R98-194 RESOLUTION NO. R98- Iq~
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING A REDUCTION IN THE LETTER OF
CREDIT FOR EAST RIDGE P.U.D., FROM
$82,000 TO $42,000, SAID LETTER OF
CREDIT BEING ISSUED BY COLONIAL BANK,
NO. 98-102; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the developer of this parcel, previously
submitted a Letter of Credit in the amount of $82,000.00 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 $42,000; and
WHEREAS, a final mnspection 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 COM~ISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA, TPIAT:
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. 98-102) from $82,000 to $42,000.
Section 2. That this Resolution shall become
effective immediately upon passage.
PASSED AND ADOPTED this ~--
day of December, 1998.
ATTEST:
(Corp¢~a~e. Seal )
CITY OF BOSTON BEACH, FLORIDA
Mays ~/ ~
Vi~e ~y~r h
/~Commiss~oner
Co~±ss~o~e~