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t RESOLUTION N0. 92-2UA <br />et 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, Guaranty <br />and Maintenance Agreement, and Bill of Sale for Required <br />Improvements (Contract No. SD -90-04-05) with Indian River County <br />relating to Treasure Trail Subdivision; and <br />WHEREAS, in order to secure its obligations under that <br />agreement, CHAPAM CORPORATION established with Indian River <br />National Bank an Irrevocable Letter of Credit No. 0019 in favor of <br />Indian River County in the amount of $17,415.75 with an effective <br />date of February 12, 1991 and having an expiration date of December <br />31, 1992; and <br />WHEREAS, CHAPAM CORPORATION has defaulted under the terms of <br />the aforementioned Warranty, Guaranty and Maintenance Agreement, <br />and 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 <br />in the amount of $17,415.75, which amount of the draft represents <br />the amount required by Indian River County to fulfill the <br />performance of said Warranty, Guaranty and Maintenance Agreement <br />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 <br />reverse 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 <br />marked "Drawn on Irrevocable Letter of Credit No. 0019 - Indian <br />River National Bank." <br />5. Sight draft and resolution are to be presented for payment <br />at the Indian River National Bank offices located at 958 20th <br />Place, Vero Beach, Florida 32960 on or before December 31, 1992, <br />along with the endorsed original letter of credit. <br />1 <br />AITACEM 3 <br />