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RESOLUTION NO. 2006- 088 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DELEGATING AUTHORITY TO THE <br />COUNTY ADMINISTRATOR OR THE ASSISTANT <br />COUNTY ADMINISTRATOR TO EXECUTE <br />RESOLUTIONS CALLING LETTERS OF CREDIT <br />WHICH MIGHT OTHERWISE EXPIRE BEFORE <br />THE NEXT BOARD MEETING DUE TO <br />CANCELLATION OF NORMALLY SCHEDULED <br />COMMISSION MEETINGS. <br />WHEREAS, the Board of County Commissioners, at its meeting of June <br />6, 2006, canceled the regularly scheduled Commission meetings for August 1, 2006, <br />August 8, 2006, and August 15, 2006, with the next regularly scheduled meeting to be <br />on August 22, 2006; and <br />WHEREAS, various letters of credit are posted with the County to, among <br />other things, guaranty performance or warranty of subdivision improvements; and <br />WHEREAS, numerous letters of credit have certain call language <br />requiring a resolution of the Board of County Commissioners declaring default or failure <br />to post alternate security; and <br />1 <br />F:\Attorney\Nancy\DOCS\RES\Reso autho admin re locs.doc <br />