90-QQQQQQRESOLUTION NO. 90 -~¢~
A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA
APPROVING THE REDUCTION OF SURETY
FOR WATER AND SEWER SYSTEM IMPROVEMENTS
FOR CYPRESS CREEK, SOUTHWEST PHASE II
AND THE SUBSTITUTION OF A LETTER OF CREDIT
FOR EXISTING SURETY FOR PHASE I OF THIS PROJECT
~{EREAS,
is completed, and
~4HEREAS, the water
testing to date, and
cons'aruction of the aforementioned water system
system has passed all pertinent
~EREAS, the developer
of a reduced surety bend, and
WHEREAS, the developer
easements and warranties.
has requested establishmen%
has provided all necessary
¢2,000
Letter
Credit
RESOLVED BY THE
NOW, THEREFORE, 8E AND IT IS HEREBY
CITY COMMISSION OF BOYNTON BEACH, FLORIDA:
That the surety bond requirement for Cypress Creek,
Southwest Phase II be reduced from $247,716.37 %o a level of
$3,000 and. furthermore, that the existing cash surety of
for Southwest Phase I be replaced by an Irrevocable
of Credit; total surety to be supplied via a Letter of
from Barnett Bank in the amount of $5,000.
PASSED AND ADOPTED THIS ~-~ DAY OF _~_~5~ _, 19 ~
CIT BEACH
(Corp. Seal)
~C~mi s s i_on Member
Commi ssion Member