R99-079RESOLUTION NO. R99-~'~
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF BOYNTON BEACH, FLORIDA, AUTHORIZING A FULL
RELEASE OF THE LETTER OF CREDIT FOR NAUTICA
SOUND PUD PLAT TWO, IN THE AMOUNT OF $65,004.45
ISSUED BY OHIO SAVINGS BANK (NO. 1996-118A-2) TO
G.L. HOMES OF BOYNTON BEACH II CORPORATION;
APPROVAL OF THE SUBDIVISION, ACCEPTANCE OF THE
DEDICATIONS, AND THE MAINTENANCE
RESPONSIBILITIES OF THOSE IMPROVEMENTS
DEDICATED TO THE CITY OF BOYNTON BEACH; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS~ the project is complete and the City has received the Engineer of
Record's certification, the test results and the "As-Built" drawings for Nautica Sound Plat
I;
NOW~, THEREFORE~, BE IT RESOLVED BY THE CTTY COMF,1ISSION OF
THE CITY OF BOYNTON BEACH,, FLORIDA, THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida, based
upon the recommendation of staff, hereby approves a full release of the Letter of Credit
(No. 1996-118a-2) issued by Ohio Savings Bank for the Nautica Sound PUD Plat Two, in
the amount of $65,004.45 to G.L. Homes of Boynton Beach II Corporation, approves the
Subdivision, and accepts the dedications and the maintenance responsibilities of those
improvements dedicated to the City.
Section 2. That this Resolution shall become effective immediately upon
passage.
PASSED AND ADOPTED this
Al-rEST:
City'Clerk
/,.~ day of.lune, 1999.
Commissioner
-Gemmissioner
Co-mmiss[bner
,A.1PRU.., 1,996
mi ~ $~d ~ ~ Comp~ce,C:~o~ ~d ~a~ of V~u: of m~g work,
~ m No.cd au~o~fion to si~ for ~ed ~e& '
Ad~o~ A~~ for F~
~] a Co~ H~ Oep~:~ Acc~p~e,
m~ a As B~I~ Dm~gs;
$~ATE or FLORIDA
COtmTY OF
;
(Ti :le ~ ~)
~ ~g~ Ka~le~ M. Coffman
~.' %o%
S.: :.~ MY COMMISSION ~ CC615446 ~P]RES
~ March 18, 2001
';~ ~ ~;.~ BONDED THRU TROY FAiN INSURANCE, iNC.
Appli~ar~fs siSZmmre"
RESOLUTION NO. R97-///
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
THE REDUCTION OF SURETY FOR NAUTICA SOUND
PLAT TWO TO G.L. HOMES OF BOYNTON BEACH II
CORPORATION CONDITIONED UPON SUBMISSION TO THE
CITY OF A REPLACEMENT LETTER OF CREDIT IN THE
AMOUNT OF $65,004.45; AND PROVIDING AN
E~FECTIVE DATE.
WHEREAS, staff has verified the status of completion of the
required site improvements on the above property; and
WHEREAS, the City Commission of the City of Boynton Beach,
Florida, upon recommendation of staff, hereby authorizes reduction
of surety from $1,050,922.40 to G.L. Homes of Boynton Beach II
Corporation conditioned upon receipt of a replacement Letter of
Credit in the amount of $65,004.45 within thirty (30) days.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA THAT:
Section 1. The City Commission of the City of Boynton Beach,
Florida, hereby authorizes reduction of surety in the amount of
$1,050,922.40 to G.L. Homes of Boynton Beach II Corporation
conditioned upon submission of a replacement. Letter of Credit in
the amount of $65,004.45 within thirty (30) days.
Section 2, That this Resolution shall become effective
immediately upon passage.
PASSED AND ADOPTED this /.~ day of ~zf , 1997.
C~y Cl~k
(Corporate Seal)
Surety. Red
NAUTICA SO~ P~T ~O
CITY OF BOYNTON BEACH, FLORIDA
V~2May°r
~ommis s ioJer/ D
Commissioner
Commissioner
OHIO SAVINGS
BANK
F.S.B.
Cityl of Boynton Beach
100
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East Boynton Beach Boulevard
3ton Beach, Florida 33435
Re:
Amended and Restated Ohio Savings Bank Letter of Credit No. 1996-118A-2
Nautica Sound
Date: August 5, 1997
lunt: USDLRS $65,004.45
Expiration Date: August 4, 1998
~ereby establish our Irrevocable Letter of Credit No. 1996-118A-2 in favor of the City of
~ton Beach, Florida ("City") for the account of G.L. Homes of Boynton Beach II Corporation
"Developer") for the initial amount of Sixty Five Thousand Four and 45/100 Dollars
004.45) effective as of this date.
Letter of Credit shall be renewed for successive periods of one (1) year each unless we
ide the City's Finance Director with written notice of our intent to terminate the Credit
in extended, which notice must be provided at least thirty (30) days prior to the expiration
of the original term hereof or any renewed one (1) year term. Notice to the City that this
;r of Credit will expire prior to performance of Developer's obligations shall be deemed a
ult.
Is under this Letter of Credit are available to the City against the City's drafts at sight
~n on us together with a sworn statement purportedly signed by the Finance Director, City
)ynton Beach reading exactly as follows: "G.L. Homes of Boynton Beach II Corporation has
to complete improvements as shown in construction plans prepared by Lawson, Noble &
~, Inc., identified as Nautica Sound - Plat Two Water and Sewer Improvements (File N~.
81.02 Containing 11 Sheets) and Paving Grading Improvements (File No. 95-181.02
:aining 8 Sheets), and the City of Boynton Beach demands payments of USD$ ,
h amount is the estimated cost to complete subject improvements. The City of Boynton
h will return any portion of such funds drawn and not expended in completion of the work
for." Each sight draft shall specifically mention our Letter of Credit No. 1996-118A-2.
)le drawings may be made hereunder, provided that drawings hereunder shall not, in the
gate, exceed Sixty Five Thousand Four and 45/100 Dollars ($65,004.45).
OHIO SAVINGS PL.-XZ,-X, · 1801 EAST NINTH STREET ' SUITE 200 - CLEVELAND ' OHIO ' 44114 - (216)622-4100
Letter of Credit No. 1996-118A-2
City of Boynton Beach
AUgust 6, 1997
Palge Two
W~en we receive demand fOr payment in accordance with the terms hereof at the offices of our
AmTrust Division, 5550 Glades Road, Boca Raton, Florida 33431, Attention: Mr. David B.
smith, Vice President, on or prior to the Expiration Date, we will promptly honor the same.
VE
Ki~
Sn
nue for any and all legal actions necessary to enforce the terms of this Letter of Credit shall
Palm Beach County, Florida.
~dly address all correspondence regarding this Letter of Credit to the attention of David B.
fith, Vice President, mentioning specifically our Letter of Credit Number.
Thls Credit is subject to the "Uniform Customs and Practice for Documentary Credits" (revised
January 1, 1994), International Chamber of Commerce Publication No. 500 and to the
pr~visions of Florida law. If a conflict between the Uniform Customs and Practice for
Dolcumentary Credits and Florida law should arise, Florida law shall prevail. If a conflict
be:ween the law of another state or country and Florida law should arise, Florida law shall
pre ~vail.
OHIO SAVINGS BANK
Robe~ Goldberg~ President -
Project Nmme Na~tica
Developer Address 1401
Sound Plat Two
University Drive,
'Develo~rNmme G.L. Homes of
BoTnton
Beach II Corporation~
Suite 200, Coral Springs, FL 33071
SarlleOfSLtrety Ohio Savings Bank $~yLm.# 1996-118A
Odginal SuretyDate June 19, 1996 AJJlot~lt $1,050,922.40
Previous Surety Reduction Date N/A Amount $ 0. oo
Current Surety Balance ...................................................... Amount $1,050,922.40
Current Request Date April 11, 1997 Amount $ 9.85,.9.!.7.95
Remaining Surety, if granted ............................................ Amount $ ~ 5. o o 4.45
Attachment~ to all requests:
Yes No ?-/
m [] Signed and sealed Compliance Certification and Estimate of Value of remalnlng work.
[] m Notarized authorization to sign for named insured.
Additional Attachment~ for Final Release Requests:
m m E~sements.
~ m Bills of Sale.
~t m County Health Department Acceptance.
[] d~ Lamping and/or ~ Testing.
[] ~ As Built Drawings.:
m ~ Operating and/or Maintenance Instructions.
I, Ricl~ard A. Cos tello ,CERTIFYTHATTI-IED4FOR2vlATIONFURNISHEDHERED'IAND
SUBN~TTED HEREWITH IS TRUE, ACCURATE AND C~OMPLE~T~.
Applic~.~.nt's Signature
STATg OF FLORIDA
COUNTY OF PALNI BEACH
The fo~going instrument was acknowledged before me this /TmdaY of
by, ./~ ~c~,q-/~~t. ~c,wr w_t.~ , who is personally known to me or ';,'ho,,,~'--'
44Z ' e--' g> v ...................... who ~ (did not) take an oa.tJa.
~Sigfi'~mre of perso~ taking~ack~.~ement) (Name of officer taking acknowledge~'-e~'~
:i :,:~'~"X'?);.: =. ~ co~ss~0, [c~ ~x~ms typed, printed or stamped)
(Title or rank) .... .~r.:.,-' (Serial Number, if any)