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C 40 •• RESOLUTION NO. 85-23 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, DECLARING DEFAULT OF CONSTRUCTION AGREEMENT AND AUTHORIZING DRAFT UNDER LETTER OF CREDIT NO. 1760. WHEREAS, Rax South, Inc., on behalf of the U.S. 1 Sewer Group, entered into a Right -of -Way Permit Agreement with the County, permit number 37-564, dated October 23, 1984, relating to the construction of a certain sewer line project more fully described in the permit and its application; and WHEREAS, to guarantee restoration of any street right- of-ways affected by the construction, Rax South, Inc. submitted an Irrevocable Letter of Credit issued by Barnett Bank of Central Florida, N.A., No. 1760, dated October 24, 1984; and WHEREAS, the expiration date of said Letter of Credit is February 21, 1985 and all restoration work has not been completed as required by the permit; and WHEREAS, it is necessary to declare default under the terms of said agreement and request a draft of funds to complete the project prior to expiration of the Letter of Credit. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that: 1. The Board finds that Rax South, Inc. has defaulted under the terms of that certain agreement between Rax South, Inc. and Indian River County relating to the 14th Street Right -of -Way Permit dated 23 October, 1984; 2. The full $25,000.00 is now due to the County as a result of such default for the purposes of completing the street restorations; 3. The Chairman and Clerk are authorized to execute, endorse, and present for payment an appropriate Draft in compliance with the terms of the credit instrument; and 4. In the event a proper extension of said Letter of Credit is received by the County prior to presentment and payment of said Draft, this resolution shall no longer be of force and effect and shall become void. -1-