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RESOLUTION NO . 2001 _ oos <br /> February 1 , 2000 , which was amended March 7 , 2000 to increase the amount to <br /> $ 119 ,475 . 51 , <br /> NOW, THEREFORE , BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> 1 . That Vernon G . Foster as President of Pelican Pointe Corporation <br /> has defaulted under the terms of the aforementioned Contract for Construction of <br /> Required Improvements . <br /> 2 . Draft in the amount of $ 119 ,475 . 51 represents the amount required <br /> by the County to fulfill the performance of said Contract for Construction of <br /> Required Improvements . <br /> 3 . Office of Management and Budget is directed to present this <br /> Resolution together with a sight draft marked " DRAWN ON IRREVOCABLE <br /> LETTER OF CREDIT NO . 234 OF HARBOR FEDERAL SAVINGS BANK" to the <br /> office of Harbor Federal Savings Bank located at 100 South 2nd Street, Fort <br /> Pierce , Florida 34950 , on or before February 1 , 2001 . <br /> The resolution was moved for adoption by Commissioner Stanbridge and <br /> the motion was seconded by Commissioner Adams . _ _ , and , upon being put to <br /> a vote , the vote was as follows : <br /> Chairman Caroline D . Ginn Ave <br /> Vice Chairman Ruth M . Stanbridge Aye <br /> Commissioner Fran B . Adams Aye <br /> Commissioner Kenneth R . Macht Aye <br /> Commissioner John W. Tippin Aye_ <br /> The Chairman thereupon declared the resolution duly passed and <br /> adopted this 23rd day of January , 2001 . <br /> January 23 , 2001 <br /> 26 <br /> PG812 <br />