1985-042 - Laserfiche WebLink

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e• RESOLUTION NO. 85-42 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, as extended, is April 22, 1985, and all restoration work has not been completed as required by the permit; and WIiEREAS, it is necessary to declare default under the terms of said agreement and request a draft of funds prior to expiration of the Letter of Credit, in order to complete the project. 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 Riqht-of-Way Permit dated 23 October, 1984; 2. $5,000.00 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. -1-