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RESOLUTION NO. 2003- 050 <br />River County, relating to the Marsh Island, P.D. which contract is numbered No. <br />PD -00 -07 -11 -CFC (20020035-28991), Marsh Island Development Company, <br />L.L.C. has defaulted under the terms of the aforementioned Contract for <br />Construction of Required Improvements, and that the amount of the draft <br />represents the amount required by the County to fulfill the performance of said <br />Contract for the Construction of Required Improvements. <br />2. Office of Management and Budget is directed to present this <br />Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE <br />LETTER OF CREDIT NO. 3046127 OF BANK OF AMERICA, N.A." to the office <br />of Bank of America, N.A. Trade Operations, Miami Lakes Operations Center, <br />5875 NW 163rd Street, Hialeah, Florida 33014, on or before May 5, 2003. <br />The resolution was moved for adoption by Commissioner Adams , and <br />the motion was seconded by Commissioner Gi nn , and, upon being put to <br />a vote, the vote was as follows: <br />Chairman Kenneth R. Macht Aye <br />Vice Chairman Caroline D. Ginn Aye <br />Commissioner Fran B. Adams Aye <br />Commissioner Thomas S. Lowther Aye <br />Commissioner Arthur R. Neuberger Aye <br />The Chairman thereupon declared the resolution duly <br />adopted this 22nd day of April, 2003. <br />passed and <br />BOARD OF COUNTY COMMIS - ONERS <br />INDIAN RIVER Cf,OUNTY, FL e IDA <br />yam.. <br />c. -Deputy Clerk``-'�_ <br />F:\Attorney\Nancy\DOCS\RES\Reso calling' `marsh island,; loc:doc: <br />2, <br />• <br />6�r>�.. •3a'S <br />APPROVED AS TO FORM <br />AND LEGAL SUFFICIENCY <br />SY-7 <br />WILLIAM G.COLLINS 11 <br />COUNTY ATTORNEY <br />