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r <br /> RESOLUTION NO. 2005- 174 <br /> 1. That Trade Wind Coast Development, L.L.C. has defaulted under <br /> the terms of the aforementioned Contract for Construction of Required Sidewalk <br /> Improvements. <br /> 2. The amount of the draft represents the amount required by the <br /> County to fulfill the performance of said Contract for Construction of Required <br /> Sidewalk Improvements. <br /> 3. Office of Management and Budget is directed to present a sight <br /> draft in the amount of $40,282.20 marked "DRAWN ON IRREVOCABLE <br /> LETTER OF CREDIT NO. 05-0004 OF INDIAN RIVER NATIONAL BANK" <br /> together with a letter from the Office of Management and Budget for Indian River <br /> County, and also signed by the Director of Community Development for Indian <br /> River County stating that Trade Wind Coast Development,L.L.C. has defaulted <br /> under the terms of the aforementioned Contract for Construction of Required <br /> Sidewalk Improvements or failed to post alternative security, and that the amount <br /> of the draft represents the amount required by the County to fulfill the <br /> performance of said Contract for- Construction of Required Sidewalk <br /> Improvements, to the office of Indian River National Bank, 5240 Babcock Street <br /> NE, Palm Bay, Florida 32905 on or before November 22, 2005. <br /> The resolution was moved for adoption by Commissioner Davis and <br /> the motion was seconded by Commissioner Bowden , and, upon being put to <br /> a vote, the vote was as follows: <br /> 2 <br /> F:Wttorney\Nancy\DOCS\RES\Reso calling high hawk i.doc <br />