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85-ZZRESOLUTION NO.85-ZT_ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA, REDUCING PERFORMANCE BOND FOR PALM CHASE, P.U. D. PHASE I. WHEREAS, a request has been received to reduce the Performance Bond for Palm Chase P.U.D. Phase I, predicated on substantial completion of the work; and WHEREAS, the Director of utilities concurred with these amounts and has made his recommendation to reduce the bond accordingly. NOW ~EREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA: The Performance Bond in the amount of $496,000.00 previously posted with the City in conjunction with Palm Chase P.U.D. Phase I is hereby reduced in lieu of a new Performance Bond being furnished to the City of Boynton Beach in the amount of $324,000.00. PASSED AND ADOPTED THIS ~~ day of~j~.? 1985 CITY OF BOYNTON BEACH, FLORIDA CounciI ~mber ,~//~nc il Member ATTEST: Ci~ Clerk (Corporate Seal) Council Member