R99-035RESOLUTION NO. R99-~O"
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
THE RELEASE OF SURETY IN THE FORM OF A
PAYMENT GUARANTY BOND, ISSUED ON BEHALF OF
GENE B. GLICK COMPANY, INC. (VIA LUGANO
PROJECT), BY CONTINENTAL CASUALTY COMPANY
IN THE AMOUNT OF $30,000; AND ACCEPTING
SUBSTITUTE/REPLACEMENT BONDS IN THE AMOUNT
OF $15,000 EACH FROM CONTINENTAL HOMES OF
FLORIDA, INC., AND BOYNTON BEACH APARTMENTS
ASSOCIATES, LTD.; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the Gene B. Glick Company, Inc., posted a Payment Guaranty Bond in
the amount of $30,000 to guarantee the installation of a traffic signal at the intersection of
Congress Avenue and Sandalwood Drive, should the same be warranted by Palm Beach
County; and
WHEREAS, the property has now been sold to Boynton Beach Apartments
Associates Limited, the developer of the Via Lugano Project, and to Continental Homes of
Florida, Inc., who desire to substitute payment bonds as follows:
Bond No. 379234
Amount: $15,000
Surety: Seaboard Surety Company
Principal: Continental Homes of Florida, Inc.,
And
Bond No. 190585737
Amount: $15,000
Surety: Continental Casualty Company
Principal: Boynton Beach Apartments Associates, Ltd.
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 the release of the surety in the amount of
$30,000 to Gene B. Glick Company, Inc., and to substitute payment bonds as follows:
Bond No. 379234
Amount: $15,000
Surety: Seaboard Surety Company
Principal: Continental Homes of Florida, Inc.,
And
Bond No. 190585737
Amount: $15,000
Surety: Continental Casualty Company
Principal: Boynton Beach Apartments Associates, Ltd.
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this /d day of ~..ed,',~/./~?
CITY OF BOYNTON BEACH, FLORIDA
Vic% lCfayor / '/'/ -
ayoC.
Commissioner
Commissioner
ATTEST: