88-IIIRESOLUTION NO. 88--"7~I~
A RESOLUTION OF THE CITY OF BOYNTON BEACH,
FLORIDA, REDUCING THE PERFORmaNCE BOND FOR
QUAIL RUN, BEING A REPLAT OF QUAIL LAKE WEST
(PLAT BOOK 50, PAGES 3,4 and 5), IN SECTION
31, TOWNSHIP 45 SOUTH, RANGE 43 EAST
WHEREAS, a performance bond in the amount of $1,341,263.4,
which is 110% of the $1,219,330.00 cost of the required improve-
ments is being held to insure that subdivision improvements are
installed, completed and paid for in accordance with applicable
requirements, and,
WHEREAS, work has progressed and the value of the uncom-
pleted work is $716,367.00.
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED BY THE CITY
CO~4ISSION OF THE CITY OF BOYNTON BEACH, FLORIDA:
That the value of the bond may be reduced to the value of
the uncompleted work plus 10% which amounts to $788,004.00
CITY OF BOYNTON BEACH, FLORIDA
~o~lsslon Me,er - ~
Co~ss~on ~e~er
ATTEST:
(Corp. Seal).