R01-028 RESOLUTION NO. R01-~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT ISSUED BY BANK ATLANTIC (NO. BA-
415) FOR THE PROJECT KNOWN AS LESTER
P.U.D. PLAT 2, (A/K/A CASCADE LAKES)
FROM $289,000 TO $14,500; AND PROVIDING
AN EFFECTIVE DATE.
W-~EREAS, the developer of this parcel, previously
submitted a Letter of Credit in the amount of $289,000.00 as
surety to guarantee completion of water and sewer systems
serving this site; and
W~EREAS, developer has furnished the City with a bill
of sale for the systems and requested that the surety
requirement be reduced to $14,500; and
WHEREAS, a final inspection has been conducted on this
project and the system appears to be functioning properly
without any defects;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COM~ISSION
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. BA-415) from $289,000 to $14,500.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this ~ day of February, 2001.
ATTEST:
Vice Mayor
Commi s sioner
Commiss~
Clerk