R97-070RESOLUTION NO. R97-~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A PARTIAL RELEASE OF SURETY
TO MILITARY 6 L.C., IN THE AMOUNT OF
$29,471.99, SAID LETTER OF CREDIT BEING
ISSUED IN THE AMOUNT OF $91,497.50 BY
1ST UNITED BANK; SIMULTANEOUSLY
APPROVING ACCEPTANCE OF A NEW LETTER OF
CREDIT IN THE AMOUNT OF $62,007.51 TO
COVER THE REMAINING IMPROVEMENTS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the developer of this parcel, located on
Military Trail just north of Coconut Lane, previously posted
two letters of credit totalling $91,497.50 as surety to
guarantee completion of water and sewer facilities serving
this site; and
WHEREAS, some of these facilities are off-site, and are
sized'to serve other sites using joint funding; and
WHEREAS, a final inspection has been conducted on this
project and the system appears to be functioning properly
without any defects;
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 partial release of surety in the
amount of $29,471.99, and simultaneously approves and
accepts a Letter of Credit in the amounn of $62,025.51 as
surety for the remaining improvements.
Section 2. That this Resolution shall become
effective immedianely upon passage.
PASSED AND ADOPTED this ~ day of May, 1997.
ATTEST:
City Clerk
CITY OF BOYNTON BEACH, FLORIDA
Comm± s s ±oner
~C'o~ni s s ioner <~-~