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RESOLUTION NO . 2012 = 119 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY RANGE <br /> ROAD MINE , LLC IN ITS OBLIGATION TO FULFILL <br /> THE PERFORMANCE OF COMPLIANCE WITH AND <br /> RESTORATION OF SITE PLAN APPROVAL FOR <br /> PHASE 2 OF ITS SAND MINE ( HAMMOND SAND <br /> MINE) , AND AUTHORIZING STAFF TO MAKE <br /> SIGHT DRAFT AGAINST NORTHERN TRUST, N .A. <br /> IRREVOCABLE STANDBY LETTER OF CREDIT <br /> NO , SLC500481 DATED OCTOBER 16 , 20089 AS <br /> AMENDED . <br /> WHEREAS , Range Road Mine , LLC posted Northern Trust , N .A. <br /> Irrevocable Standby Letter of Credit No . SLC500481 , with amendments , in the <br /> combined amount of $ 31 , 300 . 00 to fulfill the performance of compliance <br /> ($ 18 , 000 . 00) with the conditions of site plan approval for Phase 2 (Site Plan No . <br /> SP- MA-04-08-51 /2004030073-40839) and restoration ($ 13 , 300 . 00 ) of the Phase <br /> 2 site . <br /> WHEREAS , Indian River County, as the beneficiary of the irrevocable <br /> standby letter of credit , received a Termination Notice/Notice of Non - Renewal of <br /> the irrevocable letter of credit , with the final expiration date of the Northern Trust , <br /> N .A . Irrevocable Standby Letter of Credit , as amended , being December 9 , <br /> 2012 , and <br /> WHEREAS , under the terms of the amended Northern Trust N .A . <br /> Irrevocable Standby Letter of Credit No . SLC500481 , in the event the bank <br /> provides proper notice to the County of its intent not to renew the irrevocable <br /> 1 <br /> r <br />