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RESOLUTION NO. 2005- 128 <br /> 1. That Gen Development, Inc. has defaulted under the terms of the <br /> aforementioned Contract for Construction of Required Sidewalk Improvements. <br /> 2. The amount of the draft represents the amount required by the <br /> County to fulfill the performance of said Contract for Construction of Required <br /> Sidewalk Improvements. <br /> 3. Office of Management and Budget is directed to present a sight <br /> draft in the amount of $23,287.50 marked "DRAWN ON IRREVOCABLE <br /> LETTER OF CREDIT NO. 05-2003 OF FIRST BUSINESS BANK" together with a <br /> letter from the Office of Management and Budget for Indian River County, and <br /> also signed by the Director of Community Development for Indian River County <br /> stating that Gen Development, Inc. has defaulted under the terms of the <br /> aforementioned Contract for Construction of Required Sidewalk Improvements <br /> and that the amount of the draft represents the amount required by the County to <br /> fulfill the performance of said Contract for Construction of Required Sidewalk <br /> Improvements, to the office of First Business Bank, 340 North Harbor City <br /> Boulevard, Melbourne, Florida 32935, on or before August 30, 2005. <br /> The resolution was moved for adoption by Commissioner Bowden , and <br /> the motion was seconded by Commissioner Davis , and, upon being put to <br /> a vote, the vote was as follows: <br /> Chairman Thomas S. Lowther Aye <br /> Vice Chairman Arthur R. Neuberger Ave <br /> Commissioner Wesley S. Davis Aye <br /> Commissioner Gary C. Wheeler Aye <br /> Commissioner Sandra L. Bowden Aye <br /> 2 <br /> FAAttorney\Nancy\DOCS\RES\Reso calling preserve of vero ii.doc <br />