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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 />i' 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 />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 />2. Vero Building Corporation has defaulted under the terms of <br />the aforementioned Warranty, Guaranty and Maintenance Agreement, and Bill <br />of Sale for Required Improvements. <br />3. The amount of the draft represents the amount required by <br />Indian River County to fulfill the performance of the Warranty, Guaranty <br />and Maintenance Agreement, and Bill of Sale for Required Improvements. <br />4. The Indian River County Office of Management and Budget is <br />authorized to transmit this resolution along with a sight draft in the amount <br />of $5,000.00 marked "DRAWN ON IRREVOCABLE LETTER OF CREDIT NO. <br />8-12-224 OF COMMUNITY SAVINGS, F.A.". <br />1 <br />