HomeMy WebLinkAbout2003-023RESOLUTION NO. 2003- 023
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY TORWEST
INC. DBA WINDSOR PROPERTIES, A FLORIDA
GENERAL PARTNERSHIP IN ITS OBLIGATION TO
CONSTRUCT REQUIRED SUBDIVISION
IMPROVEMENTS, AND AUTHORIZING STAFF TO
MAKE SIGHT DRAFT AGAINST FIRST UNION
NATIONAL BANK (WACHOVIA) IRREVOCABLE
STANDBY LETTER OF CREDIT NO. SM419435C
DATED DECEMBER 17, 2001, AS AMENDED.
WHEREAS, certain required improvements within subdivisions are
required to be constructed within one year of final plat approval; and
WHEREAS, Windsor Plat 23 P.D. was approved on December 11, 2001;
and
WHEREAS, to secure the obligation to construct the required
improvements, developer posted an Irrevocable Standby Letter of Credit No.
SM419435C from First Union National Bank (Wachovia) in the amount of
$734,340.89 and entered into a Contract for Construction of Required
Improvements No. PD -02 -01 -02 -CFC (2001020102-28705); and
WHEREAS, by AMENDMENT DATED December 13, 2002, First Union
National Bank (Wachovia) reduced its Irrevocable Standby Letter of Credit No.
SM419435C to $146,868.18; and
WHEREAS, said improvements were to have been constructed by
December 11, 2002; and
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RESOLUTION NO. 2003- 023
WHEREAS, said remaining improvements are not yet constructed; and
WHEREAS, First Union National Bank (Wachovia) Irrevocable Standby
Letter of Credit No. SM419435C will expire on March 11, 2003,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. That Torwest Inc. dba Windsor Properties, a Florida general
partnership, has defaulted under the terms of the Contract PD -02 -01 -02 -CFC
(2001020102-28705) for Construction of Required Improvements and 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. The Office of Management and Budget is directed to make sight
draft accompanied by this Resolution. Drafts presented for payment under the
credit shall be marked "Drawn on Irrevocable Letter of Credit No. SM419435C of
First Union National Bank.
3. The draft must be presented not later than March 11, 2003 at the
following address: Wachovia Bank, National Association, 401 Linden Street,
Winston-Salem, NC 27101-0045, Attn: Standby Letter of Credit Department,
NC6034.
The resolution was moved for adoption by Commissioner Adams , and
the motion was seconded by Commissioner Neuberger , and, upon being put to
a vote, the vote was as follows:
Commissioner Kenneth R. Macht Aye
Commissioner Caroline D. Ginn Aye
Commissioner Fran B. Adams Aye
Commissioner Thomas S. Lowther Aye
Commissioner Arthur R. Neuberger Aye
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RESOLUTION NO. 2003- 023
The Chairman thereupon declared the resolution duly passed and adopted this
4th day of March, 2003.
vG'
BOARD OF COUNTY COMMISSIONERS
INDIAN RI ER COUNTY, FLORIDA
ATTEST:gJ:effrey4K %Barton, Clerk
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By:
(Deputy Clerk;°°
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APPROVED AS TO FORM
AND LEGAL SUFFICI CY
BY 40-‘WCl/t"�T
WILLIAM G. COLLINS II
DEPUTY COUNTY ATTORNEY