HomeMy WebLinkAbout2002-002 � a
RESOLUTION NO. 2002- ou
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DECLARING DEFAULT BY THE INDIAN
RIVER CLUB, LTD. IN ITS OBLIGATION TO
CONSTRUCT REQUIRED SUBDIVISION
IMPROVEMENTS, AND AUTHORIZING STAFF TO
MAKE SIGHT DRAFT AGAINST FIRST NATIONAL
BANK AND TRUST COMPANY IRREVOCABLE
LETTER OF CREDIT NO. 2000-12 DATED
OCTOBER 11, 2000 AS AMENDED BY LETTER
DATED SEPTEMBER 20, 2001.
WHEREAS, certain required improvements within subdivisions are
necessary within one year of final plat approval; and
WHEREAS, to secure that obligation developer posted an Irrevocable
Letter of Credit No. 2000-12 from First National Bank and Trust Company in the
amount of$943,344.00; and
WHEREAS, an extension of the expiration date and a reduction in the
amount of Irrevocable Letter of Credit No. 2000-12 was accomplished by letter
dated September 20, 2001, extending the letter of credit until the close of
business on January 11, 2002 and reducing the letter of credit from $943,344.00
to $396,912.62; and
WHEREAS, said improvements are not yet installed,
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RESOLUTION NO. 2002-_Z2
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. That The Indian River Club, Ltd. has defaulted under the terms of
the contract for construction of required improvements PD-00-02-04-
RIA(99110164-24276), 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. The Office of Management and Budget is directed to make sight
draft marked "DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. 2000-
12 OF FIRST NATIONAL BANK & TRUST COMPANY OF THE TREASURE
COAST" and accompany the sight draft with this resolution. The draft must be
presented not later than January 11, 2002 at the following address: First
National Bank and Trust Company, 3730 7th Terrace, Vero Beach, Florida
32960, Attn: Mr. Jay W. Hart, Senior Vice President.
The resolution was moved for adoption by Commissioner Ginn , and
the motion was seconded by Commissioner Adams , and, upon being put to
a vote, the vote was as follows:
Commissioner Caroline D. Ginn Aye
Commissioner Ruth M. Standbridge Aye
Commissioner Fran B. Adams Aye
Commissioner Kenneth R. Macht Aye
Commissioner John W. Tippin AyP
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r T
RESOLUTION NO. 2002- 002
The Chairman thereupon declared the resolution duly passed and adopted this
8th day of January, 2002.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
t,
By
� w ��„ � � Ruth M. Stan ridge, T Chairman
AT Jeffre K: Barton 'Clerk
B
Deputy.Clerk
E
APPROVED AS Tp FORM
AND LEGAL SUFFICIENCY
BY
WILLIAM G. COLLINS it
DEPUTY COUNTY ATTORNEY
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