R93-172RESOLUTION NO. R93-/7~
A RESOLUTION OF THE CITY CON/~ISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING RELEASE OF THE LETTER OF
CREDIT NO. 16518, IN THE AMOUNT OF
$84,472.00, ISSUED BY NCNB NATIONAL BANK
OF FLORIDA, IN REGARD TO BOYNTON LAKES
COMMERCIAL/PARCEL "A", CONDITIONED UPON
RECEIPT OF AN ACCEPTABLE LETTER OF CREDIT
FROM DEVELOPER IN THE AMOUNT OF
$8,000.00; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, a Letter of Credit, No. 16518 in the amount of
$84,472.00 was issued by NCNB National Bank of Florida, Miami in
order to ensure the completion of off-site Water Distribution,
Sewage Collection and Storm Drainage necessary to serve Parcel "A"
reference required Utility Improvements; and
WHEREAS,the City Commission of the City of Boynton Beach,
Florida, upon recommendation of staff, hereby authorizes the
release of the Letter of Credit No. 16518, in the amount of
$84,472.00, issued by NCNB National Bank of Florida, in regard to
Boynton Lakes Commercial/Parcel "A", conditioned upon the receipt
of an acceptable Letter of Credit from developer in the amount of
$8,000.00, to ensure the integrity of Water Distribution, Sewage
Collection and Drainage System(s) during completion of the
construction work associated with Parcels "A" and "B"o
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 release of the Letter of Credit
No. 16518, in the amount of $84,472.00, issued by NCNB National
Bank of Florida, in regard to Boynton Lakes Commercial/Parcel "A",
conditioned upon the receipt of an acceptable Letter of Credit from
developer in the amount of $8~000.00, to ensure the integrity of
Water Distribution, Sewage Collection and Drainage System(s) during
completion of the construction work associated with Parcels "A" and
Section 2. This Resolution shall become
immediately upon passage.
effective
PASSED AND ADOPTED this /? day of October, 1993.
CITY OF BOYNTON BEACH, FLORIDA
ATTEST:
Ci~ Clerk
(Corporate Seal)
'r.annar. Sur
BoyntonLakes. 10/15/93
May
~a~ Pr(
Commissi~