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7. CONSENT AGENDA (CONT'D.) PAGE <br />H. Ansley Park Planned Development — Sidewalks, Request for Authorization <br />for Staff to Call Letter of Credit and/or Extend Expiration Date to Complete <br />Remaining Sidewalk Improvements, Developer: Showcase Designer Homes, <br />L.C. (San George Contracting, Inc. and Seacoast Development, Inc. — <br />Managers) <br />(memorandum dated December 6, 2005) 63-77 <br />Approved and adopted Resolution # 2005-211 authorizing staff to call the <br />existing Bank of America Irrevocable Letter of Credit No.3060848 in fiivor <br />of Indian River County in the amount of $53, 741.34 and authorize a two- <br />year extension to the Contract for Construction of Required Improvement <br />No. PD-02-06-09-CFCSIDE (with the cost estimate being re -visited by <br />County Engineering staff to make any adjustments for inflation) provided <br />that the Developer executes an Extension to Contract for Required <br />Improvements pays the required $445..00 fee for such extension, and <br />delivers proper security to the County no later than 3:00 p.m. on December <br />30, 2006. <br />1. Interest Rate Change on All County Financing (Petition Paving, Utility <br />Assessment Projects, Utility Impact Fees, etc.) <br />(memorandum dated December 6, 2005) <br />78 <br />Approved the fixed rate of 7.0% and staff's recommendation that the rate <br />remain in effect for calendar year 2006 for all County financing with the <br />exception of projects directly affiliated with a bond issue or which the bond <br />convenants dictate a different rate. <br />J. Vacation Accrual Cap Policy and Employee Compensation Considerations <br />(memorandum dated December 7, 2005) 79-80 <br />Approved update to vacation accrual and carry-over policy, and approve <br />compensation of up to one week for vacation time that exceeds the new cap <br />that would be lost on December 31, 2005; and approved a bonus <br />compensation of up to $1,500 for actual time worked as a result of <br />Hurricane Wilma by exempt employees earning less than $40,000 annually. <br />K. Second Amendment to the Memorandum of Understanding Between the St. <br />Johns River Water Management District (SJRWMD) and Indian River <br />County (IRC) for the Sediment, Flow Reduction & Other Water Quality <br />Improvements Within the Indian River Farms Water Control <br />(memorandum dated December 7, 2005) <br />81-92 <br />Approved Second Amendment to the Memorandum of Understanding <br />Between the S.IRWMD and IRC for the Sediment, Flow Reduction & Other <br />Water Quality Improvements Within the Indian River Farins Water Control <br />and authorized the Chairman to execute it on behalf of the County. <br />December 13, 2005 Page 4 of 12 <br />