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RESOLUTION NO. 2002- 069 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY JAMES AND <br /> PHYLLIS PARKS IN ITS OBLIGATION TO <br /> CONSTRUCT REQUIRED SUBDIVISION <br /> IMPROVEMENTS, AND AUTHORIZING STAFF TO <br /> MAKE SIGHT DRAFT AGAINST INDIAN RIVER <br /> NATIONAL BANK IRREVOCABLE LETTER OF <br /> CREDIT NO. 01-0093 DATED SEPTEMBER 26, <br /> 2001. <br /> WHEREAS, certain required improvements within subdivisions are <br /> necessary within one year of final plat approval; and <br /> WHEREAS, to secure that obligation developer posted an Irrevocable <br /> Letter of Credit No. 01-0093 from Indian River National Bank in the amount of <br /> $25,000.00; and <br /> WHEREAS, said improvements are not yet installed, <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> 1. That James and Phyllis Parks have defaulted under the terms of <br /> the Contract for Construction of Required Improvements PD-01-10-1CFC <br /> (2001020062-27752), 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 /> 09/11/02RESO(LEGAL)WGC/nhm 1 <br />