R03-116
11
RESOLUTION NO. R03- I \Co
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, AUTHORIZING A FULL RELEASE OF
CASH SURETY IN THE AMOUNT OF $80,000.00 TO
THE TOVVN OF HYPOLUXO FOR THE PROJECT
KNOVVN AS HYPOLUXO POINT; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, on April 2, 2002, the Utilities Department forwarded to Finance
Department a Letter of Credit in the amount of $80,000.00 as surety for the completion of
the water and sewer system for the project known as Hypoluxo Point; and
WHEREAS, The work has been completed and the sewer system is operated
satisfactorily through the warranty period, and;
WHEREAS, the City Commission, upon recommendation of staff, deems it
appropriate to authorize a full release of cash surety in the amount of $80,000.00 to the
Town ofHypoluxo.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1.
The City Commission of the City of Boynton Beach, Florida,
ereby approves the full release of the cash surety in the amount of $80,000.00 to the
own ofHypoluxo.
Section 2.
That this Resolution shall become effective immediately upon
:\CA\RESO\Letters of Credit\ TCM1Il of Hypoluxo - cash surety release.doc
II
PASSED AND ADOPTED this ~ day of July, 2003.
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Commissioner
ATTEST:
:\CA\RESO\Letters of Credit\ To.vn of Hypoluxo - cash surety release.doc