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R90-199RESOLUTION NO.R90-/qq A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOYNTON BEACH, FLORIDA, RELEASING AND/OR REDUCING PERFORMANCE BONDS AND A LETTER OF CREDIT REGARDING BOYNTON LAKES P.U.D. (VARIOUS PLATS) AND PROVIDING AND EFFECTIVE DATE NOW, T~t~REFORE, BE IT RESOLv~ BY T~t~ CITY COMMISSION OF T~t~ CITY OF BOYI~fON BEACM, FLOP~IDA, THAT: Section 1. The City Commission of the City of Boynton Beach, Florida does hereby release the following Performance Bonds: A. Performance Bond in the amount of $100,000.00 for earthwork, ~C61-13-036. B. Performance Bond in the amount of $100,000.00 for recreational facilities, ~C61-13-035. Section 2. The City Commission of the City of Boynton Beach, Florida does hereby reduce the following Bonds and a Letter of Credit: A. Bond ~C61-13-034 in the amount of $100~000.00 for Boynton Lakes Boulevard should be reduced to $10,000.00; B. Bond #C61-13-033 in the amount of $82,929.00 for Plat ~4 should be reduced to $5,000.00; C. Bond ~C6i-13-667 in the amount of $625,771.00 for Plat #6 should be reduced to $43,000.00; D. Bond #C61-13-668 in the amount of $455,684.00 for Plat ~5 should be reduced to $250,000.00, and, passage. Letter of Credit #21535 in the amount of $322,266.00 should be reduced to $25~000.00. The original L.0.C. shall be replaced with a new L.O.C. in the amount of $25,000.00 prior to release of the original L.O.C. Section 3. This Resolution shall take effect immediately upon FASSmD OPTED THIs (-Corp or at-e- Seal) Commis si~oner ,1990,