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RESOLUTION NO . 2003 = 052 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY M =R HOMES , <br /> LTD , A FLORIDA LIMITED PARTNERSHIP IN ITS <br /> OBLIGATION TO COMPLETE REQUIRED <br /> IMPROVEMENTS TO SEASONS , P . D . , AND <br /> AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br /> AGAINST BANK OF AMERICA IRREVOCABLE <br /> STANDBY LETTER OF CREDIT NO . 3046140 <br /> DATED FEBRUARY 12 , 2002 . <br /> WHEREAS , on February 6 , 2002 M - R Homes , Ltd . , a Florida limited <br /> partnership entered into a Contract for Construction of Required Improvements <br /> No . PD-01 -08- 18-CFC (99110063-26994 ) , relating to Seasons , P . D . ; and <br /> WHEREAS , that agreement required all subdivision improvements to be <br /> constructed on or before February 12 , 2003 ; and <br /> WHEREAS , that agreement to construct required subdivision <br /> improvements has not been complied with ; and <br /> WHEREAS , in order to guarantee performance of the contract , the <br /> developer provided Bank of America Irrevocable Standby Letter of Credit No . <br /> 3046140 dated February 12 , 2002 in the amount of $ 69 , 703 . 23 , <br /> NOW, THEREFORE , BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA : <br /> 1 . That pursuant to the Contract for Construction of Requirement <br /> Improvements between M - R Homes , Ltd . and Indian River County, relating to <br /> 1 <br /> FAAttorney\Nancy\DOCS\RES\Reso calling seasons loc.doc <br />