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rA <br />RESOLUTION NO. 2004-11L <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY ROSEWOOD <br />ROAD EAST DEVELOPMENT CORPORATION, A <br />FLORIDA CORPORATION, IN ITS OBLIGATION TO <br />COMPLETE REQUIRED IMPROVEMENTS TO OLD <br />SAVANNAH SUBDIVISION, AND AUTHORIZING <br />STAFF TO MAKE SIGHT DRAFT AGAINST INDIAN <br />RIVER NATIONAL BANK IRREVOCABLE LETTER <br />OF CREDIT NO. 01-0103 DATED JULY 15, 2003, <br />AS AMENDED. <br />WHEREAS, on June 15, 2003, Rosewood Road East Development <br />Corporation, a Florida corporation, entered into a Contract for Construction of <br />Required Improvements No. SD -20 -020 -70081 -CFC (2002070081), relating to <br />Old Savannah Subdivision; and <br />WHEREAS, in order to guarantee performance of the contract, the <br />developer provided Indian River National Bank Irrevocable Letter of Credit No. <br />01-0103 in the amount of $679,400.00 with an expiration date of October 15, <br />2004; and <br />WHEREAS, by Amendment to Irrevocable Letter of Credit No. 01-0103, <br />Indian River National Bank reduced Irrevocable Letter of Credit No.. 01-0103 to <br />$491,348.77; and <br />WHEREAS, that agreement to construct required subdivision <br />improvements has not been complied with, <br />1 <br />F:Wttorney\Nancy\DOCS\RES\Reso calling old savannah.doc <br />