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ON MOTION by Vice Chairman Ginn, SECONDED BY <br />Commissioner Stanbridge, the Board unanimously adopted <br />Resolution No. 2000-090 declaring default by Hammock Lake <br />Associates, Ltd. in its obligation to install sidewalks or <br />appropriate asphalt on roadway, and authorizing staff to make <br />site draft against Atlantic States Bank Irrevocable Standby <br />Letter of Credit SB70004 dated September 13, 1999. <br />(CLERK'S NOTE: THE SITE DRAFT AGAINST THE <br />LETTER OF CREDIT WAS NOT PROCESSED. PRIOR TO <br />SEPTEMBER 6, 2000, THE COUNTY ACCEPTED AN <br />EXTENDED LETTER OF CREDIT IN THE AMOUNT OF <br />$39,991.45 AND SET A FINAL COMPLETION DATE TO <br />SEPTEMBER 5, 2001. THE EXTENDED LETTER OF <br />CREDIT EXPIRES SEPTEMBER 13, 2001. SEE <br />ATTACHMENT TO ORIGINAL RESOLUTION)) <br />RESOLUTION NO. 2000- 090 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY HAMMOCK <br />LAKE ASSOCIATES, LTD. IN ITS OBLIGATION TO <br />INSTALL SIDEWALKS OR APPROPRIATE <br />ASPHALT ON ROADWAY, AND AUTHORIZING <br />STAFF TO MAKE SITE DRAFT AGAINST <br />ATLANTIC STATES BANK IRREVOCABLE <br />STANDBY LETTER OF CREDIT SB70004 DATED <br />SEPTEMBER 13, 1999. <br />WHEREAS, certain required sidewalk and roadway improvements within <br />subdivisions are necessary prior to certificate of completion; and <br />WHEREAS, due to ongoing construction of homes in Hammock Lakes <br />Planned Development, the developer wished to delay final lifts of asphalt on the <br />roadway and installation of sidewalks to avoid damage from construction <br />vehicles; and <br />September 5, 2000 <br />31 <br />BK1ILPG765 <br />• <br />