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RESOLUTION NO. 2006- 090 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY THE <br /> FOUNTAINS AT AMBER LAKES, LLC, IN ITS <br /> OBLIGATION TO COMPLETE. REQUIRED <br /> IMPROVEMENTS TO THE FOUNTAINS AT AMBER <br /> LAKES SUBDIVISION, AND AUTHORIZING STAFF <br /> TO MAKE SIGHT DRAFT AGAINST HARBOR <br /> FEDERAL SAVINGS BANK IRREVOCABLE <br /> LETTER OF CREDIT NO. 421. <br /> WHEREAS, on April 5, 2005 the Board of County Commissioners of <br /> I <br /> Indian River County approved a Contract for Construction of Required <br /> Improvements No. SD-03-02-07-CFC (2002050088) relating to The Fountains at <br /> Amber Lakes Subdivision; and <br /> WHEREAS, to guaranty the completion of those required improvements, <br /> the Developer, The Fountains at Amber Lakes, LLC, posted a Harbor Federal <br /> Savings Bank Irrevocable Letter of Credit No. 421 in the amount of $210,028.33, <br /> expiring on July 6, 2006; and <br /> WHEREAS, that agreement to construct required subdivision <br /> improvements has not been complied with. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> 1 . That The Fountains at Amber Lakes, LLC has defaulted under the <br /> terms of the aforementioned Contract for Construction of Required <br /> Improvements. <br /> 1 <br /> F:Wttorney\Nancy\DOCS\RES\Reso calling fountains at amber lakes.doc <br />