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See, A -t+nc * M er,l <br />.r' <br />RESOLUTION NO. 2000- oeo <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DEGLARING DEFAULT BY HATIMOCK <br />LAKE ASSOCIATES, LTD. IN ITS OBLIGATION TOINSTALL SIDEWALKS OR APPROPRIATE <br />ASPI{ALT ON ROADWAY, AND AUTHORIZING <br />STAFF TO MAKE SITE DRAFT AGAINST <br />ATI.ANTIC STATES BANK IRREVOCABLE <br />STANDBY LETTER OF CREDIT SBTOOO4 DATED <br />SEPTEMBER 13, 1999. <br />WHEREAS, certain required sidewalk and roadway improvements w1hin <br />subdivisions are necessary prior to certificate of completion; and <br />WHEREAS, due to ongoing construction of homes in Hamrnock Lakes <br />Planned Development, the developer wished to delay final lifts of asphalt on the <br />roadway and installation of sidewalks to avoid damage from construction <br />vehicles; and <br />WHEREAS, to secure that obligation developer posted an Inevocable <br />Standby Letter of Credit S870004 from Atlantic States Bank in the amount of <br />$39,991.45; and <br />WHEREAS, the aforesaid letter of credit expires at the close of business <br />on september 13, 2000, and said improvements are not yet installed, <br />NOW THEREFORE, BE IT RESOLVED BY THE BOART' OF COUNTY <br />GOMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />1. "That Hammock Lakes Associates, Ltd. has defaulted in its <br />obligation to installsidewalks, or has defaulted in placing the appropriate asphalt <br />AO0RESO (tEGALIWGC/nlm