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We hereby open our irrevocable and unconditional Letter of Credit <br />in your favor for the account of Kings Highway Plaza Partnership <br />for a sum of $78,000.00 available on the following terms: <br />This Letter of Credit is being provided for the purposes of <br />securing the construction of a waste water treatment facility <br />for a shopping center to be located on the corner of Florida <br />Highway 60 and King's Highway in Indian River County, Flordia.. <br />This Letter of Credit is not transferrable. <br />The funds of this Letter will be on deposit and available to be <br />drawn by Indian River County in the event of the default in the <br />agreement between the company and the county. Drafts must be <br />presented at this bank on or before May 1, 1985. Drafts under <br />this credit must be marked upon their face, "Drawn Under The <br />American Bank Letter of Credit." <br />We hereby agree with the drawers, endorsers, and bona fide holders <br />of drafts drawn under and in compliance with the terms of this <br />Letter of Credit that such drafts shall be duly honored on <br />presentation of a written statement signed by the proper official <br />for Indian River County that the above company is in default under <br />the terms of it's agreement. <br />Yours vel truly, <br />C <br />Alan Kirchner <br />President <br />Attorney Brandenburg recalled that the Board approved <br />drawing down the original Letter of Credit one month ago and the <br />developer came in on the last day and submitted a renewed Letter <br />of Credit to us, but it was drawn on a Wisconsin bank and only <br />for 30 days because he had hopes of getting a local bank to issue <br />him a Letter of Credit for an extended period of time within that <br />30 -day period. The developer informed us this morning that he <br />was going to get another 30 -day Letter of Credit and try to do <br />o the same thing over again. Attorney Brandenburg suggested that <br />we tell him that we are -not interested in any more 30 -day Letters <br />of Credit and that a Letter of Credit should be for a minimum of <br />four months and drawn on a local bank; otherwise, authorize the <br />County Attorney's office to go to Wisconsin and call down his <br />Letter of Credit. <br />MOTION WAS MADE by Commissioner Scurlock, SECONDED by <br />Commissioner Bowman, that the Board approve the County <br />Attorney's recommendation as above. <br />59 <br />APR 24 1985 eooK 60 Fi F 014 <br />