R01-199RESOLUTION NO. ROi-
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLOI~A,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT ISSUED BY BANK ATLANTIC (NO. BA-409)
FOR THE PROJECT KNOWN AS LESTER P.U.D. PEAT
1, (A/IUA CASCADE LAKES'~ FROM $566,400 TO
$28,300; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the developer of tlfis parcel previously subm/tted a Letter of Credit
m the mount of $566,400.00 as surety to guarantee completion of potable water and
sanitary sewer systems serving this site; and
WHEREAS, all work has been completed for the systems md Developer has
requested that the surety requirement be reduced to $28,300; and
WHEREAS, a final i~spection has been conducted on this pr ect and the system
appears to be functioning properly without any defects;
NOW, THEREFORE, BE IT RESOLVED BY THE CIT' COMMISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section_L The City Commission of the City of Boynt~n Beach, Florida,
/
based upon the recommendation of staff, hereby approves a reduc~on of a Letter of
/
Credit (No. BA-409), issued by Bank Atlantic for Cascades Lakes Ltd., (Lester PUD)
from $566,400 to $28,300.
Section 2. That this Resolution shall become effective immediately upon
~assage.
PASSED AND ADOPTED this ~' day of Jm~e, 2001.
Clerk
s/caucesx
Commissioner
Seal)
Credit\- Red. Cascade Lakes (LesterPUD)-Plat 2 051[
01