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R03-097 RESOLUTION NO. R03- ~ 7 A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING A FULL RELEASE OF CASH SURETY IN THE AMOUNT OF $9,669.00 TO THE COLLAGE COMPANIES CONSTRUCTION FOR THE PROJECT KNOWN AS GALE INDUSTRIES.; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the developer of this project had previously posted cash surety in the amount of $9,669.00 to guarantee satisfactory completion of the on-site water system; and WHEREAS, that system has now been completed, all documentation has been provided, and the systems have operated satisfactorily through the warranty period; and WHEREAS, the City Commission, upon recommendation of staff, deems it appropriate to authorize a full release of cash surety in the amount of $9,669.00 to the developer. 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, does hereby approve the full release of the cash surety in the amount of $9,669.00 to The Collage Companies Construction, for the project known as Gale Industries at Lot 50B, Quantum Park. Section 2. That this Resolution shall become effective immediately upon passage. S:\CA~RESO\Letters of Credit\Gale Industries - cash surety release.doc PASSED AND ADOPTED this / ~ ~:~day of June, 2003. CITY BO T N B ACH, F..LORIDA ./ ~~~~--- ~1 ,,... ~~_ Co~issioner City Clerk ~~ ~ (c S:~CA\RESO\Letters of Credit\Gale Industries o cash surety release.doc