Laserfiche WebLink
r <br />X. <br />5/92(PLAN)LEGAL(WGC/nhm) <br />RESOLUTION NO. 92- 71 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br />AUTHORIZING DRAFT UPON INDIAN RIVER NATIONAL <br />BANK IRREVOCABLE LETTER OF CREDIT NO. 0019. <br />WHEREAS, CHAPAM CORPORATION entered into a Warranty, <br />Guaranty and Maintenance Agreement, and Bill of Sale for Required <br />Improvements (Contract No. SD -90-04-05) with Indian River County relating <br />to Treasure Trail Subdivision; and <br />WHEREAS, in order to secure its obligations under that agreement, <br />CHAPAM CORPORATION established with Indian River National Bank an <br />Irrevocable Letter of Credit No. 0019 in favor of Indian River County in the <br />amount of $17,415.75 with an effective date of February 12, 1991 and having <br />an expiration date of May 15, 1992; and <br />WHEREAS, CHAPAM CORPORATION has defaulted under the terms <br />of the aforementioned Warranty, Guaranty and Maintenance Agreement, and <br />Bill of Sale for Required Improvements, <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. Payment is hereby demanded of Indian River National Bank in <br />the amount of $17,415.75, which amount of the draft represents the amount <br />required by Indian River County to fulfill the performance of said Warranty, <br />Guaranty and Maintenance Agreement for required improvements. <br />3. The Chairman of the Board of County Commissioners is <br />authorized to endorse the date and amount of the drawing on the reverse <br />side of the letter of credit. <br />4. The Indian River County Office of Management and Budget is <br />authorized to transmit this resolution along with the sight draft marked <br />"Drawn on Irrevocable Letter of Credit No. 0019 - Indian River National <br />Bank." <br />5. Sight draft and resolution are to be presented for payment at <br />the Indian River National Bank offices located at 958 20th Place, Vero Beach, <br />Florida 32960 on or before May 15, 1992, along with the endorsed original <br />letter of credit. <br />1 <br />A77ACIWM 3 <br />