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7.0. BID #5049 —WEST SIDE SUBDIVISION WATER ASSESSMENT PROJECT — <br />TREASURE COAST CONTRACTING <br />ON MOTION by Commissioner Adams, SECONDED by Commissioner <br />Ginn, the Board unanimously awarded Bid 45049 to Treasure Coast <br />Contracting, Inc. in the total amount of $66,402.11; approved the sample <br />agreement and authorized the Chairman to execute said agreement when <br />required performance and payment bonds have been submitted along with <br />appropriate certification of insurance and the County Attorney has <br />approved the agreement as to form and legal sufficiency, as recommended <br />by staff. <br />AGREEMENT IS ON FILE IN THE <br />OFFICE OF THE CLERK TO THE BOARD <br />7.P. RESOL UTION 2003-050 DECLARING DEFA UL T B Y MARSH ISLAND <br />DEVELOPMENT COMPANY, LLL'. A FLORIDA LIMITED LIABILITY COMPANY, IN <br />ITS OBLIGATION TO COMPLETE REQUIRED IMPROVEMENTS TO MARSHISLAND <br />PD AND A UTHORIZING STAFF TO MAKE SIGHT DRAFT A GAINST BANK OF <br />AMERICA IRREVOCABLE STANDBYLETTER OF CREDIT NO. 3046127 DATED <br />FEBRUARY 12.2002 <br />ON MOTION by Commissioner Adams, SECONDED by Commissioner <br />Ginn, the Board unanimously adopted Resolution 2003-050 declaring <br />default by Marsh Island Development Company, LLC, a Florida limited <br />liability company, in its obligation to complete required improvements to <br />Marsh Island PD and authorizing staff to make sight draft against Bank of <br />America Irrevocable Standby Letter of Credit No. 3046127 dated February <br />12, 2002. <br />APRIL 22, 2003 9 <br />