R03-117
"
RESOLUTION NO. R03- II '7
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, AUTHORIZING A FULL RELEASE OF
CASH SURETY IN THE AMOUNT OF $25,278.00 TO
THE ISLAND REACH PARTNERS, LTD, FOR THE
PROJECT KNOWN AS ISLAND REACH
APARTMENTS; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the developer of this project had previously posted cash surety in the
amount of $25,278.00 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 $25,278.00 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
ereby approve the full release of the cash surety in the amount of $25,278.00 to the
eveloper, Island Reach Partners, Ltd., for the project known as Island Reach Apartments.
Section 2.
That this Resolution shall become effective immediately upon
assage.
:\CA \RESO\Letters of Credit\Release cash Surety-Island Reach Apartments.doc
II
PASSED AND ADOPTED this ~ day of July, 2003.
ACH, FLORIDA
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Commissioner
ATTEST:
S:\CA \RESO\Letters of Credit\Release cash Surety-Island Reach Apartments.doc