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.5 -�3-a� <br /> RESOLUTION NO. 2006- 071 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY DILECO <br /> DEVELOPMENT, LLC, IN ITS OBLIGATION TO <br /> COMPLETE REQUIRED IMPROVEMENTS TO OAK <br /> HOLLOW ESTATES, AND AUTHORIZING STAFF <br /> TO MAKE SIGHT DRAFT AGAINST FIRST <br /> NATIONAL BANK AND TRUST COMPANY OF THE <br /> TREASURE COAST IRREVOCABLE LETTER OF <br /> CREDIT NO. 2004-20 AS AMENDED. <br /> WHEREAS, on December 7, 2004 the Board of County Commissioners of <br /> Indian River County approved a Contract for Construction of Required <br /> Improvements No. SD-04-04-15-CFC (2003110238-41312) relating to Oak <br /> Hollow Estates; and <br /> WHEREAS, on December 13, 2005 the Board of County Commissioners <br /> of Indian River County approved a Modification to said Contract extending the <br /> date to complete the required improvements to March 5, 2006 and the existing <br /> First National Bank and Trust Company of the Treasure Coast Irrevocable Letter <br /> of Credit No. 2004-20 in the amount of $582,375.02 was extended to June 5, <br /> 2006; and <br /> WHEREAS, that agreement to construct required subdivision <br /> improvements, as modified, has not been complied with. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> 1 <br /> FAAttorney\Nancy\DOCS\RES\Reno calling oak hollow estates.doc <br />