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RESOLUTION NO. 94- 58 <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 notifies) 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 />5. This draft is drawn on NationsBank International Miami Letter <br />of Credit No. EM29888092 dated July 29, 1992 with Amendment No. 1 dated <br />December 1, 1992 and Amendment No. 2 dated October 14, 1993; reference <br />Caisse Centrale Des Jardins, Montreal, Canada issuing bank Letter of Credit <br />No. LCS 4788/185 dated July 15, 1992. <br />6. The Director of the Indian River County Office of Management <br />and Budget is hereby directed to submit this resolution, original confirming <br />letter of credit of NationsBank International Miami with Amendment No. 1, <br />Amendment No. 2 and the validated copy of the original Letter of Credit <br />issued by Caisse Centrale Des Jardins, Montreal, Canada, by sight draft in <br />the amount of $49,500.00 U.S. dollars marked "DRAWN ON IRREVOCABLE <br />LETTER OF CREDIT NO. LCS 4788/185 AND NATIONSBANK INT'L <br />REFERENCE NUMBER EM29888092", to L/C Department, NationsBank <br />International Miami, 80 S.W. 8th Street, 23rd Floor, Miami, Florida 33130, <br />U.S.A., arriving at the counters of NationsBank International Miami prior to <br />3:30 p.m. on May 6, 1994. <br />The foregoing resolution was offered by Commissioner Adams <br />and seconded by Commissioner Eggert , and, being put to a vote, the <br />vote was as follows: <br />Chairman John W. Tippin Aye <br />Vice Chairman Kenneth R. Macht Aye <br />Commissioner Fran B. Adams Aye <br />Commissioner Richard N. Bird Aye <br />Commissioner Carolyn K. Eggert Aye <br />2 <br />