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o <br />6/12/91(MEM)LEGAL(WGC/nhm) <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 />WHEREAS, COPELAND LANDING, INC., a Florida corporation, <br />entered into a contract on behalf of the development known as <br />Copeland's Landing which contract was numbered SD -87-05-06; and <br />WHEREAS, the contract was secured by an Irrevocable <br />Standby Letter of Credit No. 007 -LC -073960 in the amount of <br />$72,000.00, with issue date of December 6, 1990 naming Indian River <br />County Board of County Commissioners as beneficiary and Richard <br />Hebert and/or Copeland's Landing as the applicant, <br />WHEREAS, COPELAND LANDING, INC. provided Indian River <br />County with a 1 -month extension of the letter of credit securing <br />Copeland Landing, Inc.'s obligation to construct required subdivision <br />improvements in consideration of the County's allowance of one <br />additional month to complete construction of those required <br />improvements; and <br />WHEREAS, COPELAND LANDING, INC. has failed to perform <br />its obligations under the extended "Contract for Construction of <br />Required Improvements". <br />NOW, THEREFORE, BE IT RESOLVED by the Board of County <br />Commissioners of Indian River County, Florida that: <br />1. The above statements are ratified in their entirety. <br />1 <br />