENUE, MIAMI, FL. 33178 OFFICE. WITHOUT OBLIGATION ON OUR PART, WE ARE ADVISED THAT THIS IRREVOCABLE LETTER OF CREDIT IS TO ENSURE THE CORRECTION OF ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FOUND WITHIN (1) YEAR OF THE DATE OF THE FORMAL ACCEPTANCE OF THE IMPROVEMENTS OF THE CITY OF TAMARAC FOR THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATE MAY 22, 1998 AND APPROVED BY THE CITY ENGINEER FOR WATER DISTRIBUTION INSTALLATION FOR KINGS POINT EXETER EAST PORTION AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENT OF TAMARAC CITY CODE SECTION 10-156. THE CITY IS AUTHORIZED TO DRAW DRAFTS AT SIGHT ACCOMPANIED BY A SIGNED STATEMENT FROM THE CITY OF TAMARAC OR ITS' AUTHORIZED REPRESENTATIVE THAT: "THE UNDERSIGNED, AN AUTHORIZED REPRESENTATIVE OF THE CITY OF TAMARAC, HEREBY CERTIFIES THAT: (A) THE DRAWING IS DUE TO LENNAR HOMES, INC.'S FAILURE 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 PUBLIC IMPROVEMENTS BY THE CITY COMMISSION OF THE CITY OF TAMARAC, OR (B) THAT THE DEVELOPER'S OBLIGATIONS HAVE NOT BEEN COMPLETED, OR THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND WILL NOT BE EXTENDED, OR (C) THAT THE CITY OF TAMARAC HAS BEEN NOTIFIED THAT THE BOND WILL NOT BE EXTENDED." THE ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS, MUST BE PRESENTED WITH ANY DRAWING HEREUNDER. CONTINUED ON NEXT PAGE All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th Avenue, 1 st Floor, Miami, Florida 33178 Swift: SNTRUS3M Telex: 542210 0 SUNTRUST r L • IRREVOCABLE LETTER OF CREDIT NO. S980391 THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY RENEWED, WITHOUT AMENDMENT, FOR SUCCESSIVE PERIODS OF ONE (1) YEAR EACH, UNLESS WE PROVIDE WRITTEN NOTICE TO THE CITY CLERK VIA REGISTERED MAIL, OR SPECIAL COURIER, THAT WE ELECT NOT TO RENEW THE CREDIT FOR AN ADDITIONAL PERIOD, WHICH NOTICE MUST BE PROVIDED AT LEAST SIXTY (60) DAYS 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 WRITTEN NOTIFICATION THAT IT MAY BE TERMINATED PRIOR TO THE THEN CURRENT EXPIRATION DATE. WE ENGAGE WITH YOU THAT EACH DRAFT DRAWN UNDER AND IN STRICT COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OFuz # CREDIT WILL BE DULY HONORED IF PRESENTED AT THIS OFFICE ON OR , BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT OR ANY EXTENDED DATE AS PROVIDED FOR HEREIN. ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN UNDER SUNTRUST, BANK, MIAMI, N.A. LETTER OF CREDIT NUMBER;, S980391." p'�Z�t UNLESS EXPRESSLY STATED OTHERWISE, THIS LETTER OF CREDIT IS ft' SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE (1993 REVISION)¢ INTERNATIONAL CHER OF COMMERCE PUBLICATION NUMBER 500, OR ANY ,±� REVISION SUPERC I PUBLICATION NUMBER 500. AUTHORIZED SIGNATURE SUNTRUST INTL. SERVICES, INC. ACTING AS AGENTS FOR SUNTRUST BANK, MIAMI, N.A. 303 r All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th Avenue, 1st Floor, Miami, Florida 33178 Swift: SNTRUS3M Telex: 542210 9 SUNTRUST AUGUST 11, 1998 AMENDMENT TO IRREVOCABLE LETTER OF CREDIT S980391 BENEFICIARY: CITY OF TAMARAC 7525 NW 88TH AVENUE TAMARAC, FLORIDA 33321 APPLICANT: LENNAR HOMES, INC. 700 NW 107TH AVENUE MIAMI, FL 33172 OUR LETTER OF CREDIT NUMBER S980391 DATED J UNE 26, 1998 IS HEREBY AMENDED AS FOLLOWS: AMENDMENT NUMBER 002 ON SECOND PARAGRAPH DELETE THE WORD "CITY" AND INSERT: THE WORD "UTILITY". PARAGRAPH (C) NOW SHOULD READ: THAT A WARRANTY BOND THAT IS REQUIRED BY TAMARAC CITY CODE HAS NOT BEEN PROVIDED. PARAGRAPH WHERE READS: THIS LETTER SHALL BE AUTOMATICALLY ETC.... NOW SHOULD READ: THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY RENEWED, WITHOUT AMENDMENT, FOR SUCESSIVE PERIODS OF ONE (1)YEAR EACH UNLESS WE PROVIDE WRITTEN NOTICE TO THE CITY CLERK VIA REGISTERED MAIL OR OVERNIGHT COURIER SERVICE OF OUR INTENT NOT TO RENEW FOR AN ADDITIONAL PERIOD, WHICH NOTICE MUST BE PROVIDED AT LEAST SIXTY (60) DAYS 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. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. THIS AMENDMENT IS SUB^CT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CR T (1993 REVISION) INTERNATIONAL CHAMBER OF MMERCE PUB i I 500, OR REVISION CURRENTLY IN EFFECT. AUTHORIZED SIGNATURE SUNTRUST INTL SERVICES INC. ACTING AS AGENTS FOR SUNTRUST BANK, MIAMI, N.A- 307 All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W. 87th Avenue, 1st Floor, Miami, Florida 33178 Swift: SNTRUS3M Telex: 642210