R96-170 RESOLUTION NO. R96-/7~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING THE FULL RELEASE OF SURETY
FOR LEXINGTON LAKES, IN THE FORM OF A
LETTER OF CREDIT, NO. BA 153, ISSUED BY
BANKATLANTIC, IN THE AMOUNT OF
$111,698.07, AND A CASH BOND IN THE
AMOUNT OF $10,000 FROM KENNEDY HOMES; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, Lexington Lakes is located on Lawrence Road in
the unincorporated portion of our service area and was
originally started by Lexington Homes, Inc., but ultimately
completed by Kennedy Homes; and
WHEREAS, the City is currently holding separate surety
from each of these developers, namely a Letter of Credit in
the amount of $111,698.07 from BankAtlantic, provided by
Lexington Homes, Inc., as well as a cash bond in the amount
of $10,000 from Kennedy Homes; 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
releases surety in the form of a Letter of Credit in the
amount of $111,698.07 issued by BankAtlantic to Lexington
Homes, Inc., and a cash surety in the amount of $10,000 to
Kennedy Homes.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this /~ day of November, 1996.
ATTEST:
~Ci~y Clerk
CITY OF BOYNTON BEACH, FLORIDA
Mayor
Commi s s ioner
Comm± s s ±oner
Comm±ssioner