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� a <br /> RESOLUTION NO. 2002- ou <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY THE INDIAN <br /> RIVER CLUB, LTD. IN ITS OBLIGATION TO <br /> CONSTRUCT REQUIRED SUBDIVISION <br /> IMPROVEMENTS, AND AUTHORIZING STAFF TO <br /> MAKE SIGHT DRAFT AGAINST FIRST NATIONAL <br /> BANK AND TRUST COMPANY IRREVOCABLE <br /> LETTER OF CREDIT NO. 2000-12 DATED <br /> OCTOBER 11, 2000 AS AMENDED BY LETTER <br /> DATED SEPTEMBER 20, 2001. <br /> WHEREAS, certain required improvements within subdivisions are <br /> necessary within one year of final plat approval; and <br /> WHEREAS, to secure that obligation developer posted an Irrevocable <br /> Letter of Credit No. 2000-12 from First National Bank and Trust Company in the <br /> amount of$943,344.00; and <br /> WHEREAS, an extension of the expiration date and a reduction in the <br /> amount of Irrevocable Letter of Credit No. 2000-12 was accomplished by letter <br /> dated September 20, 2001, extending the letter of credit until the close of <br /> business on January 11, 2002 and reducing the letter of credit from $943,344.00 <br /> to $396,912.62; and <br /> WHEREAS, said improvements are not yet installed, <br /> 12/01 RESO(LEGAL)WGC/nhm 1 <br />