R94-013RESOLUTION NO. R94-/--~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
APPROVING THE REDUCTION OF SURETY IN THE
AMOUNT OF $92,070 TO PULTE HOMES, (MEADOW
LAKE P.U.D., a/k/a TRACT "M"), RETAINING
THE SUM OF $28,050; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on June 7, 1993, Pulte Homes posted performance bond
#5756214 in the amount of $120,120.00 via the issuance of Safeco
Insurance Company of America bond to ensure completion of the
required infrastructure improvements within the Meadow Lake
Subdivision; and
WHEREAS, the City Engineering and Utility Departments have
reviewed the Engineer's Opinion of Cost and concur that the
retained amount of $28,050 is representative of the construction
work to be completed on the required infrastructure improvements;
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 surety in the amount
of $92,070 to Pulte Homes, (Meadow Lake P.U.D., a/k/a Tract "M")
with the sum of $28,050 to be retained by the City of Boynton Beach
to ensure completion of required infrastructure improvements.
Section 2. This Resolution shall become effective
immediately upon passage.
PASSED AND ADOPTED this / day of February, 1994.
CITY OF BEACH, FLORIDA
ATTEST:
~ Clerk
i (Corporate Seal)
Surety. Rel
MeadowLake.
1/26/94
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