R03-121
TT
RESOLUTION NO. R03- I a \
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, AUTHORIZING A REDUCTION IN THE
SURETY FOR THE MEDICAL ARTS PROFESSIONAL
CENTER PROJECT FROM $101,597.10 TO $5,100.00;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the developer of this parcel, previously submitted a Letter of Credit
in the amount of $101,597.10 as surety to guarantee satisfactory completion of the on-site
water and wastewater systems serving this site; and
WHEREAS, the systems have now been completed, and all documentation has
been provided and the surety may therefore be reduced to 5% of the original amount, to
be retained by the City for the balance of the one-year warranty period;
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, based
upon the recommendation of staff, hereby approves a reduction of surety for the project
known as Medical Arts Professional Center project from $101,597.10 to $5,100.00.
Section 2.
That this Resolution shall become effective immediately upon
passage.
S:\CA \RESO\Letters of Credit\Medical Arts Professional Center Reduction of Surety.doc
II
PASSED AND ADOPTED this ~ day of July, 2003.
ATTEST:
.//~;";;
/~ /
~_.
I
, ./
'<
oJ'" )
,//
';"< . '-7'.::~~---",,----'" . ./.,~'
.::-~c-'--_-_. /
...<. ~.,~'),..~-...:-~.
Commissioner
S:\CA \RESO\Letters of Credit\Medical Arts Professional Center Reduction of Surety. doc