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x <br /> h <br /> RESOLUTION NO . 2001 - 079 <br /> A RESOLUTION OF THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY , <br /> FLORIDA, DECLARING DEFAULT BY HAMMOCK <br /> LAKE ASSOCIATES , LTD . IN ITS OBLIGATION TO <br /> INSTALL SIDEWALKS AND/OR APPROPRIATE <br /> ASPHALT ON ROADWAY, AND AUTHORIZING <br /> STAFF TO MAKE SIGHT DRAFT AGAINST <br /> ATLANTIC STATES BANK IRREVOCABLE <br /> STANDBY LETTER OF CREDIT SB70004 DATED <br /> SEPTEMBER 13 , 1999 AND AS AMENDED BY <br /> AMENDMENT NUMBER 1 DATED AUGUST 28 , <br /> 2000 . <br /> WHEREAS , certain required sidewalk and roadway improvements within <br /> subdivisions are necessary prior to certificate of completion ; and <br /> WHEREAS , due to ongoing construction of homes in Hammock Lakes <br /> Planned Development , the developer wished to delay final lifts of asphalt on the <br /> roadway and installation of sidewalks to avoid damage from construction <br /> vehicles ; and <br /> 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 subsequently extended said expiration date by Amendment <br /> Number 1 dated August 28 , 2000 ; and <br /> WHEREAS , the aforesaid letter of credit expires at the close of business <br /> on September 13 , 2001 , 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 /> September 4 , 2001 <br /> 60 <br /> PG r-1 <br />