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O79-22ORDINANCE NO. 79-~ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA, AMENDING PARAGRAPH 2 (SUreTY BOND) OF SUBSECTION A OF SECTION 7 OF ARTICLE VIII OF APPENDIX B (SUBDIVISION AND PLATTING REGULATIONS) TO THE CODIFIED OP~INANCES OF THE CITY OF BOYNTON BEACH, FLORIDAi, BY PROVIDING A STANDARD FORM FOR THE SURETY OR PERFORMANCE BOND GUARANTEEING THE COMPLETION BY A DEVELOPER OF REQUIRED SUBDIVISION IMPROVE- ~NTS IN CONNECTION WITH THE SUBMISSION OF A FINAL PLAT: PROVIDING THAT' SA~D GUARANTY BE PERFORMED BY T~ DEVELOPER FURNISHING THE CITY WITH SUCH A BOND AND NO OTHER INSTRUMENT; PROVIDING A REPEALER CLAUSE; PROVIDING A SAVINGS. CLAUSE; .PRO- VIDING AN EFFECTIVE DATE AND FOR OTHER PURPOSE'S. NOW, THEREFORE, BE AND IT IS HEREBY ORDAINED BY THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA, AS FOLLOWS: Article I. That Paragraph 2 of Subsection A of Section 7 of Article VIII of Appendix B (Subdivision and Platting Regulat to the Codified Ordinances of the City of Boynton Beach, Florida, concerning the furnishing to the City by a developer of a surety performance bond gua~ranteeing the completion of improvements re- quired by the City's Subdivision and Platting Regulations, in con- nection with the submissionlof a final plat by a developer to the City, be amended to read as follows: 2. Surety bond. The developer shall furnish the city a surety or performance bond obtained from a company having a Best's rating of AAA, and authorized to do business in the State of Florida, guaranteeing that within the time required by this ordin, ance, all work required will be completed in full accordance with plat and all conditions attached thereto, copies of which shall be attached to and constitute a part of the bonded agreement. Sai, bond shall be in an amount equal to one hundred (100) per cent of the total cost of surveying and construction for the installation and completiOn of all required improvements including sidewalks. Semiannually, during the process of construction and upon request by the developer, the city engineer may recommend to the city council, for its approval, reduction in the dollar amounn of the bond on the basis of work completed; provided, however, sufficient funds shall remain to complete the required improvements. The city, after sixty (60) days' written notice to the developer, shall call on the bond to insure satisfactory completion of the required improvements in the event of default by the developer or failure of the developer to complete such improvements within the time required by this ordinance. Said bond shall be in substantially the following form, and only such a bond, and no other document or instrument, shall satisfy the requirements of this section: PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: That (hereinafter called the "Principal"), and a surety company authorized to do business in the State of'Florida (hereinafter call the "Surety"), are held and firmly bound unto the City of Boynton Beach, a municipal corporation of the State of Florida (hereina called the "City"), in the full and just sum of lawful money of the United States of America, to be paid to the Ci to which payment well and truly to be made we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents: WHEREAS, the above bounded Principal, as a condition pre- cedent to the approval by the City of a plat of a certain sub- division known as , has submitted engineering and oth construction plans for the Required Improvements prescribed by the Subdivision and Platting RegulatiOns of the City, pertaining to th~ said subdivision (hereafter referred to as the "Subdivision Improw ments Plans"), copies of which plans are attached hereto and by reference made a part hereof; and WHEREAS, it was one of the conditions of the said Sub- division and Platting Regulations that this bond be executed; NOW, THEREFORE, the conditions of this obligation are such that if the above bounded Principal shall in all respects perform the Subdivision Improvements Plans within the time specified in Subdivision and Platting Regulations of the City, and shall in- demnify and save harmless the City against or from all claims, costs, expenses, damages, injury or loss, including engineering, legal and contingent costs which the City may sustain on account the failure of the Principal to perform the Subdivision Plans within the time specified in the said Subdivision and Plat- ting Regulations, then this obligation shall be void; otherwise to and remain in full force and effect. THE SURETY UNCONDITIONALLY COVENANTS AND AGREES THAT if the Principal fails to perform all or any part of the construction as set forth in the Subdivision Improvements Plans, w±thin the time specified, the Surety will forthwith perform and complete the said construction work and pay the cost thereof, including, but not limited to, engineering, legal and contingent costs, and will in- demnify and save harmless the City as aforesaid. Should the SuretTM fail or refuse to perform and complete the said improvements, the City, in view of the public interest, health, safety and welfare factors involved and the inducement in approving and filing the said plat, shall have the right to. resort to any and all legal -2- remedies against the Principal and the Surety, or either, both at law and in equity, including specifically specific performance, to which the Principal and Surety unconditionally agree. THE PRINCIPAL AND THE SURETY FURTHER JOINTLY AND SEVERALLY AGREE THAT the City, at its option, shall have the right to con- struct or, pursuant to public advertisement and receipt of bids, cause to be constructed the aforesaid improvements in case the Principal should fail or refuse to do so in accordance with the Subdivision Improvements Plans and within the time specified, and in the event the City should exercise and give effect to such righ' the Principal and the Surety shall be jointly and severally liable hereunder to reimburse the City the total cost thereof, including, but not limited to, engineering, legal and contingent costs, togeth with any damages, either direct or consequential, which may be sustained on account of the failure of the Principal to carry out and perCorm the Subdivision Improvements Plans within the time specified. IN WITNESS WHEREOF, the Principal and the Surety have exec these presents this day of , 1979. Address: PRINCIPAL Witnesses: SURETY Address: By (Its attorney-in-fact, Power of Attorney to be attached) Witnesses: ATTEST: Article II. Former Paragraph 2 of Subsection A of Section 7 of Article VIII of Appendix B (Subdivision and Platting Regu- lations) to the Codified Ordinances of the City of Boynton Beach, Florida, is expressly repealed, together with all Ordinances or parts of Ordinances in conflict herewith. -3- Article III. That should any section or provision of this Ordinance, or any portion thereof, be declared by a Court of competent jurisdiction to be invalid, such decision shall not affect the remainder of this Ordinance. Article IV. This Ordinance shall become effective immediately upon its passage. FIRST READING this _~. day of ..~ SECOND, FINAL READING and PASSAGE this /~ 1979. , 1979. day of ~ CITY OF BOYNTON BEACH, FLORIDA By Mayor ~ .... j~Vi~e Mayor ATTEST: City Clerk . Seal) -4-