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OCT 12 1991 BOOK 9.0 : AGE 743.. RESOLUTION NO. 93-176 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, CERTIFYING THE DEFAULT OF COPELAND LANDING, INC. UNDER THE TERMS OF CONTRACT NO. PRD -90-10-09 AND AUTHORIZING DRAFT ON NATIONSBANK INTERNATIONAL MIAMI LETTER OF CREDIT NO. EM29888092 DATED JULY 29, 1992 WITH AMENDMENT NO. 1 DATED DECEMBER 1, 1992 (ISSUING BANK - CAISSE CENTRALE DES JARDINS, MONTREAL, REF.: LCS 4788/189; DATED JULY 15, 1992) . WHEREAS, County Development Regulations require development plat improvements to be in place before a plat is recorded; and WHEREAS, a plat may be recorded prior to construction of required improvements if the developer contracts with the County to complete those required improvements within one year of final plat approval and posts adequate security to guaranty that contractual agreement; and WHEREAS, COPELAND LANDING, INC., a Florida corporation, entered into a contract on behalf of the development known as Copelands Landing Riverside, P.R.D. which contract was numbered PRD -90-10-09; and WHEREAS, the contract was secured by a NationsBank International Miami Irrevocable Letter of Credit No. EM29888092 (Issuing Bank Ref.: LCS 4788/189) in the amount of $55,000.00 with issue date of July 29, 1992 with Amendment No. 1 dated December 1, 1992, lowering the amount to $49,500.00 and extending the expiration date to November 8, 1993, naming Indian River County Board of County Commissioners as beneficiary with Caisse Centrale Des Jardins, Montreal, Canada as issuing bank (Irrevocable Letter of Credit No. LCS 4788/189); and WHEREAS, COPELAND LANDING, INC. has failed to perform its obligations under the "Contract for Construction of Required Improvements No. PRD -90-10-09". NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Indian River County, Florida that: 1. The above statements are ratified in their entirety. 26