R98-109RESOLUTION NO. R98-/~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
THE RELEASE OF LETTER OF CREDIT NO. 383 ISSUED
BY 1 ST UNITED BANK FOR UTILITIES
IMPROVEMENTS, IN FULL, SAD LETTER OF CREDIT
ISSUED IN THE AMOUNT OF $5,900.00 IN CONNECTION
WITH THE MILITARY 6/CRESCENT CENTER PROJECT;
AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Military 6 L.C. engaged in a project known as Military 6/Crescent
Center, said project requiring a letter of credit pursuant to the City of Boynton Beach Code of
Ordinances; and
WItEREAS, 1st United Bank issued Letter of Credit No. 383 in the mount of
$7,155.00, said Letter of Credit being accepted by the City Commission as a guarantee for
completion of off-site utilities improvements; and
WHEREAS, the City Commission partially released Letter of Credit No.383, and 1 st
United Bank issued a replacement Letter of Credit No. 383 in the amount of $5,900.00; and
WHEREAS, the City Commission of the City of Boynton Beach, based upon the
recommendation of city staff has determined that the $5,900.00 Letter of Credit should be
released by the City of Boynton Beach.
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. 383 issued by 1st United Bank in the amount of $5,900.00, for the account of Military 6
L.C. for all required improvements to utilities.
Section 2. That this Resolution shall become effective immediately upon passage.
PASSED AND ADOPTED this ?~ day of June, 1998.
CITY OF BOYNTON BEACH, FLORIDA
//~ommissioner
Commissioner
ATTEST:
~*~~~~6 Release
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