R94-50RESOLUTION NO. R94-'~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING REDUCTION OF THE LETTER OF
CREDIT NO. P7126/93, ISSUED BY CREDIT
SUISSE, FROM THE AMOUNT OF $219,698.33 TO
$~5,000; DECLINING ACCEPTANCE OF A
SUBSTITUTE LETTER OF CREDIT; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, a Letter of
$219,698.33 was issued by
completion of the required
Credit, No. P7126/93 in the amount of
Credit Suisse in order to ensure the
infrastructure improvements;
WHEREAS, staff has verified completion of the required
improvements pursuant to City Code of Ordinances, Appendix "C",
Subdivision and Platting Regulations; and
WHEREAS, the City is unable, under its current policy
regarding acceptance of Letters of Credit to accept the Credit
Suisse Irrevocable Letter of Credit No. 7136/94 in the amount of
$3-5,000.
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, hereby authorizes reduction of the Letter of Credit
No. P7126/93, issued by Credit Suisse from the amount of
$219,698.33 to ~5,000.
Section 2. The City Commission of the City of Boynton
Beach, upon recommendation of staff, accepts the Engineer's
Certificate of Completion, prepared by Simmons & White, Inc., dated
February 14, 1994, as well as the one year guarantee against
defects in workmanship and materials.
Section 3. The Finance Department is directed to
immediately return the unaccepted Letter of Credit No. 7136/94 in
the amount of $35,000.00 to Credit Suisse.
Section 4. This Resolution
immediately upon passage.
shall become effective
PASSED AND ADOPTED this /~ day of March, 1994.
ATTE ST:
~it~ Clerk
Commissioner
(Corporate Seal)