R01-032amount in place
requested that
$7,250.00; and
RESOLUTION NO. R01-~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT FOR GROVE PLAZA, ISSUED BY 1sT
UNITED BANK (NO. 77446), FROM $56,372 TO
$7,250; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on August 1, 2000, the City Commmssion by
Resolution No. R00-109, reduced the Letter of Credit in the
above matter from $215,879 to $56,372, as surety to
guarantee completion of water and wastewater facilities
serving this site; and
WHEREAS, the design consultant for the above noted
project, Carnahan, Proctor and Associates, Inc., has
submitted a request for a further reduction in the surety
for utility and site improvments, and
the surety requirement be reduced to
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 reduction of a Letter of Credit
(No. 77446), issued by 1st United Bank for the project known
as Grove Plaza from $56,372 to $7,250.00.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this ~ day of February, 2001.
ATTEST:
'Ci~ Clerk
Seal)
Reduction021201
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