R02-164 RESOLUTION NO. R02- Itoq
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT ISSUED BY FIRST UNION BANK (No.
SM417953C) FOR THE PROJECT KNOWN AS ALTA
CHASE FROM $166,881 TO $8,344.00; AND
PROVIDING AN EFFECTWE DATE.
WHEREAS, the developer of this parcel, previously submitted a Letter of Credit
in the amount of $166,881 as surety for the potable water and sanitary sewer portions of
he project known as Alta Chase; and
WHEREAS, the amount being reduced is 95% of the original surety, and shall
· emain in place for the balance of the one-year warranty period
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
~)F THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The foregoing "Whereas" clauses arc hereby ratified and confirmed
ts being true and correct and are hereby made a specific part of this Resolution upon
tdoption hereof.
Section 2. The City Commission of the City of Boynton Beach, Florida, based
Don thc recommendation of staff, hereby approves a reduction of a Letter of Credit
sued by First Union Bank (No. SM417953C) for the project known as Alta Chase from
;166,881 TO $8,344.00.
Section 3. That this Resolution shall become effective immediately upon
~assage.
PASSED AND ADOPTED this I "/ day of September, 2002.
ATTEST:
CITY~ B( 7TON~./~t~- , NBEACH' FLtORIDA
cD Co~mmissioner
~,,