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Home My WebLink AboutCity of Tamarac Resolution R-97-154Temp. Reso.#7822 March 31,1997 1 CITY OF TAMARAC RESOLUTION NO. R-97- l 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 IRREVOCABLE STANDBY LETTER OF CREDIT#S960458 FROM SUNTRUST BANK, MIAMI, N.A., IN THE AMOUNT OF $36,276.13 FOR THE WATER DISTRIBUTION AND SEWAGE COLLECTION SYSTEM IMPROVEMENTS INSTALLED BY LENNAR HOMES, INC., FOR THE WELDON PHASE 2 PROJECT LOCATED ON THE NORTHEAST CORNER OF NW 96TH AVENUE AND NW 77TH STREET; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Lennar Homes, Inc., has constructed the Weldon Phase 2 Project Water Distribution and Sewage Collection System Improvements in accordance with the Site Plan approved by the City Commission on August 17, 1994; and WHEREAS, the Water and Sewer Developer's Agreement accepted and executed by the City of Tamarac on June 14, 1995, required Lennar Homes, Inc., to provide a Warranty Bond to the City of Tamarac for the Weldon Phase 2 Project Water Distribution and Sewage Collection System Improvements located on the northeast corner of NW 96th Avenue and NW 77th Street (attached hereto in map form as "Exhibit 1 "); and Temp. Reso.#7822 March 31,1997 2 WHEREAS, the Improvements were inspected, approved and are recommended for City ownership by the Utilities Engineering Division; and WHEREAS, Lennar Homes, Inc., has requested the release of a Public Improvement Warranty Bond in the form of an Irrevocable Standby Letter of Credit #S960458 from SunTrust Bank, Miami, N.A. in the amount of $36,276.13 (attached hereto as "Exhibit 2") for the Water Distribution and Sewage Collection System Improvements installed in the Weldon Phase 2 Project; and WHEREAS, it is the recommendation of the Interim Director of Utilities that the Public Improvement Warranty Bond be released for the Weldon Phase 2 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 in the form of an Irrevocable Standby Letter of Credit #S960458 from SunTrust Bank, Miami, N.A. in the amount of $36,276.13 from Lennar Homes, Inc., for the Weldon Phase 2 Project Water Distribution and Sewage Collection System Improvements. 1 Temp. Reso.#7822 March 31,1997 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 release the one-year Public Improvement Warranty Bond, for the Water Distribution and Sewage Collection System Improvements in the amount of $36,276.13 for the Weldon Phase 2 Project located on the northeast corner of NW 96th Avenue and NW 77th Street 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 Warranty Bond for the Weldon Phase 2 Project. The bond is in the form of an Irrevocable Standby Letter of Credit #S960458 from SunTrust Bank, Miami, N.A. in the amount of $36,276.13 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. 1 1 Temp. Reso.#7822 March 31,1997 4 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. This Resolution shall become effective immediately upon its passage and adoption. PASSED, ADOPTED AND APPROVED this25day of , 61 1997. ATTEST: 6L,L-- . CAROL A. EVANS, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to fornf-) r TR/dav/aml MITCHELL S. CITY ATTO JOE SCHREIBER MAYOR RECORD COMM MAYOR SCHREIBER DIST 1: COMM. MGKAYE DIST 2: WM MISHKIN DIST 3: COMM. SULTAN( DIST 4: _. MMM. ROBERT� VOTE TEMP. RESO. # 7822 EXHIBIT 1 14D 10 7PT KINGS , C❑MMER, PK. 0 z HUNTINGT❑N . LOCATIO ;THIS SI. TR23 ROCKFORD TR28 O TAMARACK �NWcl SPORTS COMPLEX TR27 3 �+ EVANGELICAL COVENANT CHURCH C] TR33 KINGS PT. PR❑F, PLAZA KINGS P❑INT SALES CENTER & CLUB HOUSE ASHMONT CIR ASHMONT 7 80 PL WESTWRD5,42 80Sr i/ TR29 / YORKSHIRE U � j p W N w Q 3 3 j m LAND SE 5 76 ¢ Cr �77 76 Sr WEST LAKE VILLAS 76 a ��\\\' �� % DR 75 CT ��° WESTW❑❑D j-1 SPRING LAKC jZ q �4� PINES 7S TR37 4R j j/. p F jjjj t o 74 CT S� B IF, NORTH a WESTW❑ 311, �1R m 95 W. i g BELF❑RT a j% 73 CT Dt �ELFdRT CIR SOUTH 73 ST m HIDDEN TR42 SECTI❑N 21 TR40 HOLLOW 4= 72 CT r �% NOB HILL/ WESTWOOD PLAT ERN 2 ^ a 3 jj 'IT v MpJ P❑INT PLAZA DR 72 ST WE TW❑❑D ji zL 71 ST 71 ST m /. w �// 70 PL SECTI❑N 22 n o > SECTION 21 jj a a m 70 CT j ESTW❑❑D 4 70 3 m j w ¢04 7 a m WE TW❑❑D 3 /j i„ u) a �, m m m 70 ST ST ° 70 Sr ; 7o ST m MCNAB ROAD WELD❑N-2,DWG WELDON PHASE 2 WARRANTY BOND RELEASE • EXHIBIT 2 Temp. ResO.#7822 SUNTRUST BANK, MIAMI, N.A. IRREVOCABLE STANDBY LETTER OF CREDIT NO. S960458 JUNE 14, 1996 BENEFICIARY: CITY OF TAMARAC 7525 N.W. 88TH AVE. TAMARAC, FL, 33321 AMOUNT! USD 36,276.13 DATE OF EXPIRY ; JUNE 14, 1997 PLACE OF EXPIRY; AT OUR COUNTERS APPLICANT: LENNAR HOMES, INC. 700 NW 107TH AVENUE MIAMIt FL 33172 WE HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 596045Q IN'YOUR FAVOR, FOR ACCOUNT OF LENNAR HOMES, INC, 700 N.W. 107TH AVENUE, MIAMI, FL. 33172 FOR A SUM NOT EXCEEDING USD36,276.13 (THIRTY SIX THOUSAND TWO HUNDRED SEVENTY SIX AND 13/100 U.S. DOLLARS) AVAILABLE BY YOUR DRAFT AT SIGHT ON SUNTRUST HANK, MIAMI, N.A., WHEN ACCOMPANIED BYt "A STATEMENT' SIGNED BY THE CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWSt "WE CERTIFY THAT LENNAR HOMES, INC. "HAS FAILED TO CORRECT ALL INSUFFICIENCIES IN DESIGN, WORKMANSHIP AND/OR MATERIALS WHICH ARE FOUND WITHIN ONE (1) YEAR OF THE DATE OF THE FORMAL ACCEPTANCE OR THE SUB -DIVISION IMPROVEMENTS OF THE CITY OF' TAMARAC FOR THE INSTALLATION OF PUBLIC IMPROVEMENTS INDICATED ON'CERTIFIED COST ESTIMATE" DATED JANUARY, 1996 AND APPROVED BY THE UTILITY ENGINEER FOR THE WATER AND SEWER INSTALLATION F'OR WELDON PHASE 2 (PROJECT f891205_J) AND DEVELOPER'S OBLIGATION TO COMPLY WITH THE REQUIREMENTS OF TAMARAC CITY CODE SECTION 10-156." IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR PERIODS FROM THE EXxPIRATION DATE: HEREOF, OR ANY FUTURE EXPIRATION DATA', UC�LESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY. EXPIRATION DATE WE SHALL NOTIFY YOU BY REGISTERED MAIL OR COURIER THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RKNEWED FOR ANY SUCH ADDITIONAL PERIOD. UPON RECEIPT BY YOU OF SUCH NOTICE, YOU MAY DRAW HEREUNDER PRESENTING YOUR SIGHT DRAFT DRAWN ON US WHEN ACCOMPANIED BY THE SIGNED STATEMENT AS INDICATED ABOVE OR A STATEMENT SIGNED BY THL CITY OF TAMARAC OR ITS AUTHORIZED REPRESENTATIVE AS FOLLOWS! "WE CERTIFY THAT WE HAVE BEEN NOTIFIED IN WRITING BY SUNTRUST BANK, MIAMI, N.A. OF THEIR ELECTION NOT TO RENEW THEIR LETTER OF CREDIT NO. S960458 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 SUNTRUST.' BANK, MIAMI, N.A. LETTER Or CREDIT NO. S960458." � d All correspondence and communlcetton should be directed to our agent'SUnTrUnl Intethatignal Services, Inc., 3737 N,W, 871h Avenue, Miami, Florida 33178 Swill: SNBOUS3M Toler 6734609 TEMP. RESO. 7822 r SuNTRuST THIS CREDIT IS SUBJECT TO THE. UNIFORM CUSTOMS AND PPACTICE FOR DOCUMENTARY CREDIT'S (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 500. THIS ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS THERETO MUST BE SUBMITTRO TO US TOC�ETHEA WITH ANY DRAWINGS HEREUNDER FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTED BY US AND/OR FOR CANCELLATION, WE ENGAGE WITH YOU THAT EACH DRAFT DRAWN UNDER AND IN STRICT COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS FETTER OF CREDIT WILL BE DULY HONORED ON DELIVERY OF THE DOCUMENTS AS SPECIFIED IF PRESGNT'ED AT THIS OFFICE ON OR BEFORE JUNE 14, 1997 OR ANY AUTOMATICALLY EXTENDED DATE. STGNATURW /4SUNTRUis�TINT�LSER�VICZS—r INC. AS AGENT FOR SUNTRUST BANK, MIAMI, N.A. 320 MARLEN ARANDA " ASSIST. MI 11111DINT U.7[PS OF ULM DEPT, lie r>r All correspondences and communication should be dlrseted Io our agent SunTrusl International Servl6e6, Inc,, 3737 N-W. t37th Avanue. Miami, Florida 33170 Swill: SNBOUS3M Telex: 6734609