R03-120
II
RESOLUTION NO. R03- lao
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, AUTHORIZING A REDUCTION IN THE
LETTER OF CREDIT FOR ARTESNJONATHAN'S
CREEK FROM $363,836.00 TO $18,200.00; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the developer of this parcel, previously submitted a Letter of Credit
in the amount of $363,836.00 as surety to guarantee satisfactory completion of the on-site
water and wastewater systems serving this site; and
WHEREAS, the systems have not been completed, and all documentation has
been provided and the surety may therefore be reduced to 5% of the original amount, to
be retained by the City for the balance of the one-year warranty period;
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, based
upon the recommendation of staff, hereby approves a reduction of surety for the project
known as Artsa/Johnathan's Creek from $363,836.00 to $18,200.00.
Section 2.
That this Resolution shall become effective immediately upon
I
Ipassage.
S:\CA \RESO\Letters of Credit\Jonathan's Creek Reduction of Surety. doc
II
PASSED AND ADOPTED this ~ day of July, 2003.
ATTEST:
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S:\CA \RESO\Letters of Credit\Jonathan's Creek Reduction of Surety.doc