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JUN is 1991 <br />BOOK 8:.1 F'A��E (50 <br />County Commissioners authorize the chairman to execute the attached <br />resolution, enabling the staff to draw upon the renewed Letter of. <br />Credit, if the applicant has not obtained a certificate of <br />completion, provided an acceptable Bill of Sale and posted security <br />in the amount of 25% of the cost of constructing the utilities <br />improvements dedicated to the county prior to June 27, 1991. <br />ANALYSIS: <br />If the renewed letter of credit is allowed to expire on July 1, <br />1991 and work is still incomplete and/or certifications have not <br />been obtained, there will be no guarantee that the project will be <br />properly completed. The staff is requesting that the Board adopt <br />a resolution authorizing the staff to draw down the entire amount <br />of 'the letter of credit prior to the July 1, 1991 expiration date, <br />if no certificate of completion is obtained by the developer or if <br />no acceptable Bill of Sale and corresponding security is posted in <br />a manner acceptable to the County Utilities Department, all before <br />June 27, 1991. The County would use the funds to complete any ; <br />necessary improvements and return any overage, after all costs <br />associated with -completing and certifying the project are paid for, <br />and after the one year Bill of Sale warranty period expires. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners adopt the ' <br />attached resolution authorizing staff to draw upon the full amount <br />of the $72,000.00 Letter of Credit for Copeland's Landing Phase I. <br />ON MOTION by Commissioner Eggert, SECONDED by Com- <br />missioner Scurlock, the Board unanimously (3-0) <br />adopted Resolution 91-69 calling the Letter of <br />Credit for Copelands Landing Phase I Subdivision <br />as recommended by staff. <br />RESOLUTION NO. 91- 69 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA CERTIFYING THE DEFAULT OF <br />COPELAND'S LANDING UNDER THE TERMS OF <br />CONTRACT SD -87-05-06 AND AUTHORIZING DRAFT <br />ON BARNETT BANK OF CENTRAL FLORIDA, N.A. <br />LETTER OF CREDIT NO. 073690 DATED 12/06/90 <br />WITH AMENDMENT NUMBER 1 DATED 5/29/91. <br />WHEREAS, County Development ' Regulations require <br />subdivision plat improvements to be in place before a plat is recorded; <br />and <br />WHEREAS, a plat may be recorded prior to construction of <br />required subdivision improvements if the developer contracts with the <br />County to complete those required subdivision improvements within one <br />year of final plat approval and posts adequate security to guaranty that <br />contractual agreement; and <br />