HomeMy WebLinkAboutCity of Tamarac Resolution R-81-226Introduced by �i LJ - d Temp. 2064
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R- Z eZ6
A RESOLUTION RELEASING A PERFORMANCE BOND
POSTED FOP. PUBLIC IMPROVEMENTS AT WOOD MO NT
TRACT 50 PROJECT.
WHEREAS, Montwood, Inc. as Principal, and The First National Bank of
Chicago, as Surety, has filed with the City an Irrevocable Letter of Credit
No. 300788 in the amount of $197,869.85 to guarantee public improvemnts at
Woodmont Tract 50 Project; and
WHEREAS, the City Engineer has found that the work has been satisfactorily
completed and has recommended release of said Irrevocable Letter of Credit upon
receipt of a one-year warranty bond in the amount of $59,244.58.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF TAMARAC, FLORIDA:
SECTION 1: That the Irrevocable Letter of Credit No. 300788 posted
by Montwood, Inc., as Principal, and The First National Bank of Chicago, as
Surety, in the amount of $197,869.85, for public improvements at Woodmont Tract
50 Project, is HEREBY RELEASED, subject to receipt of a one-year warranty bond
in the amount of $59,244.58.
SECTION 2: This Resolution shall become effective immediately upon
adoption.; ,�
PASSED, ADOPTED AND APPROVED this- `"` `Y of (yam-(''�v "`'� ,1981.
ATTEST:
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RECORD OF COUNCIL VOTE
I HEREBY CERTIFY that I have MAYOR:
approved the form and correct- DISTRICT
ness of this RESOLUTION.
DISTRICT
DISTRICT
CITY ATTORNEY
DISTRICT