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• <br />installation and staff thought it appropriate and recommended the Board include approval of <br />same. A Modification to the Contract for the Live Oaks covers the time period and was <br />provided as additional backup. <br />Commissioner Stanbridge recalled a problem with a letter of credit on revetment in <br />the past concerning Jungle Trail. The company eventually sold their property and the letter <br />of credit was not valid. <br />Attorney Collins thought the County safe with this one as it is really an agreement <br />between the bank and the County. If there is a default under the terms of the letter of credit <br />or a failure to renew, the County can call it. The bank is obligated to pay the money over <br />to the County and the bank looks to the developer. Normally, they will look to the <br />developer for collateral before they extend the letter of credit. <br />To address Commissioner Macht's concern if the property is sold, Attorney Collins <br />explained it would not affect the letter of credit that the bank has agreed to honor if the <br />County calls it. The letter of credit does not go with the land but is an obligation of the bank; <br />the County does not have to worry about the developer. <br />ON MOTION by Commissioner Macht, SECONDED BY Vice <br />Chairman Ginn, the Board unanimously granted final plat <br />approval for Island Club Riverside Phase IV; and authorized the <br />Chairman to sign the Contracts for Construction, accept the <br />performance bonds and letter of credit that guarantee those <br />contracts, and the Modification of the Contract for Installation <br />and Warranty of Live Oaks, all as recommended by staff. <br />May 2, 2000 <br />COPIES OF DOCUMENTS ARE ON FILE <br />IN TAE OFFICE OF THE CLERK TO THE BOARD <br />77 <br />• <br />BOOK LJ PAGE U- <br />