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HomeMy WebLinkAboutProposal - 50/50 Divide Surety BondGENERAL DEVELOPMENT CORPORATION June 1, 1970 City Council City of Sebastian Post Office Box 127 Sebastian, Florida 32958 Gentlemen: This will confirm our proposal to divide 50/50 any surety bond premium savings with the City, in consideration of the City's acceptance of the Company's performance bond (executed original enclosed) in lieu of the currently outstanding surety bonds being held by the City. It is understood this proposal covers the following numbered surety bonds: 2108981, 2108982, 2108984, 2108985, 2108986, 2108987 and 2117881 for which there was outstanding improvement obligations in the total sum of $318,539. as of January 1, 1970. The premium rate for said obligations is $2,390., one half of which (or $1,195.) we agree to pay to the City upon receipt of appropriate surrender and release of the foregoing numbered bonds. Such amount shall, at the Company's option, be payable in cash or services. The Company shall on each successive anniversary date of the enclosed performance bond share 50/50 such premium savings as is equivalent the usual bond premium rate for the dollar amount of improvements remaining outstanding. It should be understood that as the improvements are completed the amount of such savings will diminish. Your cooperation in recent negotiations with the Company's representa- tives is appreciated. Very truly yours, Frederick E. Roach President FER:ps enclosure cc: L. B. Vocelle, Esq. iXECUTIVE OFFICES • 1111 SOUTH BAYSHORE DRIVE • MIAMI, FLORIDA 33131 • TELEPHONE 350-1111 4. PERFORMANCE BOND KNOW ALL MEN BY THESE PRESENTS: That GENERAL DEVELOPMENT CORPORATION, a Delaware corporation authorized to transact business in the State of Florida, (herein- after called the "Principal") is held and firmly bound unto the City of Sebastian, Indian River County, a municipal corporation existing under the laws of the State of Florida, in the penal sum of THREE HUNDRED EIGHTEEN THOUSAND FIVE HUNDRED THIRTY-NINE DOLLARS ($318,539.00) for the payment of which it binds itself, its suc- cessors and assigns firmly by these presents: THE CONDITION OF THE ABOVE OBLIGATION is such that whereas the Principal has platted portions of Sections 1, 11, 12, 13, 14, 23 and 24, Township 31 South, Range 38 East, and portions of Sections 17 and 18, Township 31 South, Range 39 East, Indian River County, Florida, into Subdivisions known as Sebastian Highlands according to the plats thereof recorded as follows: Plat Designation Plat Book Pages Sebastian Highlands, Unit 2 5 34 and 37 Sebastian Highlands, Unit 3 5 99 Sebastian Highlands, Unit 4 5 100 and 101 Sebastian Highlands, Unit 5 5 102 and 103 Sebastian Highlands, Unit 6 5 93 thru 97 Sebastian Highlands, Unit 8 6 9 thru 14 Sebastian Highlands, Unit 9 6 36 and 36A Sebastian Highlands, Unit 10 6 37, 37"A" thru 37"0" in the public records of Indian River County, Florida; the plats of said subdivisions show streets and drainage canals thereon, and the Principal hereby agrees that it will grade and pave the streets, provide drainage, and complete such canals as are shown on said plats I 1 of the aforedescribed property in accordance with the specifications of the City of Sebastian on the date hereof. NOW, THEREFORE, if the Principal shall within four (4) years from the date hereof, grade and pave the streets and complete such canals as are shown on said plats which abut the aforesaid property as agreed, then this obligation shall be void; otherwise, the same shall remain in full force and effect until such work is completed. It is expressly understood the obligation of the Principal shall with respect to each individual subdivision unit, be in the amount reflected as "Bond Amount" on the attached schedule "A" and that such amounts shall diminish in proportion to the amounts expended from time to time toward the completion of the improvements for which it is obligated hereunder; and that by its approval and acceptance of this Bond, the City of Sebastian, Florida, agrees to acknowledge from time to time, in writing, the reduction of the total sum of this obligation according to the extent such work has been completed. IN WITNESS WHEREOF, the Principal has caused these presents to be executed by its proper officers and its corporate seal to be affixed hereto, all of which has been done at Miami, Dade County, Florida, this lst day of March (SEAL)', i ro z Ott. ;.•' u � 4 THE FOREGOING BOND IS HEREBY APPROVED AND ACCEPTED THIS DAY OF , 1970. CITY 9,,F SaEBASTIAN, FLORIDA By :Z5 � ayor ATTEST Clerk 1970. GENERAL DEVELOPMENT CORPORATION By �- Executive Vice P esi-dent ATTE ��,X. - 2 - Assistant Secretary R E E O L U T I© N WHEREAS, GENERAL DEVELOPMENT CORPORATION has made certain surety bonds for the grading and paving of streets and for the completion of canals in several plats of Sebastian Highlands, and WHEREAS, a great savings in }gond premiums can be obtained if said surety bonds are discharged and CaE:NURAL DEVELOPMENT CORPORATION makeo a proper performance bond in lieu thereof, and WMEWAS, GWER.AL DEVELOPMENT CORPORATION and THE CITY Ole SEBASTIAN, through its City Council, have agreed to equally share in said savings in surety bond premiums, and wFNER.EAS, it is deemed in the best interest of the CITY OF SEBASTIAN to accept a performance bond in lieu of said surety bonds from GENERAL DEVELOPMENT CORPORATION; N WO 'lTBSREFORE, 3E IT RESOLVED BY THE CITY OF SEBASTIAN, FLORIDA, nY AND T=HROUGH ITS CITY COUNCIL, as Follows s 1. GENERAL DEVELOPMENT CORPORATION, an Principal, and CONTINENTAL CASUALTY COMPANY, as Surety, are hereby relieved and discharged from the following surety bonds, effective as of the date hereof, to -wit: surety Bond No, Amount Plat Desi n� anon 2103984 $36330.00 Sebastian Highlands Unit 2 2108981 $400000.00 Sebastian Highlands Unit 3 2105997 $27,000.30 Sebastian Highlands Unit 4 2108986 $16,000.00 Sebastian Highlands Unit 5 2108985 $21,000.00 Sebastian Highlands Unit 6 2100984 $76,670.00 Sebastian Highlands Unit 5 2117881 $16,406.00 Sebastian highlands Unit 9 2108982 5175,000.00 Sebastian Highlands Unit 10 L. B. VOCELLE • ATTORNEY AT LAW • =40 LOTH AVENUE • VERO BEACH, FLORIDA 2. In lieu of said surety bonds, GENEPAL DEVELOP14FENT CORPORATION has submitted its Performance Bond, executed under data of March 1, 1970, which is hereby accepted, ratified and c�;onfirmed by THE CITY OF SRSASTIAN, and the Mayor and Clerk of the City of Sebastian are herob r authorized and directed to countersign said Performance Bond. THIS RESOLUTION was duly adopted by the City Council of the City of Sebastian, rlorida, this ' day of 1970. Mapo�,r ATTEST: ' tees • . • • s - 2 L. B. VOCELLE • ATTORNEY AT LAW • 2140 10TH AVENUE • VERO BEACH, FLORIDA