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RESOLUTION NO. 2003- 023 <br />WHEREAS, said remaining improvements are not yet constructed; and <br />WHEREAS, First Union National Bank (Wachovia) Irrevocable Standby <br />Letter of Credit No. SM419435C will expire on March 11, 2003, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />1. That Torwest Inc. dba Windsor Properties, a Florida general <br />partnership, has defaulted under the terms of the Contract PD -02 -01 -02 -CFC <br />(2001020102-28705) for Construction of Required Improvements and the <br />amount of the draft represents the amount required by the County to fulfill the <br />performance of said contract for the construction of required improvements. . <br />2. The Office of Management and Budget is directed to make sight <br />draft accompanied by this Resolution. Drafts presented for payment under the <br />credit shall be marked "Drawn on Irrevocable Letter of Credit No. SM419435C of <br />First Union National Bank. <br />3. The draft must be presented not later than March 11, 2003 at the <br />following address: Wachovia Bank, National Association, 401 Linden Street, <br />Winston-Salem, NC 27101-0045, Attn: Standby Letter of Credit Department, <br />NC6034. <br />The resolution was moved for adoption by Commissioner Adams , and <br />the motion was seconded by Commissioner Neuberger , and, upon being put to <br />a vote, the vote was as follows: <br />Commissioner Kenneth R. Macht Aye <br />Commissioner Caroline D. Ginn Aye <br />Commissioner Fran B. Adams Aye <br />Commissioner Thomas S. Lowther Aye <br />Commissioner Arthur R. Neuberger Aye <br />2/03RESO (LEGAL)WGC/nhm 2 <br />