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RESOLUTION NO. 2005- 002 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY DOUBLE R & <br />D INC., A FLORIDA CORPORATION IN ITS <br />OBLIGATION TO COMPLETE REQUIRED <br />IMPROVEMENTS TO GRAND OAK ESTATES, A <br />SUBDIVISION, AND AUTHORIZING STAFF TO <br />MAKE SIGHT DRAFT AGAINST CITIBANK, N.A. <br />IRREVOCABLE LETTER OF CREDIT NO. <br />61604003 DATED SEPTEMBER 19, 2003 AS <br />AMENDED BY AMENDMENT DATED SEPTEMBER <br />14, 2004. <br />WHEREAS, on September 2, 2003 Double R & D Inc., a Florida <br />corporation, entered into a Contract for Construction of Required Improvements <br />No. SD -03 -03 -11 -CFC (2002070178-35959) relating to Grand Oak Estates, A <br />Subdivision; and <br />WHEREAS, on September 10, 2004, under an emergency order, the <br />head of the Emergency Service District of Indian River County approved a <br />Modification to Contract for Construction of Required Improvements No. SD -03- <br />03 -11 -CFC (2002070178-35959) extending the date for completion of the <br />required improvements to December 1, 2004; and <br />WHEREAS, in order to guarantee performance of the contract and <br />modification, the developer provided an amendment to Citibank, N.A. Irrevocable <br />Letter of Credit No. 61604003 extending the expiration date of the Letter of <br />Credit to January 15, 2005; and <br />WHEREAS, that agreement to construct required subdivision <br />improvements, as modified, has not been complied with, <br />1 <br />F:\Attorney\Nancy\DOCS\RES\Reso calling grand oak est loc 2d.doc <br />