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RESOLUTION NO. 2005- 029 <br />$65,527.00, as amended by Amendment dated May 12, 2004, reducing the <br />amount to a total of $32,847.80. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />1. That Arbor Trace Development, Inc. has defaulted under the terms <br />of the aforementioned Contract(s) for Construction of Required Improvements. <br />2. The amount of the draft represents the amount required by the <br />County to fulfill the performance of said Contract(s) for Construction of Required <br />Improvements. <br />3. Office of Management and Budget is directed to present this <br />Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE <br />LETTER OF CREDIT NO. SM201393W OF WACHOVIA BANK, NATIONAL <br />ASSOCIATION" to the office of Wachovia Bank, National Association, 401 <br />Linden Street, Winston-Salem, NC 27101-0045, Attn: Standby Letter of Credit <br />Department NC6034, on or before March 31, 2005. <br />The resolution was moved for adoption by Commissioner <br />the motion was seconded by Commissioner Davi s <br />a vote, the vote was as follows: <br />Neuberger, and <br />, and, upon being put to <br />Chairman Thomas S. Lowther Aye <br />Vice Chairman Arthur R. Neuberger Aye <br />Commissioner Wesley S. Davis. Aye <br />Commissioner Gary C. Wheeler Aye <br />Commissioner Sandra L. Bowden Aye <br />2 <br />F:\Attorney\Nancy\DOCS\RES\Reso calling arbor trace 2 loc 2nd.doc <br />