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RESOLU'T'ION NO. 94- 59 <br />... _ 2. WE HEREBY CERTIFY THAT "COPELAND'S LANDING, INC. <br />HAS DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED <br />CONTRACT FOR REQUIRED IMPROVEMENTS, AND THAT THE AMOUNT OF <br />THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO <br />FULFILL THE PERFORMANCE OF THE SAID CONTRACT FOR THE REQUIRED <br />IMPROVEMENTS." <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 Standby Letter <br />of Credit of First Union National Bank of Florida Reference No. X510105, as <br />amended (Issuing Bank: Chemical Bank New York, Letter of Credit No. <br />N-392164, 55 Water Street, New York, New York 10041). <br />5. This draft is drawn under Irrevocable Letter of Credit No. <br />N-390814 of Chemical Bank New York. - First Union National Bank of Florida <br />Reference No. X510105 with effective date of September 20, 1992, confirmed <br />October 1, 1992 with Amendments effective October 26, 1992, November 25, <br />1992, and October 14, 1993 which original Letter of Credit and Amendments <br />are attached hereto. <br />6. The Director of the Indian River County Office of Management <br />and Budget is hereby directed to submit this resolution and the original <br />Letter of Credit with amendments by sight draft for $71,000.00 U.S. dollars <br />marked "DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. N-392164 <br />OF CHEMICAL BANK NEW YORK = FIRST UNION NATIONAL BANK OF <br />FLORIDA REFERENCE NO. X510105" to First Union National Bank of Florida, <br />Letters of Credit Department (FL6042), 200 South Biscayne Boulevard, 12th <br />Floor, Miami, Florida 33131, arriving at the counters of First Union National <br />Bank of Florida prior to 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 />2 <br />