R99-007 RESOLUTION NO. R99-~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING THE RELEASE OF LETTER OF
CREDIT NO. 97-091 ISSUED BY COLONIAL
BANK TO ODUM, INC., SAID LETTER OF
CREDIT BEING ISSUED IN THE AMOUNT OF
$25,000.00 FOR EXCAVATION AND FILL
PROJECT AT VIA LUGANO; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on August 19, 1997, Colonial Bank, issued
Letter of Credit No. 97-091 to the City of Boynton Beach on
behalf of Odum, Inc., applicant, to guarantee completion of
excavation and fill improvements to the property known as
Via Lugano in Boynton Beach, Florida; and
WHEREAS, the letter of credit was issued in the amount
of Twenty Five Thousand ($25,000.00) Dollars as surety to
guarantee completion of the improvements; and
WHEREAS, according to city staff, the project has been
completed and has exhibited no defects.
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 Letter of Credit No.
97-091, issued by Colonial Bank, on August 19, 1997 in the
amount of $25,000.00, for required improvements being made
by Odum, Inc. at Via Lugano Development.
Section 2 That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this ~
day of February, 1999.
CITY OF BOYNTON BEACH, FLORIDA
ATTEST:
City Clerk
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Vice )r
/Commissioner
Commissioner