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RESOLUTION NO. 2005- 002 <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, as modified, between Double R & D Inc. and Indian River <br />County, relating to Grand Oak Estates, A Subdivision which contract is <br />numbered No. SD -03 -03 -11 -CFC (2002070178-35959), Double R & D Inc. has <br />defaulted under the terms of the aforementioned Contract for Construction of <br />Required Improvements, and that the amount of the draft represents the amount <br />required by the County to fulfill the performance of said Contract for the <br />Construction of Required Improvements. <br />2. Office of Management and Budget is directed to present this <br />Resolution together with a sight draft marked "DRAWN UNDER IRREVOCABLE <br />LETTER OF CREDIT NO. 61604003 OF CITIBANK, N.A." to the office of <br />Citicorp North America, Inc., 3800 Citibank Center, Building B, 3rd Floor, Tampa, <br />Florida 33610 on or before January 15, 2005. <br />The resolution was moved for adoption by Commissioner Wheeler , and <br />the motion was seconded by Commissioner Neuberger , and, upon being put to <br />a vote, the vote was as follows: <br />Commissioner Arthur R. Neuberger Aye <br />Commissioner Sandra L. Bowden Aye <br />Commissioner Wesley S. Davis AyP <br />Commissioner Thomas S. Lowther EYP <br />Commissioner Gary C. Wheeler Aye <br />2 <br />F:Wttorney\Nancy\DOCS\RES\Reso calling grand oak est loc 2d.doc <br />