R91-83RESOLUTION NO. R91- ~3
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
APPROVING ACCEPTANCE OF A LETTER OF
cREDIT FROM BANK ATLANTIC AS SURETY FOR
LEXINGTON L~ES, P.U.D., IN THE AMOUNT
OF $332,894.05 TO INSURE TIMELY
INSTALLATION OF WATER AND SEWER
IMPROVEMENTS; AND PROVIDING AN EFFECTIVE
DATE.
Beach has received an
from Bank Atlantic in the
WHEREAS, the City of Boynton
Irrevocable Letter of Credit No. BA 153
~mount of $332,894.05; and
WHEREAS, this Letter of Credit is issued pursuant to that
:ertain Water and Sewer Agreement between Lexington Homes, Inc.,
ms Developer, and the City of Boynton Beach, Florida, to develop
subdivision plat to be known as Lexington Lakes P.U.D., and to
onstruct and install the required improvements; and
WHEREAS, upon the recommendation of staff, the City
ommission of the City of Boynton Beach, Florida has deemed it to
e in the best interest of the citizens and residents of the City
of Boynton Beach to approve acceptance of said Letter of Credit.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA THAT:
Section 1. The "WHEREAS" clauses above are hereby
ratified and confirmed as being true and correct and incorporated
herein by reference.
Section 2. The City of Boynton Beach is
authorized to approve acceptance of the Letter of Credit
153 in the amount of $332,894.05, issued by Bank Atlanic.
hereby
No. Ba
take effect immediately
May, 1991.
Section 3. Said Resolution shall
upon passage.
PASSED AND ADOPTED this ~/~t day of
CITY OF BOYNTON BEACH, FLORIDA
Mayor
ATTE ST:
City Clerk ('~
(Corporate Seal)
AUTHSIG.DOC
Vice Mayor
C om~'~ ~ loner