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L <br />W <br />RESOLUTION NO. 91- 69 <br />2. WE HEREBY CERTIFY THAT COPELAND'S LANDING HAS <br />DEFAULTED UNDER THE TERMS OF THE COPELAND'S LANDING <br />SUBDIVISION PHASE I CONTRACT SD -87-05-06 FOR IMPROVEMENTS <br />BETWEEN COPELAND'S LANDING AND INDIAN RIVER COUNTY. THE <br />AMOUNT OF THIS DRAWING, $72,000.00, REPRESENTS THE AMOUNT <br />REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF SAID <br />CONTRACT FOR THE REQUIRED IMPROVEMENTS. <br />3. Developer, Copelands Landing, Inc. has been notified of <br />the deficiencies in his performance of Contract SD -87-05-06. <br />4. The Chairman of the Board of County Commissioners of <br />Indian River County is hereby authorized to execute this resolution <br />certifying default along with any other necessary documents to call the <br />Irrevocable Standby Letter of Credit of Barnett Bank of Central <br />Florida, N.A. No. 007 -LC -073960, as amended. <br />5. This draft is drawn under Barnett Bank of Central <br />Florida, N.A. Letter of Credit No. 073960 dated 12/06/90 with <br />Amendment Number 1 dated 5/29/91 which original Letter of Credit and <br />Amendment are attached hereto. <br />6. The Director of the Indian River County Office of <br />Management and Budget is hereby directed to submit this resolution and <br />the original Letter of Credit by draft marked "DRAWN UNDER <br />BARNETT BANK OF CENTRAL FLORIDA, N.A. LETTER OF CREDIT <br />NO. 073960 DATED 12/06/90" (AND AMENDMENT NUMBER 1 DATED <br />5/29/91), to Barnett Bank of Central Florida, N.A., Attention: <br />International Operations, P. <br />32867-5000, U.S.A., arriving <br />O. Box 675000, Orlando, Florida <br />at the counters of Barnett Bank of <br />Central Florida, N.A. prior to June 28, 1991. <br />The foregoing resolution was offered <br />Eggert and seconded by Commissioner Seer]nrk <br />to a vote, the vote was as follows: <br />Chairman Richard N. Bird <br />Vice Chairman Gary C. Wheeler <br />Commissioner Margaret C. Bowman <br />Commissioner Don C. Scurlock, Jr. <br />Commissioner Carolyn K. Eggert <br />2 <br />by Commissioner <br />, and, being put <br />Aye <br />All.s.e n t <br />Alue n t <br />AXE <br />ftTe- <br />