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RESOLUTION NO. 2000- oeo
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA, DEGLARING DEFAULT BY HATIMOCK
LAKE ASSOCIATES, LTD. IN ITS OBLIGATION TOINSTALL SIDEWALKS OR APPROPRIATE
ASPI{ALT ON ROADWAY, AND AUTHORIZING
STAFF TO MAKE SITE DRAFT AGAINST
ATI.ANTIC STATES BANK IRREVOCABLE
STANDBY LETTER OF CREDIT SBTOOO4 DATED
SEPTEMBER 13, 1999.
WHEREAS, certain required sidewalk and roadway improvements w1hin
subdivisions are necessary prior to certificate of completion; and
WHEREAS, due to ongoing construction of homes in Hamrnock Lakes
Planned Development, the developer wished to delay final lifts of asphalt on the
roadway and installation of sidewalks to avoid damage from construction
vehicles; and
WHEREAS, to secure that obligation developer posted an Inevocable
Standby Letter of Credit S870004 from Atlantic States Bank in the amount of
$39,991.45; and
WHEREAS, the aforesaid letter of credit expires at the close of business
on september 13, 2000, and said improvements are not yet installed,
NOW THEREFORE, BE IT RESOLVED BY THE BOART' OF COUNTY
GOMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
1. "That Hammock Lakes Associates, Ltd. has defaulted in its
obligation to installsidewalks, or has defaulted in placing the appropriate asphalt
AO0RESO (tEGALIWGC/nlm
RESOLUTION NO. 2000- 0e0
on the roadway, and that the amount of the draft represents the amount required
by the County to repair and defective facilities".
2. The Office of Management and Budget is directed to make sight
draft marked "DMWN UNDER |RREVOCABLE LETTER oF cREDtr No.
s870004 oF ATLANT|C STATES BANK" and accompany the sight draft with
this resolution. The draft must be presented not later than September 13, 2000
at the following address: Aflantic states Bank, 13s2s Bell rower Drive, Fort
Myers, Florida 33907, Attn: Mr. Frank woodward, Vice president.
The resolution was moved for adoption by commissioner Gi nn , s16
the motion was se@nded by commissioner stanbridse, and, upon being put to
a vote, the vote was as follows:
Chairman Fran B. Adams
Mce Chairman Caroline D. Ginn
Commissioner Kenneth R. Macht
Commissioner John W. Tippin
Commissioner Ruth M. Stanbridge
The Chairman thereupon declared the
adopted this Sth day of September, 2000.
Ave
Aye
Aye
Ay.
Aye
resolution duly passed and
BOARD OF COUNW COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
2
AlmOvED AS TO FORtti
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"rN@7WILLtAftI G. COLLINS II
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September 6. 2000
EOARD OF COUNTT COMMISSIONENSl8t0 2tlh Slncl, Ven Dcarh, Fllriila t29t0
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Paul H. Freeman, Trustee
l8-t0 W.49" Srreer
Suite 700
Hialeah, FL 33012
RE: Extension of Hammock Lakes Phase I PD Letter of Credit and Deadline for Final
Asphalt Lift and Sidewalk Completion
PD-95-05-0s t94t 10133
t
Dear Mr. Freeman:
At its regular meeting of September 5. 2000. the Board of County Commissioners vored 5-0 ro
appro\e smris recommendation regarding the ret'erenced items. Because you submirted a subsritute
letter of credit in an amount acceptable to the County Engineer prior to September 6, 200t1. the
countv will not pull the existing letter of credit. Rather, the county has accepted the extended lener
of credit (in the amount of $39,991.45) and has set a final deadline for completion of rhe final 3/4"
asphalt lift and completion of all internal sidewalks. That final completion deadline is Seprember
5, 2001. The extended letter of credit expires September 13, 2001.
If you have any questions regarding this matter, please do not hesitate too contact me at 567-8000,
c'sl. I ljl.
Sincerely,
'/tn /*a,n' /l
Stan Bolin-e.AIC+
Attachment: Extended Letter of Credit
cc:
u\dlbcc\lruuraL hlcs epproval lcncr
Will Collins
Chris Kafer, P.E.
John W. McCoy, AICP
Drn'n Lindsey
Atlantic States Bank
REGEIVED
SEp 0 ? 2000
CLERKTO THE BOARD
..;1-a
,, l.';frit
August 28, 2000
Indian River County
Board of County Commissioners
1840 25th Street
Vero Beach, Florida 32960
Re: Inevocable Standby Letter of Credit S870004
For the Account of Hammock Lakes Ltd.
Amendment Number 1
Gentlemeni r
We hereby amend our lrrevocable Standby Letter of Credit S870004 in your
favor as follows:
1.) The expiration date of the Letter of Credit is extended to
September 13,2001.
2.) Paving required will be /."
3.) Total account shall secure defaults for the sidewalk obligation,
the paving obligation, or both,
This amendment is to be ccnsidered a part of lrrevocable Standby Letter of
Credit Number S870004 and must be attached thereto. All other terms and
conditions remain the same.
Sincerely,
GGB:pk
l,() Bor ll?19 l[u1rh.r. FL 3lll,l'tf;l|,