5/12/1992 - Laserfiche WebLink

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�,JIY 12 1992UL BOOK Sbb F',1 4f d that the Board of County Commissioners authorize staff to draw upon the existing Letter of Credit if an acceptable replacement letter of credit is not received by May 14, 1992. Should the developer present a new, acceptable Letter of Credit to staff following staff's draw upon the original Letter of Credit, staff will return the collected funds to the developer. RECOMMENDATION: Staff recommends that the Board of County Commissioners adopt the attached resolution demanding payment under the provisions of the Indian River National Bank Letter of Credit, authorize the Chairman to endorse the Letter of Credit, and authorize staff to draw upon the letter of credit if an acceptable replacement letter of credit is not received by May 14, 1992. ON MOTION by Commissioner Scurlock, SECONDED by Commissioner Bird, the Board unanimously adopted Resolution 92-71 authorizing draft upon Indian River National Bank Irrevocable Letter of Credit No. 0019, as recommended by staff. RESOLUTION NO. 92- 71 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING DRAFT UPON INDIAN RIVER NATIONAL BANK IRREVOCABLE LETTER OF CREDIT NO. 0019. WHEREAS, CHAPAM CORPORATION entered into a Warranty, Guaranty and Maintenance Agreement, and Bill of Sale for Required Improvements (Contract No. SD -90-04-05) with Indian River County relating to Treasure Trail Subdivision; and WHEREAS, in order to secure its obligations under that agreement, CHAPAM CORPORATION established with Indian River National Bank an Irrevocable Lotter of Credit No. 0019 in favor of Indian River County in the amount of $17,415.75 with an effective date of February 12, 1991 and having an expiration date of May 15, 1992; and WHEREAS, CHAPAM CORPORATION has defaulted under the terms of the aforementioned Warranty, Guaranty and Maintenance Agreement, and Bill of Sale for Required Improvements, 14