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r <br />AUG 11985 <br />RESOLUTION 85-80 <br />BOOK 61 P' GE 713 <br />RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER <br />COUNTY, FLORIDA AUTHORIZING REDUCTION OF THE AMOUNT OF THE <br />LETTER OF CREDIT HELD UNDER THE TERMS OF CONTRACT NO. <br />SD -84-10-034 TO CONSTRUCT REQUIRED IMPROVEMENTS IN THE <br />SANDERLING SUBDIVISION. <br />WHEREAS, Indian River County (County), and Associates Manage- <br />ment Group, Inc. (Developer) have entered into a contract to <br />construct required improvements; and <br />WHEREAS, an irrevocable letter of credit for $70,000.00 (No. <br />1830 issued 29 January 1985) securing said contract has been <br />issued by Barnett Bank of Central Florida (Bank) for the <br />Developer, naming the County as beneficiary; and <br />WHEREAS, under the terms of the contract, the Public Works <br />Director has caused an inspection of the completed required <br />improvements, is satisfied with the work performed, and recommends <br />a reduction in the amount of the issued letter of credit. <br />Now, therefore, be it resolved by the Board of County Commissioners <br />of Indian River County, Florida that: <br />Barnett Bank of Central Florida is hereby authorized to reduced <br />the amount of the irrevocable letter of credit from $70,000.00 <br />to $1,362.00. The retained $1,362.00 of credit shall be held <br />under the terms of the existing contract. <br />The foregoing resolution was offered by Commissioner <br />Bird who moved its adoption. The motion <br />was seconded by Commissioner Bowman , and <br />upon being put to a vote, the vote was as follows: <br />Chairman Patrick B. Lyons Absent <br />Vice -Chairman Don C. Scurlock, Jr. Aye <br />Commissioner Richard N. Bird Aye <br />Commissioner Margaret C. Bowman Aye <br />Commissioner William C. Wodtke, Jr. Aye <br />The Chairman thereupon declared the resolution duly passed <br />and adopted this 7th day of August , <br />1985. <br />BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA <br />BY: / C <br />DON C. SMOCK, JR. <br />VICE CHAIRMAN <br />Attest :A. �r)ft e <br />FREDA.•WRIGHT, &1erk 61DZ4 4' <br />STATE OF FLORIDA • <br />COUNTY OF INDIAN RIVER <br />