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ON MOTION by Commissioner Ginn, SECONDED BY <br />Commissioner Adams, the Board unanimously adopted <br />Resolution No. 2002-002 declaring default by the Indian River <br />Club, Ltd., in its obligation to construct required subdivision <br />improvements, and authorizing staff to make sight draft against <br />First National Bank and Trust Company Irrevocable Letter of <br />Credit No. 2000-12 dated October 11, 2000, as amended by <br />letter dated September 20, 2001. (Clerk's Note: See <br />Modification to Contract and new Irrevocable Letter of Credit on <br />file in Clerk's Office.) <br />COPY OF MODIFICATION TO CONTRACT AND <br />COPY OF IRREVOCABLE LETTER OF CREDIT (PUBLIC BANK) ARE ON FILE <br />IN THE OFFICE OF THE CLERK TO THE BOARD <br />RESOLUTION NO. 2002- 002 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY THE INDIAN <br />RIVER CLUB, LTD. IN ITS OBLIGATION TO <br />CONSTRUCT REQUIRED SUBDIVISION <br />IMPROVEMENTS, AND AUTHORIZING STAFF TO <br />MAKE SIGHT DRAFT AGAINST FIRST NATIONAL <br />BANK AND TRUST COMPANY IRREVOCABLE <br />LETTER OF CREDIT NO. 2000-12 DATED <br />OCTOBER 11, 2000 AS AMENDED BY LETTER <br />DATED SEPTEMBER 20, 2001. <br />WHEREAS, certain required improvements within subdivisions are <br />necessary within one year of final plat approval; and <br />WHEREAS, to secure that obligation developer posted an Irrevocable <br />Letter of Credit No. 2000-12 from First National Bank and Trust Company in the <br />amount of $943,344.00; and <br />January 8, 2002 <br />