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soon j Paul '7t _ 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. 2. • Vero Building Corporation has defaulted under the terms of the aforementioned Warranty, Guaranty - and Maintenance Agreement, and Bill of Sale for Required Improvements. 3. The amount of the draft represents the amount required by Indian River County to fulfill the performance of the Warranty, Guaranty and Maintenance Agreement, and Bill of Sale for Required Improvements. 4. The Indian River County Office of Management and Budget is authorized to transmit this resolution along with a sight draft iri the amount Of $5,000-00 marked "DRAWN ON IRREVOCABLE LETTER OF CREDIT NO. 8-12-224 OF COMMUNITY SAVINGS, F.A.". 5. Sight draft and resolution are to be presented for payment at the Community. Savings, F.A. offices located at 860 U.S. Highway 1, North Palm Beach,, Florida 33408 arriving at the counters of Community Savings, F.A. prior to the close of business on November 10, 1994, along with the endorsed original letter of credit. S. The Director of the Office of Management and Budget is authorized to endorse the date and the amount of the $5,O00.00 drawing on the reverse side of the letter of credit. The foregoing resolution was offered by Commissioner Eggert and seconded by Commissioner Bird and, being Put to a vote, the vote was as follows: .Chairman John W. Tippin Aye Vice Chairman Kenneth R. Macht Aye Commissioner Fran B. Adams Aye Commissioner Richard N. Bird Aye Commissioner Carolyn K. Eggert Aye The Chairman thereupon declared the resolution duly passed and adopted this 8th day of November, 1994. ATTEST: November 8, 1994 INDIAN RIVER COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS r� By y / - 40N W. Tippin, Ch 28 Jeffrey$rton, Cler, November 8, 1994 INDIAN RIVER COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS r� By y / - 40N W. Tippin, Ch 28