R97-111RESOLUTION NO. R97-///
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
THE REDUCTION OF SURETY FOR NAUTICA SOUND
PLAT TWO TO G.L. HOMES OF BOYNTON BEACH II
CORPORATION CONDITIONED UPON SUBMISSION TO THE
CITY OF A REPLACEMENT LETTER OF CREDIT IN THE
AMOUNT OF $65,004.45; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, staff has verified the status of completion of the
required site improvements on the above property; and
WHEREAS, the City Commission of the City of Boynton Beach,
Florida, upon recommendation of staff, hereby authorizes reduction
of surety from $1,050,922.40 to G.L. Homes of Boynton Beach II
Corporation conditioned upon receipt of a replacement Letter of
Credit in the amount of $65,004.45 within thirty (30) days.
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, hereby authorizes reduction of surety in the amount of
$1,050,922.40 to G.L. Homes of Boynton Beach II Corporation
conditioned upon submission of a replacement Letter of Credit in
the amount of $65,004.45 within thirty (30) days.
Section 2. That this Resolution shall become effective
immediately upon passage.
PASSED AND ADOPTED this /~ day of ~zF , 1997.
Surety. Red
NAUTICA SOUND PLAT TWO
CITY OF BOYNTON BEACH, FLORIDA
ieMay°r
Commi s s ioner
C ommi s s i on er