R92-198RESOLUTION NO. R92-/~
A RESOLUTION OF THE CITY C~ISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
REDUCING THE PERFORMANCE BOND FOR
LAWRENCE GROVE, PLAT NO. 1, A P,U.D. IN
SECTION 7, TOWNSHIP 45, RANGE 43 EAST;
AND PROVIDING AN EFFECTiVE DATE.
Wt{EREAS, a Performance Bond in the amount of $327,750.00
is being held to insure that subdivision improvements are
installed, completed and paid for in accordance with
applicable requirements; and
WHEREAS, it has been recon~aended by the City Engineer
that the bond be reduced by $235,070.47, reta±ning the
following amounts:
$18,315.00
20,000.00
55,364.53
Total Retained $93,679.53
On-site paving & drainage
One-year surety for utilities
off-site utility system & right-
of-way acquisition costs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA T~AT:
Section I. The City Commission of the City of Boynton
Beach, Florida upon recommendation of staff hereby directs
that the Performance Bend be reduced by $235,070.47.
Section 2. This Resolution shall become effective
immediately upon passage°
PASSED AND ADOPTED this ~ day of November, 1992.
CITY OF BOYNTON BEACH,
~yor
~e Mayor ./
FLORIDA
ATTEST:
Commissio~/
C~ Clerk
(Corpora%e Seal)
Law.Crove
Perf. Bond. Red
10/30/92