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Home My WebLink AboutCity of Tamarac Resolution R-97-151Temp. Reso.#7887 May 15, 1997 1 CITY OF TAMARAC RESOLUTION NO, R-97-4�Z'_ A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO RELEASE A PUBLIC IMPROVEMENT PERFORMANCE BOND IN THE AMOUNT OF $204,994.00 SUBJECT TO THE RECEIPT OF TWO ONE- YEAR WARRANTY BONDS, ONE IN THE AMOUNT OF $55,903.88 FOR THE WATER DISTRIBUTION AND SEWAGE COLLECTION IMPROVEMENTS AND ONE IN THE AMOUNT OF $5,047.93 FOR THE PAVING AND DRAINAGE SYSTEM IMPROVEMENTS FROM PULTE HOME CORPORATION FOR THE LAND SECTION 6 - PHASE 2 PROJECT LOCATED BETWEEN MCNAB ROAD AND SOUTHGATE BOULEVARD WEST OF 108TH TERRACE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Pulte Home Corporation has constructed the Land Section 6 - Phase 2 development and has installed the Public Improvements in accordance with the Site Plan approved by the City Commission on February 9, 1994; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on February 15, 1994, required Pulte Home Corporation to provide two one-year Warranty Bonds to the City of Tamarac for the Land Section 6 - Phase 2 Project Public Improvements located (attached hereto in map form as "Exhibit I") between McNab Road and Southgate Boulevard west of 108th Terrace; and Fj Temp. Reso.#7887 May 15, 1997 2 WHEREAS, Pulte Home Corporation has requested the release of the Public Improvement Performance Bond in the form of an Irrevocable Standby Letter of Credit #SA93729094 from Nations Bank of Georgia in the amount of $204,994.00 (attached hereto as "Exhibit 2") subject to the receipt of two one-year Warranty Bonds, one in the amount of $55,903.88 for the Water Distribution and Sewage Collection System Improvements and one in the amount of $5,047.93 for the Paving and Drainage System Improvements installed in the Land Section 6 - Phase 2 Project; and WHEREAS, the Improvements were inspected, approved and are recommended for acceptance for the one-year warranty period; and WHEREAS, it is the recommendation of the Interim Director of Utilities and the Director of Public Works that the Public Improvement Performance Bond be released for the Land Section 6 - Phase 2 Project Public 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 in the form of an Irrevocable Standby Letter of Credit #SA93729094 from Nations Bank of Georgia in the amount of $204,994.00 subject to the receipt of two one-year Warranty Bonds from Pulte Home Corporation for the Land Section 6 - Phase 2 Project Public Improvements. Temp. Reso.#7887 May 15, 1997 3 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: 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 two one-year Warranty Bonds, one in the amount of $55,903.88 for the Water Distribution and Sewage Collection System Improvements and one in the amount of $5,047.93 for the Paving and Drainage System Improvements for the Land Section 6 - Phase 2 Project located between McNab Road and Southgate Boulevard west of 108th Terrace 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 Pulte Home Corporation the Performance Bond upon acceptance of the two one-year Warranty Bonds for the Land Section 6 - Phase 1 Project. The bond is in the form of an Irrevocable Standby Letter of Credit #SA93729094 from Nations Bank of Georgia in the amount of $204,994.00 for the Public 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 Temp. Reso.#7887 May 15, 1997 4 applications of this Resolution. -ECTION-6: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this a?3 day off , 1997. ATTEST: CAROL A. EVANS, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as TR/dav/aml 1 CITY ATTORNEY JOE SCHREIBER MAYOR = RECORD OF COMMISSION MAYOR „-32Hp _FIBER DIST 1: COMM. WKAYE DIST 2: V/M MISHKIN DIST 3: COMM. SULTANOF DIST 4: COMM. RORPRTZ TEMP. RESO. # 7887 EXHIBIT 1 I * le U 40 Lw P,S, N3 C14/CYPRESS CREEK CANAL SOUTHGATE BLVD. SOL j y 83 ST 83 ST 83 ST 8 a > > w SPRIN L AK VI LAS c > ¢ ¢ ¢ ¢ o 82 ST ~ g a Qoe al n o �4 W WE TWOID 6 aI sr p2 tio� U o H 80 CT SECTION 24 9 raN Ted/ (a,2 /� e0 .p ti j TR12 00 Sp dR o�� $0 tip ,P TR2 ti� c��Fy(C CT 9qT /j EXETER % V Xx Lf �f � TR13-A 102 ljp LOMBARDY d}TR3 EXETER j%%j TRENT // KINGS PT, COMMER. PK. �,Op TR14C La LAND SEC, 6 GRANVILLE LOCATION TR15B ��i%%� SEDGEFIELD TR15A FAIRFAX E CLAIRMONT DR �lj' yl�� a CLAIRMONT j G G o A B 3ti P� 71 PL GK 9N /%/j/ WESi%a TWOI 51 71 o % dog MCNAB ROAD ASSHHMON�T CIiR ASHMONT 7& 7 a ru si MCNAB ROAD LAND SECTION 6 W PHASE 2 PERFORMANCE BOND RELEASE LANDSEC6,DWG MAY 20 '97_10 41 CITY OF TAMARAC PO, BOX 4899. ATLANTA. GFE Rt114% 30802-4699 TELEX NU. 6733A67 SWIFT NO. NA&KUS%JA P.2/3 �I?IGi{'7ti� Nations EXHIBIT 2 Temp. Reso. #7887 ISSUE DATE: 27JUL94 ISSUED BY: NATIONSBANK OF GEORGIA, N.A. BENEFICIARY CITY OF TAMARAC 6811 N.W. 88TH AVENUE TAMARAC, FLORIDA 33321 L/C NO.i SA93729094 Page 1 of 2 APPLICANT PULTE HOME CORPORATION 33 BLOOMFIELD HILLS PKWY, SUITE 200 BLOOMFIELD HILLS, MI 48304 AMOUNT **xxwx USD ******204,994.00 TWO HUNDRED AND FOUR THOUSAND NINE HUNDRED AND NINETY FOUR AND 001100 USD DATE AND PLACE OF EXPIRY: 31.JUL96 NATIONSBANK, 715 PEACHTREE STREET, N.E., ND FLOOR, ATLANTA, GEORGIA 30308. 4:LAND SECTION 6 -- SANIBEL/CAPTIVA PHASE xI PUBLIC IMPROVEMENTS PERFORMANCE SECURITY WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.SA93729094 IN YOUR FAVOR, FOR ACCOUNT OF PULTE HOME CORPORATION, 1350 E. NEWPORT CENTER DRIVE, #200, DEERFIELD BEACH, FLORIDA 33442 FOR A SUM NOT EXCEEDING TWO HUNDRED POUR THOUSAND NINE HUNDRED NINETY-FOUR AND 00/100 USD ($204,994.00) AVAILABLE BY YOUR DRAFT AT SIGHT ON NATIONS13ANK OF GEORGIA WHEN ACCOMPANIED BY: A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS: "WE CERTIFY THAT PULTE HOME CORPORATION HAS FAILED TO COMPLETE THE INSTALLATION of PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATED JULY 8, 1994 AND ON PLANS PREPARED BY CCL CONSULTANTS, INC. AND APPROVED BY THE CITY ENGINEER FOR PUBLIC IMPROVEMENTS FOR THE SANIBEL/CAPTIVA, PHASE II, PROJECT AND THAT PULTE HOME CORPORATION'S OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 10-156 HAS NOT BEEN MET." Authorized Signature(��s El i-A Our Reference No. SA93729094 Date 27JUL94 1/ 10.04.0045(NRW) 33 0315.2 (MEV-,013) MAY 20 '97 10.41 CITY OF TAMARAC TEMP. RESO. 7887 P.O. BOIL 4899, ATLANTA, GPIOMIA 303024899 TELEX N0, 6733667 Mtn NO.13AMUs3A P.3/3 ORIGINAL Page 2 of 2 4vNafiont�ank 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 FUTURE 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 AS INDICATED ABOVE OR A STATEMENT SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS: "WE CERTIFY THAT WE HAVE BEEN NOTIFIED IN WRITING BY NATIONSBANK OF GEORGIA OF THEIR ELECTION NOT TO RENEW THEIR LETTER OF CREDIT NO. SA93729094 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 NATIONSBANK OF GEORGIA LETTER OF CREDIT NO. SA93729094." THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 500. 4 0SEMENT IS ORIGINAL LETTER Or CREDIT AND ALL AMENDMENTS THERETO MUST BE EMITTED TO US TOGETHER WITH ANY DRAWINGS HEREUNDER FOR OUR END OF ANY PAYMENTS EFFECTED BY US AND/OR FOR CANCELLATION, 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 THIS OFFICE ON OR BEFORE J'ULY 31, 1996 OR AMY AUTOMATICALLY EXTENDED DATE. VLR 1 Authorized Signature ` Our Reference No. SA93729094 Date 27JUL94 0 '5 10 0"045 (NEW) 35.0375•2 (REV, 4M)