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• <br />• <br />ON MOTION by Commissioner Adams, SECONDED BY <br />Commissioner Ginn, the Board unanimously adopted <br />Resolution No. 2002-069 declaring default by James and <br />Phyllis Parks in its obligation to construct required subdivision <br />improvements, and authorizing staff to make sight draft against <br />Indian River National Bank Irrevocable Letter of Credit No. 01- <br />0093 dated September 26, 2001. <br />COPY OF MODIFICATION 10 CONTRACT IS ON FILE <br />IN THE OFFICE OF THE CLERK TO THE BOARD <br />RESOLUTION NO. 2002- 069 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY JAMES AND <br />PHYLLIS PARKS IN ITS OBLIGATION TO <br />CONSTRUCT REQUIRED SUBDIVISION <br />IMPROVEMENTS AND AUTHORIZING STAFF TO <br />MAKE SIGHT DRAFT AGAINST INDIAN RIVER <br />NATIONAL BANK IRREVOCABLE LETTER OF <br />CREDIT NO 01-0093 DATED SEPTEMBER 26, <br />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. 01-0093 from Indian River National Bank in the amount of <br />$25,000.00; 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 James and Phyllis Parks have defaulted under the terms of <br />the Contract for Construction of Required Improvements PD-01-10-1CFC <br />September 17, 2002 <br />39 <br />