HomeMy WebLinkAbout1994-14511104( 89tl\oolonlrl) L1(AAL(WUC I nhtn)'/`e--/y
RESOLUTION NO. 94- 14 5
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA,
AUTHORIZING DRAFT UPON COMMUNITY SAVINGS,
F.A. IRREVOCABLE LETTER OF CREDIT NO. 8-12-224.
WHEREAS, Vero Building Corporation entered into a Warranty,
Guaranty and Maintenance Agreement, and Bill of Sale for Required
Improvements - Contract No. SD -90-08-11-C; and
WHEREAS, that agreement warrantied and guaranteed required
subdivision improvements for a 1 -year period ending October 5, 1994; and
WHEREAS, pursuant to that contract Vero Building Corporation
was notified by letter on October 3, 1994 of a flooding problem on the west
end of the subdivision; and
WHEREAS, that problem has not been corrected; and
WHEREAS, in order to secure its obligations under that contract
Vero Building Corporation established with Community Savings, F.A. an
irrevocable letter of credit No. 8-12-224 with an effective date of August 12,
1993 and an expiration date of November 12, 1994; and
WHEREAS, Vero Building Corporation has failed to fulfill the
performance of said contract for warranty and maintenance,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
I COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that:
I
1. The above statements are ratified in their entirety.
2. Vero Building Corporation has defaulted under the terms of
the aforementioned Warranty, Guaranty and Maintenance Agreement, and Bill
of Sale for Required Improvements.
3. The amount of the draft represents the amount required by
Indian River County to fulfill the performance of the Warranty, Guaranty
and Maintenance Agreement, and Bill of Sale for Required Improvements.
4. The Indian River County Office of Management and Budget is
authorized to transmit this resolution along with a sight draft in the amount
of $5,000.00 marked "DRAWN ON IRREVOCABLE LETTER OF CREDIT NO.
8-12-224 OF COMMUNITY SAVINGS, F.A.".
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•` RESOLUTION NO. 94-145
5. Sight draft and resolution are to be presented for payment at
the Community Savings, F.A. offices located at 660 U.S. Highway 1, North
Palm Beach, Florida 33408 arriving at the counters of Community Savings,
F.A. prior to the close of business on November 10, 1994, along with the
endorsed original letter of credit.
6. The Director of the Office of Management and Budget is
authorized to endorse the date and the amount of the $5,000.00 drawing on
the reverse side of the letter of credit.
The foregoing resolution was offered by Commissioner
Eggert and seconded by Commissioner Bird and, being
Put to a vote, the vote was as follows:
Chairman John W. Tippin Aye
Vice Chairman Kenneth R. Macht Aye
Commissioner Fran B. Adams Aye
Commissioner Richard N. Bird Aye
Commissioner Carolyn K. Eggert Aye
The Chairman thereupon declared the resolution duly passed and
adopted this 8th day of November, 1994.
INDIAN RIVER COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
By ✓
o . Tippin, Cha •m n �—
ATTEST:
Jeffrey , �rton, Clerl
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Indian PTr Ca Approved
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