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RESOLUTION NO. 2008= 005 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY RANGE <br />ROAD MINE, LLC, UNDER THE TERMS OR <br />CONDITIONS OF SECTION 934.07 OF THE CODE <br />OF INDIAN RIVER COUNTY, AND AUTHORIZING <br />STAFF TO MAKE SIGHT DRAFT AGAINST <br />NORTHERN TRUST, NA IRREVOCABLE STANDBY <br />LETTER OF CREDIT NO. SLC500211 DATED <br />JANUARY 19, 2007. <br />WHEREAS, Range Road Mine, LLC posted an $18,000.00 compliance <br />and $13,300.00 restoration bond in the form of a Northern Trust, NA Irrevocable <br />Standby Letter of Credit No. SLC500211 in the total amount of $31,300.00 to <br />guarantee compliance with the conditions of site plan approval for Phase 1 (Site <br />Plan No. SP -MA -04-08-51/2004030073-40839) and/or restoration of the site; and <br />WHEREAS, Range Road Mine, LLC is in default under the terms of its site <br />plan approval by not using approved haul routes, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />1. Range Road Mine, LLC (applicant) has defaulted under the terms <br />or conditions of Indian River County Ordinance 934.07, and that the amount of <br />the draft represents the amount required by the County to fulfill the performance <br />of compliance ($18,000.00 — Phase 1) with the conditions of site plan approval <br />(Site Plan No. SP -MA -04-08-51/2004030073-40839). <br />2. Office of Management and Budget is directed to present this <br />Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE <br />LETTER OF CREDIT OF NORTHERN TRUST, NA, MIAMI, FLORIDA, NO. <br />