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L7 <br />expires shortly and staff is asking for authorization to draw upon <br />the Letter of Credit in an amount that will make certain that the <br />corrections are properly performed. <br />MOTION was made by Commissioner Eggert, SECONDED by <br />Commissioner Bird, to approve staff Is recommendation <br />that the warranty and maintenance agreement be <br />extended; and to adopt Resolution 94-145 authorizing <br />draft upon Community Savings, F.A. Irrevocable <br />Letter of Credit No. 8-12-224. <br />Jim Wilson, attorney representing the Mitchells in Vero <br />Building Corporation, the developer, advised that the developer <br />will go ahead and do the required improvements, extending the <br />Letter of Credit in the amount of $5,000. An engineer has been <br />retained to take care of the problems. <br />THE CHAIRMAN CALLED THE QUESTION. The motion was <br />voted on and carried unanimously. <br />RESOLUTION NO. 94-.145 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br />AUTHORIZING DRAFT UPON COMMUNITY SAVINGS, <br />F.A. IRREVOCABLE LETTER OF CREDIT NO. 8-12-224. <br />WHEREAS, Vero Building Corporation entered into a Warranty, <br />Guaranty and Maintenance Agreement, and Bill of . Sale for Required <br />Improvements - Contract No. SD -90-08-11-C; and <br />WHEREAS, that agreement warrantied and guaranteed required <br />subdivision improvements for a 1 -year period ending October 5, 1994; and <br />WHEREAS, pursuant to that contract Vero Building Corporation <br />was notified by letter on October 3, 1994 of a flooding problem on the west <br />end of the subdivision; and <br />WHEREAS, that problem has not been corrected; and <br />WHEREAS, in order to secure its obligations under that contract <br />Vero Building Corporation established" -with Community Savings, F.A. an <br />irrevocable letter of credit No. 8-12-224 with an effective date of August 12, <br />1993 and an expiration date of November 12, 1994; and <br />WHEREAS, Vero Building Corporation has failed to fulfill the <br />performance of said contract for warranty and maintenance, <br />P*A <br />November 8, 1994 <br />BOOK <br />A <br />