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AUTHORIZATION TO DRAW ON IRREVOCABLE LETTER OF CREDIT - RIVER RUN <br />DEVELOPMENT <br />The Board reviewed the following memo dated 9/6/89: <br />TO: Members of the Board <br />' of County Commissioners <br />DATE: September 6, 1989 <br />SUBJECT: AUTHORIZATION TO DRAW ON•,IRREVOCABLE <br />STANDBY LETTER OF CREDIT NUMBER <br />00000000017899 — RIVER -_RUN <br />DEVELOPMENT CORPORATION <br />FROM: Joseph A. Bair <br />OMB Director <br />DESCRIPTION AND CONDITION <br />%I River Run Development Corporation placed a Letter of Credit in the <br />amount of $69,310.00 with Indian River County. The Letter of Credit <br />was placed as collateral in the event that River Run did not pay water <br />and sewer impact fees for Building A in River Run Condominiums. The <br />Budget Office has been notified by the Utility Department that $49,310 <br />in impact fees are now due and to draw on the Letter of Credit. <br />RECOrIlKENDATION <br />Authorize the Chairman to sign a draft <br />Letter of Credit number 00000000017899 <br />Florida, dated December -6, 1988. <br />v =.Wrq t` <br />to draw down $49,310 from <br />with Southeast Bank N.A., <br />Utilities Director Terry Pinto recalled that way back when <br />they <br />first started <br />the project, <br />we <br />found that they had <br />not kept up <br />with <br />the impact fee <br />escrow fund <br />and <br />we made them place <br />a bond in <br />place of the cash that was supposed to be in there. All we are <br />doing is saying that it is time to draw on the letter of credit. <br />OMB Director Baird explained that the letter of credit <br />expires shortly, which is why we brought it to the Board today. <br />Mr. Mueller owes the full $69,000; we are drawing down on $49,000 <br />and giving him a $20,000 credit. <br />29 <br />,3E P <br />