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Fr - <br />OCT 19 1993 j 5roc; <br />proceed, and weighing that against a property owner's right <br />to decide where he wants to live and what kind of a street <br />he wants to live on, plus the policy of trying to save as <br />many trees as possible, would not have liability - <br />particularly in light of the fact that these are not public <br />roads. <br />THE CHAIRMAN CALLED FOR THE QUESTION. <br />The Motion was voted on and carried unanimously. <br />October 25, 1983 <br />Haven Federal Savings & Loan Association <br />P. 0. Box 858 <br />250 Second Street, S.W. <br />Winter Haven, Florida 33880 <br />Re: Irrevocable Letter of Credit No. 1 -- Seagrove South <br />Subdivision/Corporate Investment Co. to Board of <br />County Commissioners of Indian River County, Florida <br />Gentlemen: <br />Please be advised that the Board of County Commissioners of Indian <br />River County, Florida during their regularly scheduled meeting of <br />October 19, 1983, approved the request of Corporate Investment <br />Co. to reduce the remaining amount of the Irrevocable Letter of <br />Credit issued by you effective December 15, 1982, and expiring on <br />February 15, 1984, to secure required improvements under contract <br />entitled CRI No. l dated December 15, 1982, leaving a balance of <br />$0.00. The County Commission hereby releases in full any rights <br />it may have had at any time to call upon the funds made available <br />under said Letter of Credit. This action by the County Commission <br />is predicated upon certification by the project engineers that the <br />estimated total cost to complete all required subdivision improve- <br />ments is $1,175.00, which amount has been bonded separately by <br />deposit of a sufficient cash amount by Corporate Investment Co.. <br />Indian River County does not hereby make any representations with <br />respect to the quality or the completion of the work to date. <br />Indian River County expressly reserves all rights that it may have <br />with respect to•'Corporate Investment Co. under the terms of con- <br />tract CRI No. 1. This release is effective only as to the obliga- <br />tions of Haven Federal pursuant to the aforementioned Letter of <br />Credit. <br />Attest: <br />FREDA WRIGHT, Clerk <br />Sincerely, <br />Richard N. Bird <br />Chairman <br />Board of County Commissioners <br />30 <br />