R94-102RESOLUTION NO. R94-/,~,~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, APPROVING
THE RELEASE OF A LETTER OF CREDIT FROM JET-
STREAM DEVELOPMENT, ISSUED BY COMERICA BANK
IN THE AMOUNT OF $146,300 AND SIMULTANEOUSLY
ACCEPTING A CASH BOND IN THE AMOUNT OF
$14,630 FOR THE DEVELOPMENT KNOWN AS SUNSET
CAY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, Sunset Cay is a 41 unit, single family home development located
on Old Military Trai, in the unincorporated portion of our service area; and
WHEREAS, staff has advised that the developer has installed all required water
and sanitary sewer improvements and has furnished all required documentation;
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 does hereby
release the Letter of Credit from Jet-Stream Development, issued by Comerica Bank
in the amount to of $146,300 and simultaneously accepts a cash bond in the amount
of $14,630 for the development known as Sunset Cay, which cash bond shall remain
in place through the one-year warranty period.
passage.
That this Resolution shall become effective immediately upon
PASSED AND ADOPTED this ,,,~/day of June, 1994.
CITY OF BOYN~ON BEACH, FLORIDA
Mayor
ATTEST:
Cit~Clerk
(Corporate Seal)
Vice Mayor
Mayor Pro Te~
Co~
Aut~sig.doc
ISunset. Cay/Release
6116/94
KNOW ALL MEN BY THESE PRESENTS=
That th? ~JET-S_ .TREA~ DEVELOPMENT, LTD. · ..
partnership organized an~! a limited
~,,~ uuuer cna Dy virtue of
the laws of the State of Florida, havin s its
place of business in th-" ..... g principal
· .~ ~uu.ty of PA
State of Florida _ _. ~M BEACH in
- , hereinafter re the
and in ferrea to as"
_ .. c°psideration of the s,,- ~ ~,~ ~^, --- ~ELLER , for
uo£1ars, in lawful m-n-.. ,--=--i'~t_~u'~u! ~hN AND 00/100 ......
co bions unto ~x ~.u o=nmr good and valuable
~g) to it paid by the City of
~ch, and State of
)far=ed to as the "BUYER",
it, has granted,
unto
~O
Thewater and sewer systems described on
sheet(s) 1
~alph D. Denuzzi0 & Associates, !
dated ~c~y or
19~$.
TO HAVE AND TO HOLD the same unto the BUYER, its
successors and assigns forever.
And the SELLER, for itself and its successors,
hereby covenants to and with the BUYER, its successors and
assigns that it is ~he lawful owner of tho sa
has good right to sell the same as
aforesaid, and that it will warrant and defend the same
~::~etv~ lawful claims and demands of all P-rson.
IN WITNESS WHEREOF, the SELLER has hereunto set
SELLER's hand and seal the day and year f~rst above
written.
SIGNED AND SEALED
IN THE PRESENCE OF:
JET-STREAM DEVELOPMENT, LTD.,
Florida limited partnership
JET-STREAMDEVELOPMENTCORP., a
Florida corporation (General
Partner)
STATE OF FLORIDA:
COUNTY OF ~:
The fore(
day of May,
DEVELOPMENT
ST
of the
Itrument was acknowledged before me this
JOHN HAWLEY, President of~ JET-STREAM
. General Partner of JET-
.rtnership, on behalf
me ~
serial No., if any
The undersigned,
WARRANTY
JET-STREAM DEVELOPMENT, LTD.,
a Florida
limited partnership, hereby agrees for a period of (1) year
from the. date on which the City Commission accepts the
system to repair any defect in the lift station, water
lines, sewer lines and related facilities and equipment
(collectively the "Water and Sewer System,,) conveyed to the
City of Boynton Beach (the "City,,), pursuant to that certain
Bill of Sale dated MAY 11, 1994 which is a result of a
defect in the materials or workmanship comprising the Water
and Sewer System. The undersigned, upon notice of such
defect, shall make the foregoing repairs as soon as
reasonably possible or, if such repairs have already been
made by the City, the undersigned, upon receipt of evidence
of the costs reasonably incurred by the City in the making
of such repairs, shall forthwith refund same to the City.
Anything herein to the oontrary notwithstanding, the city
shell have the sole obligation to perform all maintenance
required with respect to the Water and Sewer system;
accordingly, the undersigned shall have no liability
hereunder in the event that the repairs to the Water and
Sewer System result from the failure of the City to properly
maintain same or misuse or abuse of the Water and Sewer
System (except, however, nothing contained herein shall be
construed to release the undersigned from liability for
damage to the Water and Sewer system caused by acts of the
undersigned or its employees or agents in connection with
the completion by the undersigned of the project served by
the Water and Sewer system).
SIGNED AND SEALED
IN THE PRESENCE OF:
JET-STREAM DEVELOPMENT, LTD., a
Florida limited partnership
I/ /t~-'~ /'~'/1/ BY: JET-STREAMDEVELOPMENT CORP., a
///~Ii.~/~'A,~////3~ ///// Florida corporation
//~/ ' , . (General
~f I ~ ~/'L,9>~/~'~ \ . Partner)
STATE OF F.~ClRIDA , )
COUN?~r OF./-;£:cl,,,%F. _~'~. )
The foregoing instrument was acknowledged before me this i/
day of May, 1994, by JOHN HAWLEY, President of JET-STREAM
DEVELOPMENT CORP.', a Florida corporation, General Partner of JET-
STREAM DEVELOPMENT, LTD., a Florida ~half
of t who
, LARGm
Comm. Exp. Date SerialNo., if any
mar=y\J e~a=~eam.w~