R97-005RESOLUTION NO. R97-/~,~'
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
A REDUCTION OF SURETY TO MILITARY 6 L.C., TO
PROVIDE FOR SURETY OF $91,497.50 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, issued by 1 st United Bank
on July 12, 1996, in the amount of $84,342.50 and on July 31, 1996, in the amount
of $45,650.00, totalling $129,992.50 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
water system appears to be functioning properly without any defects, justifying a
reduction of $38,495.00.
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 in
the amount of $38,495.00. Reduction shall be in the form of a partial release of the
1st United Bank Letter of Credit dated July 31, 1996, in the original amount of
$45,650.00. A substitute Letter of Credit may be tendered for the July 31, 1996,
Letter of Credit and the Commission hereby approves and accepts such Letter of
Credit in the amount of $7,155.00. Nothing herein shall constitute a release or
reduction of the Letter of Credit dated July 12, 1996, in the amount of $84,342.50.
Section 2. This Resolution shall become effective immediately upon
passage.
PASSED AND ADOPTED this ~' day of January, 1997.
ATTEST:
CITY OF BOYNTON BEACH, F ORIDA
ayor. , ~' ..-. ,4 .
Vice May.er
C~mmissicner
. ~',~,,~
Commissioner
CommiSsioner-
PBC/BB.Agr
FlavorPict Rd.
1111196