R02-189 RESOLUTION NO. R02- I ~q
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT ISSUED BY BANK OF AMERICA (NO.
3020336) FOR THE MELEAR SUBDIVISION
(CONTINENTAL HOMES) FROM $360,307.50 TO
$100,000.00; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the developer of this parcel, previously submitted a Letter of Credit
in the amount of $360,307.50 as surety for landscaping work for the Melear Subdivision
'(Continental Homes); and
WHEREAS, the amount being reduced is 70% of the original surety, and shall
remain in place until the littoral and upland plantings are completed;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed
as being true and correct and are hereby made a specific part of this Resolution upon
adoption hereof.
Section 2. The City Commission of the City of Boynton Beach, Florida, based
apon the recommendation of staff, hereby approves a reduction of a Letter of Credit
issued by Bank of America (No. 3020336) for the Melear Subdivision (Continental
Homes) from $360,307.50 to $100,000.00.
Section 3. That this Resolution shall become effective immediately upon
~assage.
;:\CA\RESO\Letters of CreditXReduction of Surety - Melear - Continental Homes.doc
PASSED AND ADOPTED this ~) day of November, 2002.
ATTEST:
",%?. ~- . ,,,>,
CITY OJF/t)OYNT~N,~BE~H, FLORIDA
"
Commissioner
Commissioner
~ :\CA\RESO\Letters of CreditLReduction of Surety - Melear - Continental Homes.doc