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RESOLUTION NO. 2005- 179 <br /> 1. That IRC Development, L.L.C. has defaulted under the terms of the <br /> aforementioned Contract for Construction of Required 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 /> Improvements. <br /> 3. Office of Management and Budget is directed to present a sight <br /> draft in the amount of $270,366.58 marked "DRAWN ON IRREVOCABLE <br /> LETTER OF CREDIT #8035507527-55 OF COLONIAL BANK, N.A." to Colonial <br /> Bank, N.A., 180.1 W. Hibiscus Blvd., Melbourne, FL 32901 on or before <br /> November 10, 2005. <br /> The resolution was moved for adoption by CommissionerNeuberger, and <br /> the motion was seconded by Commissioner Bowden , 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 Aye <br /> Commissioner Wesley S. Davis Aye <br /> Commissioner Gary C. Wheeler Aye <br /> Commissioner Sandra L. Bowden Aye <br /> The Chairman thereupon declared the resolution duly passed and <br /> adopted this 1 st day of November, 2005. <br /> BOARD OF COUNTY COMMISSIONERS <br /> INDI RIVER COUNTY, FLORIDA <br /> By <br /> Thomas'S. Lowther, Ch'airman <br /> ATT Jeffrey K. Ba Clerk <br /> By. APPROVED AS TO ROAM <br /> Deputy Clerk AND LEGAL,RUFFICtENGY <br /> Il DAMG.COLLINS 11 <br /> COUNTY ATTORNEY <br /> FA\Attorney\Nancy\DOCS\RES\Reso calling lakes at sandridge ph 1.doc <br />