HomeMy WebLinkAboutCity of Tamarac Resolution R-97-001Temp. Reso.#7496 - July 16, 1996 1
CITY OF TAMARAC
RESOLUTION NO. R-97-��
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF TAMARAC, FLORIDA, AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC
IMPROVEMENT WARRANTY BOND IN THE FORM OF AN
AMENDMENT TO IRREVOCABLE LETTER OF CREDIT
#1994-127 DATED SEPTEMBER 1, 1995 FROM OHIO
SAVINGS BANK, F.S.B., IN THE AMOUNT OF $34,914.50
FOR WATER DISTRIBUTION AND SEWAGE COLLECTION
IMPROVEMENTS IN THE BROOKSIDE COVE PROJECT
LOCATED ON THE NORTHEAST CORNER OF MCNAB
ROAD AND NW 70TH AVENUE; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, Gemstar Homes, Inc., has constructed the Brookside Cove Project
and installed the Water Distribution and Sewage Collection System Improvements in
accordance with the Site Plan approved by the City Commission on December 8, 1993;
and
WHEREAS, Section 10-156 (d) (5) of the City Code and the Water and Sewer
Developer's Agreement accepted and executed by the City of Tamarac on September
28, 1994 requires Gemstar Homes, Inc. to provide a Performance Bond to the City of
Tamarac for the Brookside Cove Project Water Distribution and Sewage Collection
System Improvements located on the northeast corner on McNab Road and NW 70th
Avenue (attached hereto in map form as "Exhibit 1 "); and
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Temp. Reso.#7496 - July 16, 1996 2
WHEREAS, on September 13, 1995, at the request of Gemstar Homes, Inc. and
on the recommendation of the Utilities Department, the City Commission released the
Performance Bond subject to the receipt of a one-year Public Improvement Warranty
Bond int he amount of $34,914.50; and
WHEREAS, Gemstar Homes, Inc., has requested the release of the Public
Improvements Warranty Bond in the form of an Amendment to Irrevocable Standby
Letter of Credit dated September 1, 1995 from Ohio Savings Bank, F.S.B., in the
amount of $34,914.50 (attached hereto as "Exhibit 2") for the Water Distribution and
Sewage Collection System Improvements installed in Brookside Cove; and
WHEREAS, the Improvements were inspected, approved and are recommended
for acceptance by the Utilities Engineering Division; and
WHEREAS, it is the recommendation of the Director of Utilities that the Public
Improvement Warranty Bond be released for the Brookside Cove 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 Warranty Bond from Gemstar Homes, Inc., for the Brookside Cove
Project Water Distribution and Sewage Collection System Improvements.
Temp. Reso.#7496 -July 16, 1996 3
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION L 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
release the one-year Public Improvements Warranty Bond, for the Water Distribution
and Sewage Collection System Improvements in the amount of $34,914.50 for the
Brookside Cove Project 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 Gemstar Homes, Inc., the Warranty
Bond for the Brookside Cove Project. The bond is in the form of an Amendment to
Irrevocable Standby Letter of Credit #1994-127 dated September 1, 1995 from Ohio
Savings Bank, F.S.B., in the amount of $34,914.50 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.
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Temp. Reso.#7496 - July 16, 1996 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.
SECTION 6:
passage and adoption.
This Resolution shall become effective immediately upon its
PASSED, ADOPTED AND APPROVED this F day
ATTEST:
aei±e
CAROL A. EVANS, CMC
CITY CLERK
I HEREBY CERTIFY that I have
approved this RESOLUTION as
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MITCHELL VKRAFT
CITY ATTORNEY
Utilities/dav/aml
1997.
LARRY MISHKIN
VICE MAYOR
RECORD OF COMMISSION VOTE
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BROOMIDB COVB BSCVROWB.DWG
RELBABB OF WARRANTY BOND
"EXHIBIT 2" 749E
. Temp Reso Q
OHIO SA` INGS: BANK
AMENDMENT TO IRREVOCABLE STANDBY LETTER OF CREDIT
DATE OF ORIGINAL LETTER OF CREDIT: December 21, 1994
ORIGINAL EXPIRATION DATE: December 20, 1995
LETTER OF CREDIT NO. 1994-127
DATE OF AMENDMENT: September 1, 1995
AMENDED EXPIRATION DATE: December 31, 1996
REDUCED AMOUNT: $34,914..50
CITY OF TAMARAC BROOKSiDE COVE
6811 N.W. 88th AVENUE PUBLIC IMPROVEMENTS
TAMARAC, FLORIDA 33321 PERFORMANCE SECURITY
Reference is made to Irrevocable Letter of Credit No. 1994-127 dated December 21,
1994 issued to you by Ohio Savings Bank, F.S.B. (formerly known as Ohio Savings Bank), for
the account of Gemstar Homes, Inc.
As of the data hereof and without in any other way changing any other term or
condition of said Letter of Credit, said Letter of Credit is hereby modified by deleting the original
amount available thereunder and substituting in its place Thirty Four Thousand Nine Hundred
Fourteen and 50/100 Dollars (334,914.50)(U.S.) and by deleting the original Expiration Date of
December 20, 1995 and substituting in its place an extended Expiration Date of December 31,
1996.
Sincerely,
OHIO SAVINGS BANK, F.S.B.
(formerly known as Ohio Savings Bank)
By: L�t-
Authorized Sign
And.
Authorized Sic
1801 EA$T IViNl"H STRL ET - C4F.VE1.AN0 - (OMt(--) • 44114 • 216.696-2222
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OHIO SAVINGS BANK
IRREVOCABLE STANDBY LETTER OF CREDIT
DATE: December 21, 1994
EXPIRATION DATE: December 20, 1995
LETTER OF CREDIT NO. 1994-127
AMOUNT: $139,658
CITY OF TAMARAC
6811 N.W. 88th AVENUE
TAMARAC, FLORIDA 33321
1 ITA a V 0
A 74
DEC 2 7 1994
TAMARAC CITY ENGINEER
c:o
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BROOKSIDE;COVI
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PUBLIC IMPROVEMENTS
PERFORMANCE SECURITY
We hereby open our Irrevocable Standby Letter of Credit No. 1994-127 in your favor, for the
account of Gemstar Homes, Inc., 15900 Pines Boulevard, Pembroke Pines, Florida 33027, for a
sum not exceeding One Hundred Thirty Nine Thousand Six Hundred Fifty Eight and 00/100 U.S.
Dollars ($139,658.00) available by your draft at sight on Ohio Savings Bank, 300 Ohio Savings
Plaza, 1801 East Ninth Street, Cleveland, Ohio 44114, Attention: Frank J. Bolognia, when
accompanied by:
A statement signed by an authorized representative of the City of Tamarac as follows: "We certify
that Gemstar Homes, Inc. has failed to complete the installation of public improvements described
in a certified cost estimate dated December 13, 1994 and on plans prepared by CCL Consultants,
Inc. and approved by the City Engineer for public improvements for the Brookside Cove Project and
that Gemstar Homes, Ins.'s obligation to comply with the requirements of Tamarac City Code
Section 10-156 has not been met."
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 extended 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 described above or a statement signed by an
authorized representative of the City of Tamarac as follows: We certify that we have been notified
in writing by Ohio Savings Bank of its election not to renew Letter of Credit No. 1994-127 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 Ohio Savings Bank Letter of
Credit No. 1994-127."
This Credit is subject to the Uniform Customs and Practice for Documentary Credits, International
Chamber of Commerce, in effect on the date of issuance of this Letter of Credit.
This original Letter of Credit and all amendments thereto must be submitted to us together with
any sight drafts hereunder for our endorsement of any payments effected by us and/or for
cancellation.
OHIO SAVINGS PLAZA • CLEVELAND, OHIO 44114-3186 • 216/696-2222
104 years and still growing strong
City of Tamarac
Page Two (�
December 21, 1994
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 our office at the
address set forth above on or before December 20, 1995 or any automatically extended date.
OHIO SAVINGS BANK
Au orized Signature
Authorized Signature
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