R02-199 RESOLUTION NO. R02- lqq
A RESOLUTION OF THE CITY COMMISSION OF THE
CItY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT ISSUED BY WACHOVIA BANK (NO. LC870-
132291) FOR THE PROJECT KNOWN AS TUSCANY
ON THE INTRACOASTAL FROM $187,142 TO $9,350;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the developer of this parcel, previously submitted a Letter of Credit
in the amount of $187,142.00 as surety for the completion of the potable water and
sanitary sewer systems; and
WHEREAS, the Utility Department has completed final inspection and verified
that all portions of the water and sewer systems are operating satisfactorily.
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
upon the recommendation of staff, hereby approves a reduction of a Letter of Credit
issued by Wachovia Bank (No. LC870-132291) for the project $187,142 to $9,350.
Section 3. That this Resolution shall become effective immediately upon
passage.
S:\CA\RESO\Letters of CreditLReduction of Surety - Tuscany.doc
PASSED AND ADOPTED this I~ day of November, 2002.
ATTEST:
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CITY FO .YNI. ON. BE,ACH, FLO,RIDA
g:\CALRESO\Letters of CreditLReduction of Surety - Tuscany. doc