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MAY 21 1986 <br />RESOLUTION 86 - 28 <br />BGGK64 FnE 463 <br />RESOLUTION .OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER <br />COUNTY, FLORIDA AUTHORIZING THE RELEASE OF THE IRREVOCABLE LETTER <br />OF CREDIT HELD UNDER THE TERMS OF A CONTRACT FOR CONSTRUCTION OF <br />REQUIRED IMPROVEMENTS BETWEEN THE STIRLING PROPERTIES & DEVELOP- <br />MENT CORPORATION, AND INDIAN RIVER COUNTY TO GUARANTEE THE CON- <br />STRUCTION OF REQUIRED IMPROVEMENTS IN STIRLING LAKE ESTATES <br />SUBDIVISION. <br />WHEREAS, Indian River County (County) and Stirling Properties <br />and Development Corporation (Developer) have entered into a <br />contract for construction of required improvements; and <br />WHEREAS, under the terms of said contract, the Developer has <br />made a written request for release of an irrevocable letter of <br />credit held to guarantee required improvements, and has submitted <br />a warranty maintenance agreement and irrevocable letter of credit <br />guaranteeing performance of publically dedicated improvements; and <br />WHEREAS, the Public Works Director is satisfied that all <br />required improvements have been completed, and recommends release <br />of the irrevocable letter of credit. <br />NOW, therefore, be it resolved by the Board of County Commis- <br />sioners of Indian River County, Florida that: <br />The Irrevocable Letter of Credit No. 1 drawn <br />on Indian River Federal Savings Bank in the <br />amount of $47,437.62 is hereby released. <br />The foregoing resolution was offered by Commissioner <br />Wodtke who moved its adoption. The motion was <br />seconded by Commissioner Bowman and upon being put to <br />a vote, the vote was as follows: <br />Chairman Don C.. Scurlock, Jr: Absent <br />Vice -Chairman Patrick B. Lyons 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 21st day of May , 1986. <br />Attest: <br />FREDA WRIGHT, etERK <br />STATE OF FLORIDA <br />COLJ,�VTY QF ND AN RIVER <br />[" <br />BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, PLO IDA <br />BY: i G <br />Don C. Scu lock, . <br />Chairman <br />Approved x, lo form <br />and legal sufficiency <br />BY <br />Bruce B_.rk ,t( : <br />r� <br />Asst. Cuunty Attom,�V <br />� s � <br />