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RESOLUTION NO. 2004- 101 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY WINDSOR <br />PROPERTIES, A FLORIDA GENERAL <br />PARTNERSHIP, IN ITS OBLIGATION TO <br />COMPLETE REQUIRED IMPROVEMENTS TO <br />WINDSOR PLAT 25 P.D., AND AUTHORIZING <br />STAFF TO MAKE SIGHT DRAFT AGAINST <br />WACHOVIA BANK, NATIONAL ASSOCIATION <br />IRREVOCABLE STANDBY LETTER OF CREDIT <br />NO. SM203748W DATED JUNE 20, 2003. <br />WHEREAS, on June 24, 2003 Windsor Properties, a Florida general <br />partnership, entered into a Contract for Construction of Required Improvements <br />No. PD -03-01-06 (2002100039-34925), relating to Windsor Plat 25 P.D.; and <br />WHEREAS, in order to guarantee performance of the contract, the <br />developer provided Wachovia Bank, National Association, Irrevocable Standby <br />Letter of Credit No. SM203748W in the amount of $443,083.59 with an <br />expiration date of September 24, 2004; and <br />WHEREAS, that agreement to construct required subdivision <br />improvements has not been complied with, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />1 <br />FAAttorney\Nancy\DOCS\RES\Reso calling windsor plat 25 loc.doc <br />