HomeMy WebLinkAbout2004-152 RESOLUTION NO. 2004- 1 a2
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 FIRST NATIONAL BANK
AND TRUST COMPANY CLEAN IRREVOCABLE
LETTER OF CREDIT NO. 2004-16 DATED JULY 12,
2004.
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, on July 20, 2004 the Board of County Commissioners
approved a Modification to Contract for Construction of Required Improvements
to extend the completion date and substitute the existing Irrevocable Standby
Letter of Credit of Citrus Bank, N.A. with a Clean Irrevocable Letter of Credit of
First National Bank and Trust Company in a like amount of $500,684.03 with an
expiration date of January 1, 2005 in order to guarantee performance of the
contract, as modified; and
WHEREAS, that agreement, as modified, 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:
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RESOLUTION NO. 2004- 152
1. This resolution certifies that SDG Kings, Inc. has defaulted under
the terms of the aforementioned Contract for Construction of Required
Improvements as modified, 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, as modified.
2. Office of Management and Budget is directed to present this
Resolution together with a sight draft marked "DRAWN UNDER FIRST
i
NATIONAL BANK AND TRUST COMPANY IRREVOCABLE STANDBY LETTER
OF CREDIT NO. 2004-16 DATED JULY 12, 2004" to the office of First National
Bank and Trust Company located at 815 Colorado Avenue, Stuart, Florida
34995 on or before January 1, 2005.
The resolution was moved for adoption by Commissioner Wheeler , and
the motion was seconded by Commissioner Davis , and, upon being put to
a vote, the vote was as follows:
Chairman Arthur R. Neuberger Ayp
Commissioner Sandra L. Bowden Ave
Commissioner Wesley S. Davis Aye
Commissioner Thomas S. Lowther Aye
Commissioner Gary C. Wheeler — ye
The Chairmar thereupon declared the resolution duly passed and
adopted this:.l4 `day`of.'D'ecember, 2004.
fr,rk. �0 x b ; n BOARD OF COUNTY COMMISSIONERS
,,,;, >:•, °R k h.1NDIAN RIVER COU TY, FLORIDA
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140v< rthur R. Neub&gNer, Chai ma
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.` ATTEST Jeffrey K. Barton; Clerk
i,. PPROM
By. AND SUFFM NOV
Deputy•Clerk
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