HomeMy WebLinkAbout2003-050RESOLUTION NO. 2003- 050
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY MARSH
ISLAND DEVELOPMENT COMPANY, L.L.C., A
FLORIDA LIMITED LIABILITY COMPANY IN ITS
OBLIGATION TO COMPLETE REQUIRED
IMPROVEMENTS TO MARSH ISLAND, P.D., AND
AUTHORIZING STAFF TO MAKE SIGHT DRAFT
AGAINST BANK OF AMERICA IRREVOCABLE
STANDBY LETTER OF CREDIT NO. 3046127
DATED FEBRUARY 12, 2002.
WHEREAS, on January 28, 2002 Marsh Island Development Company,
L.L.C., a Florida limited liability company entered into a Contract for Construction
of Required Improvements No. PD -00 -07 -11 -CFC (20020035-28991), relating to
Marsh Island, P.D.; and
WHEREAS, that agreement required all subdivision improvements to be
constructed on or before January 28, 2003; 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 Bank of America Irrevocable Standby Letter of Credit No.
3046127 dated February 12, 2002 in the amount of $294,112.50,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. That pursuant to the Contract for Construction of Requirement
Improvements between Marsh Island Development Company, L.L.C. and Indian
F:\Attorney\Nancy\DOCS\RES\Reso calling marsh island loc.doc
1
RESOLUTION NO. 2003- 050
River County, relating to the Marsh Island, P.D. which contract is numbered No.
PD -00 -07 -11 -CFC (20020035-28991), Marsh Island Development Company,
L.L.C. has defaulted under the terms of the aforementioned Contract for
Construction of Required 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 IRREVOCABLE
LETTER OF CREDIT NO. 3046127 OF BANK OF AMERICA, N.A." to the office
of Bank of America, N.A. Trade Operations, Miami Lakes Operations Center,
5875 NW 163rd Street, Hialeah, Florida 33014, on or before May 5, 2003.
The resolution was moved for adoption by Commissioner Adams , and
the motion was seconded by Commissioner Gi nn , and, upon being put to
a vote, the vote was as follows:
Chairman Kenneth R. Macht Aye
Vice Chairman Caroline D. Ginn Aye
Commissioner Fran B. Adams Aye
Commissioner Thomas S. Lowther Aye
Commissioner Arthur R. Neuberger Aye
The Chairman thereupon declared the resolution duly
adopted this 22nd day of April, 2003.
passed and
BOARD OF COUNTY COMMIS - ONERS
INDIAN RIVER Cf,OUNTY, FL e IDA
yam..
c. -Deputy Clerk``-'�_
F:\Attorney\Nancy\DOCS\RES\Reso calling' `marsh island,; loc:doc:
2,
•
6�r>�.. •3a'S
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY
SY-7
WILLIAM G.COLLINS 11
COUNTY ATTORNEY