R97-195RESOLUTION NO. R97-/~'
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT FOR SANTA CRUZ, INC., FROM'
$193,426.00 TO $9,700.00, SAID LETTER OF
CREDIT BEING ISSUED BY BARNETT BANK, NO.
M51t553; AND PROVIDING AN EFFECTIVE
DATE.
Wq{EREAS, the developer of this parcel, previously a
Letters of Credit in the amount of $193,426.00 as surety to
guarantee completion of water and sewer systems servmng this
site; and
WHEREAS, developer has furnished the City with a bill
of sale for the systems and requested that the surety
requirement be reduced to 5% of the system value for the one
year warranty period; and
WHEREAS, a final inspection has been conducted on this
project and the system appears to be functioning properly
withoUt any defects;
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, Florida, based upon the recommendation of
staff, hereby approves a reduction of a Letter of Credit
(No. M5114553) from $193,426 to $9,700.00.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED.AND ADOPTED this
ATTEST:
~--~ day of December, 1997.
CITY OF BOYNTON BEACH, FLORIDA
Vice Mayor
Commissioner