HomeMy WebLinkAbout2004-077V
RESOLUTION NO. 2004- 077
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY SDG KINGS,
INC., A FLORIDA CORPORATION, IN ITS
OBLIGATION TO COMPLETE REQUIRED
IMPROVEMENTS TO THE OAKS OF VERO — P.D.,
PHASE 1, AND AUTHORIZING STAFF TO MAKE
SIGHT DRAFT AGAINST CITRUS BANK, N.A.
IRREVOCABLE STANDBY LETTER OF CREDIT
NO. 2323454 DATED AUGUST 15, 2003 AS
AMENDED BY AMENDMENT NUMBER 1 DATED
AUGUST 26, 2003.
WHEREAS, on August 5, 2003 SDG Kings, Inc., a Florida corporation,
entered into a Contract for Construction of Required Improvements No. PD -01-
06 -15 -CFC (2000100085-34449), relating to The Oaks of Vero — P.D., Phase 1;
and
WHEREAS, in order to guarantee performance of the contract, the
developer provided Citrus Bank, N.A. Irrevocable Standby Letter of Credit No.
2323454, as amended by Amendment No. 1; and
WHEREAS, that agreement to construct required subdivision
improvements has not been complied with,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. This resolution certifies that SDG Kings, Inc. has defaulted under
the terms of the aforementioned Contract for Construction of Required
1
FAAttorney\Nancy\DOCS\RES\Reso calling oaks of vero ph 1.doc
RESOLUTION NO. 2004- 077
Improvements, and that the amount of the draft represents the amount required
by the County to fulfill the performance of said Contract for the Construction of
Required Improvements.
2. Office of Management and Budget is directed to present this
Resolution together with a sight draft marked "DRAWN ON STANDBY LETTER
OF CREDIT NO. 2323454, AS AMENDED, OF CITRUS BANK, N.A." to the
North Miami Beach office of Citrus Bank, N.A., 3495 NE 163rd Street, North
Miami Beach, FL 33160 on or before August 15, 2004. Under the terms of
Irrevocable Letter of Credit No. 2323454, as amended, of Citrus Bank, N.A., the
North Miami Beach office of Citrus Bank, N.A. is to forward the documents to
CIB Marine Bancshares, Inc., Letter of Credit Dept., located at 10068 W. Loomis
Road, Franklin, WI 53132 for processing.
The resolution was moved for adoption by Commissioner Adams , and
the motion was seconded by Commissioner N,, ht , and, upon being put to
a vote, the vote was as follows:
Chairman Caroline D. Ginn A
ye
Vice Chairman Arthur R. Neuberger —Aye
Commissioner Fran B. Adams Aye
Commissioner Thomas S. Lowther — AyG
Commissioner Kenneth R. Macht AVP
2
F:Wttorney\Nancy\DOCS\RES\Reso calling oaks of vero ph 1.doc
RESOLUTION NO. 2004- 077
The Chairman .thereupon declared the resolution duly passed and
adoptedzthis"`20th day of July, 2004.
F!
BOARD OF COUNTY COMMISSIONERS
1 INDIAN RIVER COUNTY, FLORIDA
G [[
lv
54 p t} 'f'f
4k,
Y
Caroline D. Ginn, Cha' an
M-T-EST��%Jeffrey K Barton, Clerk
h, B'yC
�PPRi3VE`t� A�►° TOaiROAM,,
A#PO 94",SWF'i4C1ENCY
�VILLiAM GL-,COLUNS fi _.
3
F:\Attorney\Nancy\DOCS\RES\Reso calling oaks of vero ph 1.doc