R03-142 RESOLUTION NO. R 03- I q'oq~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A FULL RELEASE OF THE CASH
SURETY IN THE AMOUNT OF $995,700.00 FOR THE
PROJECT KNOWN AS LESTER PUD, PLATS 2, 3, 4, 5
AND 6, AND RETURNING THE LETTERS OF CREDIT
(NOS. 415, 416, 436, 437 AND 455) FROM BANK OF
AMERICA TO THE DEVELOPER; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the developer of this parcel previously submitted a cash surety in the
of $995,700.00 and five (5) Letters of Credit as surety for the satisfactory
of the on-site water system for the project known as Lester PUD, plats 2, 3, 4,
and 6; and
WHEREAS, those systems have now been completed, all documentation has
een provided, and the system has operated satisfactorily through the warranty period,
the Letters of Credit (Nos. 415, 416, 436, 437 and 455) issued by Bank of America,
now be returned to the Developer;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. The City Commission of the City of Boynton Beach, Florida, upon
recommendation of staff, hereby approves a full release of the cash surety in the
amount of $995,700.00 for the project known as Lester PUD, plats 2, 3, 4, 5, and 6 and
return of the existing letters of credit (Nos. 415, 416, 436, 437 and 455) from Bank of
America to the Developer.
Section 2. That this Resolution shall become effective immediately upon
passage.
S:\Ca,\RESO\Letters of Creditheull Release Lester PUD - BOA 080103.doc
PASSED AND ADOPTED this Icl dayofAugust, 2003.
~kTTEST:
2it~/Clerk
Commissioner
;: \CA\RESO~Letters of Credit~Full Release l_ester PUD - BOA 080103.doc