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WHEREAS, County Line Construction, the developer of Cranberry Harvest Estates, Block 66.09, Lot 52.02, previously posted Irrevocable Letter of Credit No#663 issued by Sovereign Bank March 31, 2003 in the amount of $208,454,84; and
WHEREAS, the Township of Jackson previously authorized a reduction to said Letter of Credit whereby reducing said Letter of Credit to $62,563.75; and
WHEREAS, said developer is requesting release of original Letter of Credit upon the posting of a new Letter of Credit to be issued by TD Bank in the amount of $62,563.75; and
WHEREAS, prior to the release of the original Letter of Credit #663, the Township Attorney will review replacement performance guarantee for acceptance on behalf of the Township of Jackson; and
WHEREAS, the cash guarantee posted with the Township of Jackson by the developer remains unchanged; and.
WHEREAS, it is now the desire of this governing body to authorize release of the original Irrevocable Letter of Credit upon the posting of a replacement Letter of Credit to be issued by TD Bank
NOW, THEREFORE, BE IT RESOLVED by the Township Council of the Township of Jackson, County of Ocean and State of New Jersey, as follows:
That the Township Council of Jackson Township hereby formally authorizes the release of Irrevocable Letter of Credit No. #663 issued by Sovereign Bank under date of March 31, 2003 on behalf of County Line Construction, as this release is based upon the Township’s having received and accepted a new Letter of Credit to be issued by TD Bank in the amount of $62.563.75.
That upon the adoption of the within resolution, the Clerk is authorized and directed to forward a certified copy of it to County Line Construction and any other interested parties.
DATED: 9/14/10
RESOLUTION NUMBER: 407R-10
MOTION TO APPROVE BY: RIVERE MOTION SECONDED BY: KAFTON YES: KAFTON, RIVERE, UPDEGRAVE, BRESSI & MARTIN
WHEREAS, Fred Rasiewicz, Director of Public Works, has requested approval to prepare bid specifications and advertise for receipt of bids for one (1) emergency gas powered generator for the Department of Public Works building; and