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WHEREAS, to secure that obligation developer posted an Irrevocable <br />Standby Letter of Credit SB70004 from Atlantic States Bank in the amount of <br />$39,991.45; and <br />WHEREAS, the aforesaid letter of credit expires at the dose of business <br />on September 13, 2000, and said improvements are not yet installed, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />1. "That Hammock Lakes Associates, Ltd. has defaulted in its <br />obligation to install sidewalks, or has defaulted in placing the appropriate asphalt <br />on the roadway, and that the amount of the draft represents the amount required <br />by the County to repair and defective facilities". <br />2. The Office of Management and Budget is directed to make sight <br />draft marked "DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. <br />SB70004 OF ATLANTIC STATES BANK" and accompany the sight draft with <br />this resolution. The draft must be presented not later than September 13, 2000 <br />at the following address: Atlantic States Bank, 13525 Bell Tower Drive, Fort <br />Myers, Florida 33907, Attn: Mr. Frank Woodward, Vice President. <br />The resolution was moved for adoption by Commissioner Gi nn , and <br />the motion was seconded by Commissioner Stanbri dge, and, upon being put to <br />a vote, the vote was as follows: <br />Chairman Fran B. Adams Aye <br />Vice Chairman Caroline D. Ginn .110-._ <br />Commissioner Kenneth R. Macht Ave <br />Commissioner John W. Tippin Ate— <br />Commissioner Ruth M. Stanbridge Ave_ <br />September 5, 2000 <br />• <br />32 <br />BK 114 PG 766 <br />• <br />