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RESOLUTION NO. 92-131 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br />AUTHORIZING DRAFT UPON BARNETT BANK <br />IRREVOCABLE LETTER OF CREDIT NO. 037 -LC -377966 <br />WHEREAS, George and Lucia Nichols, et. al. entered into a <br />Developer's Agreement with Indian River County relating to the CGN <br />Subdivision; and <br />WHEREAS, in order to secure its obligations under that <br />agreement, George and Lucia Nichols, et. al., d/b/a MGC <br />Investments, a Florida General Partnership, established with <br />Barnett Bank Irrevocable Letter of Credit No. 037 -LC -377966 in <br />favor of Indian River County in the amount of $58,250.00 with an <br />effective date of July 26, 1991 and having an expiration date of <br />August 3, 1992; and <br />WHEREAS, George and Lucia Nichols et. al. defaulted under the <br />terms of the aforementioned Developer's Agreement; <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. "The undersigned, an authorized official of the Indian <br />River County Board of County Commissioners does hereby certify that <br />the developers of CGN Subdivision have defaulted under the terms of <br />the developer's agreement approved June 5, 1990, as amended. The <br />amount of this draft represents the amount required by Indian River <br />County to fulfill the performance of said developer's agreement." <br />3. Payment is hereby demanded of Barnett Bank in the amount <br />of $35,000.00, which represents the amount required by Indian River <br />County to fulfill the performance of said Developer's Agreement for <br />required improvements. <br />4. The Chairman of the Board of County Commissioners is <br />authorized to endorse the date and amount of the drawing on the <br />reverse side of the letter of credit. <br />5. The Indian River County Office of Management and Budget <br />is authorized to transmit the original letter of credit along with <br />this resolution and a sight draft marked "Drawn under Barnett Bank <br />of South Florida, N.A., Miami, FL, Credit Number 037 -LC -377966 <br />dated July 26, 1991." <br />6. Sight draft and resolution are to be presented for <br />payment at the Barnett Bank of South Florida, N.A., International <br />Operations, 8th Floor, 701 Brickell Avenue, Miami, Florida 33131 <br />U.S.A. on or before August 3, 1992, along with the endorsed <br />original letter of credit. <br />