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6 c <br /> ti <br /> �3.J ti <br /> I'I <br /> I <br /> RESOLUTION NO. 2003- 024 <br /> WHEREAS, Fidelity Federal Bank & Trust has notified Indian River <br /> County that Irrevocable Letter of Credit No. 295-74902 will not be extended and <br /> will expire on March 7, 2003, <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY i <br /> i ' <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> j <br /> 1. That Pointe West of Vero Beach, Ltd., a Florida limited partnership, <br /> has defaulted under the terms of the Contract for Construction of Required <br /> Sidewalk Improvements or has failed to post alternative security, and that the <br /> amount of the draft represents the amount required by the County to fulfill the ! <br /> performance of said Contract for Construction of Required Sidewalk <br /> I. <br /> i <br /> Improvements. <br /> I <br /> 2. The Office of Management and Budget is directed to make sight <br /> I. ' <br /> draft accompanied by a letter from the Office of Management and Budget for <br /> Indian River County and also signed by the Director of Community Development <br /> for Indian River County stating that Pointe West of Vero Beach, Ltd., has i <br /> defaulted under the terms of the Contract for Construction of Required Sidewalk <br /> i <br /> Improvements or failed to post alternative security, and that the amount of the <br /> draft represents the amount required by the County to fulfill the performance of <br /> said Contract for Construction of Required Sidewalk Improvements. Drafts <br /> presented for payment under the credit shall be marked "DRAWN UNDER <br /> .i <br /> I ' <br /> 2 <br /> 2/03RES0(LEGAL)WGC/nhm <br /> Ii <br /> i <br /> i , <br />