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RESOLUTION NO. 2004-119 <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 /> i <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 />
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