R01-328 RESOLUTION NO. R01- B~E5
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT ISSUED BY NATIONS BANK (No. 941529)
FOR THE PROJECT KNOWN AS MANATEE BAY
FROM $186,959.96 TO $9,348.00; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the developer of this parcel, previously submitted a Letter of Credit
in the mount of $186,959.96 as surety for the water and sewer system serving the project
known as Manatee Bay; and
WIIEREAS, the Utility Department of the City of Boynton Beach is satisfied
with the completion of the work and the systems have been transferred to the City for
ownership, operation and maintenance.
NOW, TI-IEREEORE, BE IT RESOLVED BY THE CITY COMMISSION
OF TIlE CITY OF BOYNTON BEACI-I~ 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.
941529) from $186,959.96 to $9,348.00.
Section 2. That this Resolution shall become effective immediately upon
)assage.
- PASSED AND ADOPTED this ! [b day of December, 2001.
[TTEST:
Vice Mayor
Clerk