HomeMy WebLinkAbout2001-079 RESOLUTION NO. 2001- 079
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY HAMMOCK
LAKE ASSOCIATES, LTD. IN ITS OBLIGATION TO
INSTALL SIDEWALKS AND/OR APPROPRIATE
ASPHALT ON ROADWAY, AND AUTHORIZING
STAFF TO MAKE SIGHT DRAFT AGAINST
ATLANTIC STATES BANK IRREVOCABLE
STANDBY LETTER OF CREDIT SB70004 DATED
SEPTEMBER 13, 1999 AND AS AMENDED BY
AMENDMENT NUMBER 1 DATED AUGUST 28,
2000.
WHEREAS, certain required sidewalk and roadway improvements within
subdivisions are necessary prior to certificate of completion; and
WHEREAS, due to ongoing construction of homes in Hammock Lakes
Planned Development, the developer wished to delay final lifts of asphalt on the
roadway and installation of sidewalks to avoid damage from construction
vehicles; and
WHEREAS, to secure that obligation developer posted an Irrevocable
Standby Letter of Credit SB70004 from Atlantic States Bank in the amount of
$39,991.45 and subsequently extended said expiration date by Amendment
Number 1 dated August 28, 2000; and
WHEREAS, the aforesaid letter of credit expires at the close of business
on September 13, 2001, and said improvements are not yet installed,
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RESOLUTION NO. 2001- 079
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. "That Hammock Lakes Associates, Ltd. has defaulted in its
obligation to install sidewalks, or has defaulted in placing the appropriate asphalt
on the roadway, and that the amount of the draft represents the amount required
by the County to repair and defective facilities".
2. The Office of Management and Budget is directed to make sight
draft marked "DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO.
SB70004 OF ATLANTIC STATES BANK" and accompany the sight draft with
this resolution. The draft must be presented not later than September 13, 2001
at the following address: Atlantic States Bank, 13525 Bell Tower Drive, Fort
Myers, Florida 33907, Attn: Mr. Frank Woodward, Vice President.
The resolution was moved for adoption by Commissioner Macht , and
the motion was seconded by Commissioner Adams , and, upon being put to
a vote, the vote was as follows:
Chairman Caroline D. Ginn Aye
Vice Chairman Ruth M. Standbridge Aye
Commissioner Fran B. Adams Aye
Commissioner Kenneth R. Macht Aye
Commissioner John W. Tippin Aye
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RESOLUTION NO. 2001- 079
The Chairman thereupon declared the resolution duly passed and adopted this
4th day of September, 2001.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
i$ By
Caroline D. Ginn, Chair an
AT /
Jeff
ray K. B Jerk
By. ,
L
Deputy Clerk
APPROVEb AS TO FORM
AND LEGAL SUFFF)PIENCY
BY
WILLIAM G. COLLINS 11
DEPUTY COUNTY ATTORNEY
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$399991.45 September 4, 2001
AT SIGHT Pay to the
Order of INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS
184025 THSTREET, VERO BEACH, FLORIDA 32960 U.S.A.
THIRTY-NINE THOUSAND, NINE HUNDRED NINETY-ONE AND 45/100 U.S. DOLLARS
"DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. SB70004 OF
ATLANTIC STATES BANK."
Value received and charge the same to account of
To: Atlantic States Bank Indian River County
13525 Bell Tower Drive Board of County Commissioners
Fort Myers, Florida 33907 1840 25 th Street
Attn: Mr. Frank Woodward, Vice President Vero Beach, Florida 32960 U.S.A.
Signed-
Caroline D. Ginn, ClWairman
Board of County Commissioners