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RESOLUTION NO. 2001- 079 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY HAMMOCK <br /> LAKE ASSOCIATES, LTD. IN ITS OBLIGATION TO <br /> INSTALL SIDEWALKS AND/OR APPROPRIATE <br /> ASPHALT ON ROADWAY, AND AUTHORIZING <br /> STAFF TO MAKE SIGHT DRAFT AGAINST <br /> ATLANTIC STATES BANK IRREVOCABLE <br /> STANDBY LETTER OF CREDIT SB70004 DATED <br /> SEPTEMBER 13, 1999 AND AS AMENDED BY <br /> AMENDMENT NUMBER 1 DATED AUGUST 28, <br /> 2000. <br /> WHEREAS, certain required sidewalk and roadway improvements within <br /> subdivisions are necessary prior to certificate of completion; and <br /> WHEREAS, due to ongoing construction of homes in Hammock Lakes <br /> Planned Development, the developer wished to delay final lifts of asphalt on the <br /> roadway and installation of sidewalks to avoid damage from construction <br /> vehicles; and <br /> WHEREAS, to secure that obligation developer posted an Irrevocable <br /> Standby Letter of Credit SB70004 from Atlantic States Bank in the amount of <br /> $39,991.45 and subsequently extended said expiration date by Amendment <br /> Number 1 dated August 28, 2000; and <br /> WHEREAS, the aforesaid letter of credit expires at the close of business <br /> on September 13, 2001, and said improvements are not yet installed, <br /> 8/01 RESO(LEGAL)WGC/nhm 1 <br />