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Home My WebLink AboutCity of Tamarac Resolution R-97-152Temp. Reso.#7791 February 25, 1997 1 CITY OF TAMARAC RESOLUTION NO. R-97- 5Z 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 FORM OF AN IRREVOCABLE STANDBY LETTER OF CREDIT #S960346 FROM SUNTRUST MIAMI, N.A. IN THE AMOUNT OF $16,867.00 SUBJECT TO THE RECEIPT OF A WARRANTY BOND IN THE AMOUNT OF $7,437.25 FROM LENNAR HOMES, INC., FOR WATER DISTRIBUTION IMPROVEMENTS IN WELDON BUILDINGS J&K LOCATED ON THE NORTHEAST CORNER OF NW 77TH STREET AND NW 96TH AVENUE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., has constructed Weldon Buildings J&K and has installed the Water Distribution System Improvements in accordance with the Site Plan approved by the City Commission on August 11, 1993; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on May 22, 1996, for the Weldon Buildings J&K requires Lennar Homes, Inc., to provide a Warranty Bond to the City of Tamarac for the Weldon Buildings J&K Project Water Distribution System Improvements located on the northeast corner of NW 77th Street and NW 96th Avenue (attached hereto in map form as "Exhibit 1"); and Temp. Reso.#7791 February 25, 1997 2 WHEREAS, Lennar Homes, Inc., has requested the release of a Public Improvements Performance Bond in the form of an Irrevocable Standby Letter of Credit #S960346 from SunTrust Miami, N.A. in the amount of $16,867.00 (attached hereto as "Exhibit 2") subject to the receipt of a one-year Warranty Bond in the amount of $7,437.25 to the City of Tamarac for the Water Distribution System Improvements installed in Weldon Buildings J&K Project; and WHEREAS, the Improvements were inspected, approved and are recommended for acceptance for a one-year warranty period by the Utilities Engineering Division; and WHEREAS, it is the recommendation of the Interim Director of Utilities that the Public Improvement Performance Bond be released for the Weldon Buildings J&K Project Water Distribution 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 one-year Warranty Bond from Lennar Homes, Inc., for the Weldon Buildings J&K Project Water Distribution System Improvements. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: Temp. Reso.#7791 February 25, 1997 3 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 Z That the appropriate City Officials are hereby authorized to accept the one year Warranty bond for the Water Distribution System Improvements in the amount of $7,437.25 for the Weldon Buildings J&K Project located on the northeast corner of NW 77th Street and NW 96th Avenue in accordance with Section 10-156 of the City Code. 5ECTIQNl That the City Clerk is hereby authorized and directed to release to the Utilities Department for return to Lennar Homes, Inc., the Performance Bond upon acceptance of the one (1) year Warranty Bond for the Weldon Buildings J&K Project. The bond is in the form of an Irrevocable Standby Letter of Credit #S960346 in the amount of $16,867.00 for the Water Distribution 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 3 I Temp. Reso.#7791 February 25, 1997 4 applications of this Resolution. SECTION 6: This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this A-5 day of , 1997. ATTEST: JOE SCHREIBER MAYOR CAROL A. EVANS, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as CITY ATTORNEY Utilities/dav/aml RECORD OF COMMISSION VO MAYOR SCHREIBER DIST 1: COMM. MCKAYE DIST 2: V/M MISHKIN DIST 1-COMM. SULTANOF f� DIST 4: COMM. RO ERTS _ SUNTRUST MIAMI, N.A. MAY oz, 1996 IRREVOCABLE STANDBY LETTER OF CREDIT NO. S960346 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMARAC, FL. 33321 APPLICANT: LENNAR HOMES, INC. 700 NW 107TH AVENUE MIAMI, FL 33172 AMOUNT: USD 16,867.00 DATE OF EXPIRY : MAY 02, 1997 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 S960346 IN YOUR FAVOR FOR AN AMOUNT NOT TO ?r EXCEED IN THE AGGREGATE U.S. DOLLARS USD 16,867.00 (SIXTEEN THOUSAND EIGHT HUNDRED SIXTY SEVEN AND 00/100 U.S. DOLLARS) EFFECTIVE IMMEDIATELY AND EXPIRING AS STATED HEREIN AT OUR ` SUNTRUST,MIAMI, N.A., 3737 NW 87TH AVENUE, MIAMI, FL. 33178 K„ 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 SUB —DIVISION IMPROVEMENTS OF THE CITY OF TAMARAC FOR THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON CERTIFIED COST ESTIMATE DATE APRIL 17, 1996 AND APPROVED BY THE CITY ENGINEER FOR WATER INSTALLATION FOR WELDON JNK 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 f MATERIALS WHICH ARE FOUND WITHIN ONE (1) YEAR OF THE DATE OF THE f'r 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. r� All correspondence and communication should be directed to our agent SunTrust International Services, Inc., 3737 N.W_ 87th Avenue, Miami, Florida 33178 Swift: SNBOUS3M Telex: 6734609 ial1A Kk'ai JvltiI AwZA .:4:•aq.:a. ..,i.. _,t'.::.`+ �.,. ..,.__.. �..4.,...�� ._L... .i �.%yl.:^t ,.. ,.:.�t, .`. i./�lt. �.1.~i i-ii. . .�. r. '1 :``. 4_.., 'l µ.i...?i.��.�.t , . _ _._.. .. ... ,_TEMP..- 1 . ..... UST - . � S r . • THIS LETTER'OF CREDIT SHALL -BE`-AUTOMATTCATLY "RE NEWED, WI:THOUT.AMENDMENT, FOP. -SUCCESSIVE PERIODS OF. ONE '.(1) YEAR -EACH, UNLESS WE PROVTDE WRITTEN NOTICE -TO -THE CITY'CLERK.VTA,_. REGISTERED MAIL, OR SPECZAL .COURIER THP_T. WE' ELECT NOT"TO RENEW . THE — CREDIT FOR AN" ADDITIONAL PERIOD; WHICH NOTICE' MTJST. BZ. PROVIDED AT LEAST SIXTY (60) DAYS PAIR TO THE .EXPIRATION DATE- OF TFO ORIGINA-L TERM, HEREOF cR AP''f REA1E:'.ED ONE (I ) `?wAR TER `_' vn UNLESS THE CITY OF TAMARAC RETURNS THE ORIGINAL LETTER OF' CREDIT TOGETHER WITH WRITTEN NOTIFICATION THAT IT MAX BE TERMINATED F?I-OF;-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 OFF CREDIT WILL BE DULY HONORED IF PRESENTED AT THIS OFFICE ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF CREDIT OR ANY nyf EXTENDED DATE AS PROVIDED FOR HEREIN. ; ALL DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE MARKED: "DRAWN UNDER SUNTRUST;MIAMI,N.A., LETTER OF CREDIT NUMBER S960346." `�^o IWSS EXPRESSLY STATED OTHERWISE, THIS LETTER OF -CREDIT IS ECT TO THE UNIFORM CUSTOMS AND PRACTICE (1993 REVISION) y_x ERNATIONAL CHAMBE OF COMMERCE PUBLICATION NUMBER 500, OR ANY REVISION SUPERCEDIN �UBLICATION NUMBER 500. r` 3<2 r All correspondence andcommunication should be directed to our agent SunTrust International Services Inc 3737 N W 870h Avenue, Miami, Florida 33178 Swift: SNBOUS3M Telex: 6734609 SU'iRUSi su,% f1uTr SUN:�'..ST—��t.til�ta�: ti`iI;21'tir -UN,' JL�i;':i.'+" t `.:L•;:il. *T �1..`[.' �:L`± �;7l."T ;1i l �C:I `{��4 1 a7,.`?` "i :� mot. .::i�`T wmit. `•." _ .. , UST � , .. - ., . • . t - - - MAY'13, 1996 AMENDMENT TO IRREVOCABLE LETTER OF CREDIT S960346 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVENUE TAMARAC, FL. 33321- APPLICANT: LENNAR HOMES, INC. OUR LETTER OF CREDIT NUMBER S960346 DATED MAY 03, 1996 IS HEREBY AMENDED AS FOLLOWS: AMENDMENT NUMBER 001 ON SECOND PARAGRAPH IN THE 8TH LINE PLEASE CHANGE THE PROJECT NAME FROM "WELDON JNK" TO "WELDON J & K" ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. THIS AMENDMENT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION SOO,'OR REVISION CURRENTLY IN EFFECT. 0 NA E 322 Ali All correspondence and communication should be directed to our agent SunTrust.International Services, Inc., 3737 N.W. 87th Avenue, Miami, Florida W*8 Swift: SNBOUS3M Telex: 6734609