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x MEMJ e/esticZSC3. ya.t.n1)I.EU.%"W /nhm) - { RESOLUTION NO. 93-177 z A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, CERTIFYING` THE DEFAULT OF COPELAND LANDING, E aINC. UNDER THE TERMS OF CONTRACT NO. y PRD-90-10-09 AND AUTHORIZING DRAFT ON FIRST UNION NATIONAL BANK OF FLORIDA STANDBY LETTER OF CREDIT REFERENCE NO. X510105 (ISSUING BANK: CHEMICAL BANK NEW YORK, LETTER OF CREDIT NO. N-392164) EFFECTIVE SEPTEMBER 20, 1992, CONFIRMED OCTOBER 1, 1992 WITH AMENDMENTS DATED OCTOBER 26, 1992 AND NOVEMBER 25, 1992. WHEREAS, County Development Regulations require development plat improvements to be in place before a plat is recorded; and } WHEREAS, a plat may be recorded prior to construction of required improvements if the developer contracts with the County to complete those required improvements within one year of final plat approval and posts adequate security to guaranty that contractual agreement; and WHEREAS, COPELAND LANDING, INC., a Florida corporation, entered into a contract on behalf of the development known as Copelands Landing Riverside, P.R.D. which contract was numbered PRD-90-10-09; and WHEREAS, the contract was secured by a First Union National Bank of Florida Standby Letter of Credit Reference No. X510105 (Issuing Bank: Chemical Bank New York, Letter of Credit No. N-392164) in the amount of $71,000.00 with effective date of September 20, 1992, naming Indian River County Board of County Commissioners as beneficiary with Chemical Bank New York, 55 Water Street, New York, New York 10041 as issuing bank, as amended by First Union National Bank of Florida Amendments dated October 26, 1992 and November 25, 1992, extending the expiration date to November 5, 1993; and WHEREAS, COPELAND LANDING, INC. has failed to perform its obligations under the "Contract for Construction of Required No. PRD -90-10-09". Improvements NOW, THEREFORE, BE IT RESOLVED by the Board of County