R97-086RESOLUTION NO. R97-,~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REFUND OF A TEMPORARY
CASH BOND FOR UTILITIES IMPROVEMENTS, IN
FULL, SAID TEMPORARY CASH BOND ISSUED IN
THE AMOUNT OF $15,000.00 BY TWIN LAKES
P.U.D; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Twin Lakes P.U.D. is a subdivision of single-family homes
located on Lawrence Road outside the City limits; and
WHEREAS, Twin Lakes P.U.D. furnished a temporary cash bond to
the city in the amount of $15,000.00 on October 11, 1996, to guarantee
completion of off-site utilities improvements; and
WHEREAS, Twin Lakes P.U.D. has furnished Palm Beach County with
NationsBank Letter of Credit No. SM-03657-096 in the amount of
$1,372,600 for all required improvements, including paving, drainage, and
water and sewer improvements, said letter of credit having been accepted
by Palm Beach County; and
WHEREAS, the City Commission of the City of Boynton Beach, based
upon the recommendation of city staff has determined that the $15,000.00
temporary cash bond should be refunded to Twin Lakes P.U.D.
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 refund
of the temporary cash bond in the amount of $15,000.00 to Twin Lakes
P.U.D., as Palm Beach County has accepted a replacement surety in the
amount of $1,372,600.00 for all required improvements.
wp~reso~et~er of cxedit~twin lakes ~elease ]
5/23/97
Section 2. That this Resolution shall become effective immediately
upon passage.
PASSED AND ADOPTED this ~ day of June, 1997.
Cj:~n'~h"iss ion e r'
Commissioner
ATTEST:
Ci~/Clerk
vcpkesoX, lette[ of credit\t~in lakes release
5/23/97