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RESOLUTION NO. 2004- 101 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY WINDSOR <br /> PROPERTIES, A FLORIDA GENERAL <br /> PARTNERSHIP, IN ITS OBLIGATION TO <br /> COMPLETE REQUIRED IMPROVEMENTS TO <br /> WINDSOR PLAT 25 P.D., AND AUTHORIZING <br /> STAFF TO MAKE SIGHT DRAFT AGAINST <br /> WACHOVIA BANK, NATIONAL ASSOCIATION <br /> IRREVOCABLE STANDBY LETTER OF CREDIT <br /> NO. SM203748W DATED JUNE 20, 2003. <br /> WHEREAS, on June 24, 2003 Windsor Properties, a Florida general <br /> partnership, entered into a Contract for Construction of Required Improvements <br /> No. PD-03-01-06 (2002100039-34925), relating to Windsor Plat 25 P.D.; and <br /> WHEREAS, in order to guarantee performance of the contract, the <br /> developer provided Wachovia Bank, National Association, Irrevocable Standby <br /> Letter of Credit No. SM203748W in the amount of $443,083.59 with an <br /> expiration date of September 24, 2004; 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 <br /> FAAttorney\Nancy\DOCS\RES\Reso calling windsor plat 25 loc.doc <br />