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RESOLUTION NO. 2003- 050 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY MARSH <br />ISLAND DEVELOPMENT COMPANY, L.L.C., A <br />FLORIDA LIMITED LIABILITY COMPANY IN ITS <br />OBLIGATION TO COMPLETE REQUIRED <br />IMPROVEMENTS TO MARSH ISLAND, P.D., AND <br />AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br />AGAINST BANK OF AMERICA IRREVOCABLE <br />STANDBY LETTER OF CREDIT NO. 3046127 <br />DATED FEBRUARY 12, 2002. <br />WHEREAS, on January 28, 2002 Marsh Island Development Company, <br />L.L.C., a Florida limited liability company entered into a Contract for Construction <br />of Required Improvements No. PD -00 -07 -11 -CFC (20020035-28991), relating to <br />Marsh Island, P.D.; and <br />WHEREAS, that agreement required all subdivision improvements to be <br />constructed on or before January 28, 2003; and <br />WHEREAS, that agreement to construct required subdivision <br />improvements has not been complied with; and <br />WHEREAS, in order to guarantee performance of the contract, the. <br />developer provided Bank of America Irrevocable Standby Letter of Credit No. <br />3046127 dated February 12, 2002 in the amount of $294,112.50, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />1. That pursuant to the Contract for Construction of Requirement <br />Improvements between Marsh Island Development Company, L.L.C. and Indian <br />F:\Attorney\Nancy\DOCS\RES\Reso calling marsh island loc.doc <br />1 <br />