HomeMy WebLinkAbout2001-008 RESOLUTION NO. 2001- 008
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY PELICAN
POINTE CORPORATION, AND AUTHORIZING
DRAFT UPON HARBOR FEDERAL IRREVOCABLE
LETTER OF CREDIT NO. 234.
WHEREAS, on February 21, 2000 Pelican Pointe Corporation, by and
through its President, Vernon G. Foster, entered into a Contract for Construction
of Required Improvements No. PD-98-05-08A (97070035), relating to Pelican
Pointe of Sebastian — Phase II Planned Development; and
WHEREAS, that agreement required all subdivision improvements to be
constructed on or before November 1, 2000; and
WHEREAS, that agreement to construct required subdivision
improvements has not been complied with; and
WHEREAS, in order to guarantee performance of the contract, the
developer provided Harbor Federal Savings Bank letter of credit No. 234 dated
February 1, 2000, which was amended March 7, 2000 to increase the amount to
$119,475.51,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. That Vernon G. Foster as President of Pelican Pointe Corporation
has defaulted under the terms of the aforementioned Contract for Construction of
Required Improvements.
1/2001RESO(LEGAL)WGC/nhm 1
RESOLUTION NO. 2001- 008
2. Draft in the amount of$119,475.51 represents the amount required
by the County to fulfill the performance of said Contract for Construction of
Required Improvements.
3. Office of Management and Budget is directed to present this
Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. 234 OF HARBOR FEDERAL SAVINGS BANK" to the
office of Harbor Federal Savings Bank located at 100 South 2nd Street, Fort
Pierce, Florida 34950, on or before February 1, 2001.
The resolution was moved for adoption by Commissioner Stanbridge and
the motion was seconded by Commissioner Adams _ _ , and, upon being put to
a vote, the vote was as follows:
Chairman Caroline D. Ginn Ave
Vice Chairman Ruth M. Stanbridge Aye
Commissioner Fran B. Adams Aye
Commissioner Kenneth R. Macht Aye
Commissioner John W. Tippin &M
The Chairman thereupon declared the resolution duly passed and
adopted this 23rd day of January, 2001.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By
Caroline D. Ginn, Ch;;6r4 an
ATTEST: Jeffrey'K=B on, Clerk
APPROVED AS TO FORM
V Pg � AND LEGAL SUFFIG)ENCY
Depyl,
Oz
2 Y ILLIAM G. COLLINS II
1/2001RES0 pY'EGALnIVGC/nhm
DEPUTY COUNTY ATT0cT4EY
$1199475.51 January 23, 2001
AT SIGHT Pay to the
Order of INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS
1840 25 STREET, VERO BEACH, FLORIDA 32960 U.S.A.
ONE HUNDRED NINETEEN THOUSAND, FOUR HUNDRED SEVENTY-FIVE AND 511100 U.S. DOLLARS
WITH EXCHANGE
"DRAWN ON IRREVOCABLE LETTER OF CREDIT NO. 234 OF
HARBOR FEDERAL SAVINGS BANK."
Value received and charge the same to account of
To: Harbor Federal Savings Bank Indian River Count
100 South Second Street Board of Counq Commissioners
Fort Pierce, Florida 349501840 25' Street
Vero Beach, Florida 32960 U.S.A.
Signed: ,
Caroline A Ginn Chairman
Board of County Commissioners