R99-078RESOLUTION NO. R99-?'~'
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF BOYNTON BEACH, FLORIDA, AUTHORIZING A FULL
RELEASE OF THE LETTER OF CREDIT FOR NAUTICA
SOUND PUD PLAT ONE, IN THE AMOUNT OF $101,618.00
ISSUED BY OHIO SAVINGS BANK (NO. 1996-101) TO G.L.
HOMES OF BOYNTON BEACH II CORPORATION;
APPROVAL OF THE SUBDIVISION, ACCEPTANCE OF THE
DEDICATION S, AND THE MAINTENANCE
RESPONSIBILITIES OF THOSE IMPROVEMENTS
DEDICATED TO THE CITY OF BOYNTON BEACH; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the project is complete and the City has received the Engineer of
Record's certification, the test results and the "As-Built" drawings for Nautica Sound Plat
NOW, THEREFORE, BE I'T RESOLVED BY THE CZ'I'Y COF"IlUlTSSI'ON OF
THE CTTY OF BOYNTON BEACH, FLORTDA, THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida, based
upon the recommendation of staff, hereby approves a full release of the Letter of Credit
(No. 1996-101) issued by Ohio Savings Bank for the Nautica Sound PUD Plat One, in the
amount of $101,618.00 to G.L. Homes of Boynton Beach II Corporation, approves the
Subdivision, and accepts the dedications and the maintenance responsibilities of those
improvements dedicated to the City.
Section 2.
passage.
That this Resolution shall become effective immediately upon
JJ
PASSED AND ADOPTED this
AFl'EST:
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day of June, 1999.
; r om-L^W$0N, NOBLE & WEBB, I NC $616841812 r-t ;;2
APPLICATION FO~ .SflUI~TY~DU~O~LE~E
DeVelol~r Address 140_L University
G~A1 Si~in~, PL 33071
Name of Surety ~_cl~io aavinB_z
· Or/g[aa/S~ety Date F~x~_,__~_.W 12," 1996
Pr~vfotts Surety l~eductlon Daze .. 3_2/17/96
Cutest S .~m. ty Bala,uce ...................................................
Yea No
Sifted ~d se~let Compllaace Certification and E.~lmate of Value ofremabing wor~
No.zed au~o~on m ~ for ~d ~ed,
Ad~o~ A~~ for F~ Kel~e
E~emen~.
BilI~ elsie.
Co~W He~ ~p~ent ~c~p~ce.
As B~It Dm~gs.
A'~ ~, , CERTIFY THAT THE RiFOi~,IATION FUANISHF~ HEKEL~ AND
Stra TI D KEI: Wli I I$ TAUE, ACCUAA: ___ COM L '&
, Applica~:'s Signature
STATE OF FLOP, IDA
COLri~Y OF PAL&! BEACH
(S/~a~e ofpe~on ~ng ~c~w~g~menO:
~kle ~ raAk)
Kathken M. Coffman
MY COMMISSION # CC615446 EXPIRES
March 18, 2001
BONDED THRU TROY FAIN INSURANCE, INC,
(Name of officer ~g sckaowlcdgcmcnt
typed, printed or stamp~.'d)
Number, ifauy)
C
RESOLUTION NO. R96-/~'
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, 'FLORIDA, AUTHORIZING
THE REDUCTION OF SURETY TO $101,618.00 FOR THE
NAUTICA SOUND PUD PLAT ONE TO G.L. HOMES OF
BOYNTON BEACH II CORPORATION AND PROVIDING AN
EFFECTIVE DATE. .
WHEREAS, staff has verified the status of completion of tk
required site improvements on the above property; and
WHEREAS, the City Commission of the City of Boynton Beach
Florida, upon recommendation of staff, hereby authorizes reductic
of surety to $101,618.00 to G.L. Homes of Boynton Beach I
Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF TH
CITY OF BOYNTON BEACH, FLORIDA THAT:
~ The City Commission of the City of Boynton Beach
Florida, hereby authorizes reduction of surety .-to the a~ount c
$101,618.00 to G.L. Homes of Boynton Beach II Corporation.
Sectio~ ~ That this Resolution shall become, effectiw
immediately upon passage.
PASSED AND ADOPTED this
day of ~~j~ , 1996.
CITY OF BOYNTON BEACH, FLORIDA
ATTEST:
Ci~ Clerk
Commissioner
issioner
C
Amendment to Irrevocable Letter of Credit. No. 1996-101
OHIO SAVINGS
BANK
C!ty of Boynton Beach
100 East Boynton Beach Boulevard
Bqynton Beach, Florida 33435
Re:
Ohio Savings Bank (fka Ohio Savings Bank, F.B.S.) Letter of Credit No. 1996-101
Nautica Sound
; Date: February 12, 1996
An~ount: USDLRS $101,618.00 Expiration Date: February 4, 1998
De~r Sirs:
Relerence is made to our Irrevocable Letter of Credit No. 1996-101 i
Boynton Beach, Florida "· ,,-~ +~, ,~ ......... . .. n favor of the City of
.... · ,- . ( CIt~ ~ ,,,, ~,,~ ~uuuun~ or ~ L ~om-o ~ ~ ........ ' ....
(the Developer") for the initial amount of One ...... ' ~' .. ~ v, ~uyn[on ~eacn II Corporation
Wlmlon ~ix Hundred Forty Eight Thousand Nine
Hundred Sixty and no/100 U.S. Dollars ($1,648,960.00).
L As of the date hereof and without in any other way changing any other term or
condition of said Letter of Credit, said Letter of Credit is hereby modified by extending the
Explr. ation Date until February 12, 1998, and reducing the amount availabl
Hunored One Thousand Six Hundred Eighteen and no/100 Dollars ($101,6~;~.under to One
Sincerely,
OHIO SAVINGS BANK
ooe~ Goldberg, President ~
Frank J. Bolognia, Senior Vice Pr~ident
· G L.-XZ^ - 1801 E^s"r N~,~TH STREET - SurrE 200 . CLEVELAND OHIO · 44114 - (216)622-4100
! .
i
OF DEVE. LOpME rr
APPLICATION ~R .~RETY REDUCTION/RELEASE
=LPRIL 1996
Odginal Surety Date February 5 i996
Pre~ous Surety Reduction Date
i - N/A
Current Surety Balance
'"' -':'*' -"*'-'. ......... ':: ....... =':'7'Z:.~ .... ~ ...... ; .........
Current Request Date ' Oct:ober 23~ 1996
AttaChments to all requests:
Yes No
Project Name-.., Nautica Sound Plat One "' Devel0perName G.L. Homes of Bon~
DeVelOper Address 1401 University I),-~X~o e..a ...... Beach i! ~Corporation
i ' S rin s FL 0 1
Name of Surety Ohio Savings Bank SlxretyI~D.# ' 1996_101 ..... ~
[]
[]
[]
0
[]
AiilOtlrlt_ $1,648,960.00
AI22OUIlt_ N/A
AIIIOUR[~ $1,648. 960,0O
Al/lO.t_ $1. 547. 342, O0
AmOUnt_ $1ol,618.oo
Signed and sealed Compliance Certification and Estimate of Value of remaining work.
Notarized authorization to sign for named insured.
Additional Attachments for Final Release Requests:
Easements.
Bills of Sale.
County Health Dep,aztment Acceptance.
Lamping and/or T~ Testing.
As Built Draw/ngs:
Operating md/or Maintenance Instructions.
I, __ RiChard A. Cos t:ello , CERTIFY THAT THE h-N'FO~'vIATION FURNISHED HEREh"q gaN])
SUBMITTED HEKEWITH IS TRUE, ACCURATE gaND ~__LETE.
AppHc--an~'s- Signa~-ur'~
STATE oF
oF U .ACa · (.
The fo, r~egoing insggme~ w,aS/acknc~wledged before me this / '~/dav of ~ . ~ .
i ~ "/ ' '"- , /_ ~ .,p~ v~u.,) as menuncation and who c~d '
(S~AL)~ /_.. Z X / / ( )(did not) take an oath.
~..,5.~-~ mr rpersoa taking ackno-w-l'edgemenO (Name of'officer mkin- --, ..... '
i ':i'$.~:'g':"~ HILDA H NIX ' -
~ ~ c0.~,ss,0,, c6a~sm~ a,ms typed, printed or stamped)
.. . (Serial Number, Lfany)