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RESOLUTION NO. 94- 58 <br />WHEREAS, COPELAND LANDING, INC.,' a Florida corporation, <br />entered into a contract on - behalf of the development known as Copelands <br />Landing Riverside, P. R. D. which contract was numbered PRD -90-10-09; and <br />WHEREAS, the contract was secured by a NationsBank <br />International Miami Irrevocable Letter of Credit No. EM29888092 (Issuing <br />Bank Ref.: LCS 4788/189) in the amount of $55,000.00 with issue date of <br />July, 29, 1992 with Amendment No. 1 dated December 1, 1992, lowering the <br />amount to $49,500.00 and extending the expiration date to November 8, 1993, <br />and with Amendment No. 2 extending the expiration date to May 8, 1994 and <br />changing the Issuing Bank's_ Reference Number to "LCS 4788/18511, naming <br />Indian River County Board of County Commissioners as beneficiary with <br />Caisse Centrale Des. Jardins, Montreal, Canada as issuing bank (Irrevocable <br />Letter of Credit No. LCS 4788/189 now LCS. 4788/185); and <br />WHEREAS, COPELAND LANDING, INC. has failed to perform its <br />obligations under the "Contract _for Construction of Required Improvements <br />No. PRD -90-10-09". <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 />2. WE HEREBY CERTIFY THAT COPELAND LANDING, INC. HAS <br />DEFAULTED UNDER THE TERMS OF THE COPELANDS LANDING RIVERSIDE, <br />P.R.D. CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br />NO. PRD -90-10-09 BETWEEN COPELAND LANDING, INC. AND INDIAN RIVER <br />COUNTY. THE AMOUNT OF THIS DRAWING, $49,500.00, REPRESENTS THE <br />AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF <br />SAID CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO. <br />PRD -90-10-09. <br />3. Developer, Copeland Landing, Inc. has been notified of the <br />deficiencies in its performance of Contract No. PRD -90-10-09. <br />4. The Chairman of the Board of County Commissioners of Indian <br />River County is hereby authorized to execute this resolution certifying <br />default along with any other necessary documents to call the Irrevocable <br />Letter of Credit of Caisse Centrale Des Jardins, Montreal, Canada (Issuing <br />Bank Ref.: LCS 4788/185) by draft drawn on NationsBank International Miami <br />L / C Ref. No. EM29888092, as amended. <br />25 <br />.APP 2 6 1994 Boa 92 FACF 27 ( <br />