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WHEREAS, an extension of the expiration date and a reduction in the <br />amount of Irrevocable Letter of Credit No. 2000-12 was accomplished by letter <br />dated September 20, 2001, extending the letter of credit until the close of <br />business on January 11, 2002 and reducing the letter of credit from $943,344.00 <br />to $396,912.62; and <br />WHEREAS, 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 The Indian River Club, Ltd. has defaulted under the terms of <br />the contract for construction of required improvements PD-00-02-04- <br />RIA(99110164-24276), and that the amount of the draft represents the amount <br />required by the County to fulfill the performance of said contract for the <br />construction of required improvements. <br />2. The Office of Management and Budget is directed to make sight <br />draft marked "DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. 2000- <br />12 OF FIRST NATIONAL BANK & TRUST COMPANY OF THE TREASURE <br />COAST" and accompany the sight draft with this resolution. The draft must be <br />presented not later than January 11, 2002 at the following address: <br />National Bank and Trust Company, 3730 7th Terrace, Vero Beach, Florida <br />32960, Attn: Mr. Jay W. Hart, Senior Vice President. <br />The resolution was moved for adoption by Commissioner Gi nn , and <br />the motion was seconded by Commissioner Adams , and, upon being put to <br />a vote, the vote was as follows: <br />Commissioner Caroline D. Ginn <br />Commissioner Ruth M. Standbridge <br />Commissioner Fran B Adams <br />Commissioner Kenneth R. Macht <br />Commissioner John W. Tippin <br />Aye <br />Aye <br />Aye <br />Aye <br />AyP <br />January 8, 2002 <br />