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4/04(ft net"\oopolatfl)t.KC4A 1.(Woc:/nlffa) <br />. <br />RESOLUTION NO. 94-59 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br />CERTIFYING THE DEFAULT OF COPELAND LANDING, <br />INC. UNDER THE TERMS OF CONTRACT NO. <br />PRD -90-10-09 AND AUTHORIZING DRAFT ON FIRST <br />UNION NATIONAL BANK OF FLORIDA STANDBY <br />LETTER OF CREDIT REFERENCE NO. X510105 (ISSUING <br />BANK: CHEMICAL BANK NEW YORK, LETTER OF <br />CREDIT NO. N-392164) EFFECTIVE SEPTEMBER 20, <br />1992, CONFIRMED OCTOBER 1, 1992 WITH AMENDMENTS <br />DATED OCTOBER 26, 1992, NOVEMBER 25, 1992, AND <br />OCTOBER 14, 1993. <br />WHEREAS, County Development Regulations require development <br />plat improvements to be in place before a plat is recorded; and <br />WHEREAS, a plat may be recorded prior to construction of <br />required improvements if the developer contracts with the County to complete <br />those required improvements within one year of final plat approval and posts <br />adequate security to guaranty that contractual agreement; and <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 First Union National <br />Bank of Florida Standby Letter of Credit Reference No. X510105 (Issuing <br />Bank: Chemical Bank New York, Letter of Credit No. N-392164) in the <br />amount of $71,000.00 with effective date of September 20, 1992, naming <br />Indian River County Board of County Commissioners as beneficiary with <br />Chemical Bank New York, 55 Water Street, New York, New York 10041 as <br />issuing bank, as amended by First Union National Bank of Florida <br />Amendments dated October 26, 1992, November 25, 1992, and October 14, <br />1993, extending the expiration date to May 8, 1994; 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 />1 <br />