R94-022RESOLUTION NO. R94-~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
APPROVING THE RELEASE OF THE PERFORMANCE
BOND POSTED BY MEADOWS SQUARE ASSOCIATES
LIMITED, IN THE AMOUNT OF $12,500
CONDITIONED UPON THE GUARANTY PROVIDED BY
PALM BEACH COUNTY; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on February 8, 1985 Meadows Square Associates
Limited, posted a performance bond in the amount of $12,500 via the
issuance of Fidelity & Deposit Company of Maryland bond to ensure
the installation of a signalization system at the entrance to
Meadows Square Shopping Center along Congress Avenue; and
WHEREAS, the City Engineering Department has received several
requeSts from Kilday & Associates for the release of said
Performance Bond, based upon assurance contained in a letter from
Palm Beach County dated 1/26/94 that guarantees that the County
will in no case seek any financial participation from the City of
Boynton Beach for this signalization and that the County has no
objection to the City relieving the owner from his obligation to
keep a bond in effect (said letter attached hereto and made a part
hereof);
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 the release of the performance
bond in the amount of $12,500 to Meadows Square Associates Limited.
Section 2. This Resolution
immediately upon passage.
shall become effective
PASSED AND ADOPTED this /~ day of February, 1994.
ATTEST:
Cit~ Clerk
Mayo~
CITY OF BOYNTON BEACH, FLORIDA
CommisSi~r
(Corporate Seal)
Surety. Rel
Meadows.Signal
2/10/94