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11104( 89tl\oolonlrl) L1(AAL(WUC I nhtn)'/`e--/y RESOLUTION NO. 94- 14 5 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING DRAFT UPON COMMUNITY SAVINGS, F.A. IRREVOCABLE LETTER OF CREDIT NO. 8-12-224. WHEREAS, Vero Building Corporation entered into a Warranty, Guaranty and Maintenance Agreement, and Bill of Sale for Required Improvements - Contract No. SD -90-08-11-C; and WHEREAS, that agreement warrantied and guaranteed required subdivision improvements for a 1 -year period ending October 5, 1994; and WHEREAS, pursuant to that contract Vero Building Corporation was notified by letter on October 3, 1994 of a flooding problem on the west end of the subdivision; and WHEREAS, that problem has not been corrected; and WHEREAS, in order to secure its obligations under that contract Vero Building Corporation established with Community Savings, F.A. an irrevocable letter of credit No. 8-12-224 with an effective date of August 12, 1993 and an expiration date of November 12, 1994; and WHEREAS, Vero Building Corporation has failed to fulfill the performance of said contract for warranty and maintenance, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY I COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that: I 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 in the amount of $5,000.00 marked "DRAWN ON IRREVOCABLE LETTER OF CREDIT NO. 8-12-224 OF COMMUNITY SAVINGS, F.A.". 1