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RESOLUTION NO. 92-131 2. "The undersigned, an authorized official of :the Indian River County Board of County Commissioners, does hereby certify that the developers of CGN Subdivision have defaulted under the terms of the developer's agreement approved June 5, 1990, as amended. The amount of this draft represents the amount required by Indian River County to fulfill the performance of said developer's agreement." 3. Payment is hereby demanded of Barnett Bank in the amount of $35,000.00, which represents the amount required by Indian River County to fulfill the performance of said Developer's Agreement for required improvements. 4. The Chairman of the Board of County Commissioners is authorized to endorse the date and amount of the drawing on the reverse side of the letter of credit. 5. The Indian River County Office of Management and Budget is authorized to transmit the original letter of credit along with this resolution and a sight draft marked "Drawn under Barnett Bank of South Florida, N.A., Miami, FL, Credit Number 037 -LC -377966 dated July 26, 1991." 6. Sight draft and resolution are to be presented for payment at the Barnett Bank of South Florida, N.A., International Operations, 8th Floor, 701 Brickell Avenue, Miami, Florida 33131 U.S.A. on or before August 3, 1992, along with the endorsed original letter of credit. The foregoing resolution was offered b Scurlock and seconded by Bowman , and being put to a vote follows: Chairman Carolyn R. Eggert Im Vice Chairman Margaret C. Bowman -UL Commissioner Richard N. Bird AM Commissioner Don C. Scurlock, Jr. AM y Commissioner Commissioner the vote was as The Chairman thereupon declared the resolution duly passed and adopted this 28 day of Jul y , 1992. ATTEST: Jeff y K*. 13 on, Clerk—, INDIAN RIVER COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS By •Z. L,0,1,74- .Carol R. E gg Chairman 61 L2 8 199