HomeMy WebLinkAbout1991-0635/14/91(MEM)LEGAL(WGC/nhm)
RESOLUTION NO. 91-, 63
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY,
FLORIDA CERTIFYING THE DEFAULT OF
COPELAND'S LANDING UNDER THE TERMS OF
CONTRACT SD -87-05-06 AND AUTHORIZING DRAFT
ON BARNETT BANK OF CENTRAL FLORIDA, N.A.
LETTER OF CREDIT NO. 073690 DATED 12/06/90.
WHEREAS, County Development Regulations require
subdivision plat improvements to be in place before a plat is recorded;
and
WHEREAS, a plat may be recorded prior to construction of
required subdivision improvements if the developer contracts with the
County to complete those required subdivision improvements within one
year of final plat approval and posts adequate security to guaranty that
contractual agreement; and
WHEREAS, COPELAND LANDING, INC., a Florida corporation,
entered into a contract on behalf of the development known as
Copeland's Landing which contract was numbered SD -87-05-06; and
WHEREAS, the contract was secured by an Irrevocable
Standby Letter of Credit No. 007 -LC -073960 in the amount of
$72,000.00, with issue date of December 6, 1990 naming Indian River
County Board of County Commissioners as beneficiary and Richard
Hebert and/or Copeland's Landing as the applicant,
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Indian River County, Florida that:
1. The above statements are ratified in their entirety.
2. WE HEREBY CERTIFY THAT COPELAND'S LANDING HAS
DEFAULTED UNDER THE TERMS OF THE COPELAND'S LANDING
SUBDIVISION PHASE I CONTRACT SD -87-05-06 FOR IMPROVEMENTS
BETWEEN COPELAND'S LANDING AND INDIAN RIVER COUNTY. THE
AMOUNT OF THIS DRAWING, $72,000.00, REPRESENTS THE AMOUNT
REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF SAID
CONTRACT FOR THE REQUIRED IMPROVEMENTS.
3. Developer, Copelands Landing, Inc. has been notified of
the deficiencies in his performance of Contract SD -87-05-06.
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RESOLUTION NO. 91- 63
4. The Chairman of the Board of County Commissioners of
Indian River County is hereby authorized to execute this resolution
certifying default along with any other necessary documents to call the
Irrevocable Standby Letter of Credit of Barnett Bank of Central
Florida, N.A. No. 007 -LC -073960.
5. This draft is drawn under Barnett Bank of Central
Florida, N.A. Letter of Credit No. 073960 dated 12/06/90 which original
Letter of Credit is attached hereto.
6. The Director of the Indian River County Office of
Management and Budget is hereby directed to submit this resolution and
the original Letter of Credit by draft marked "DRAWN UNDER
BARNETT BANK OF CENTRAL FLORIDA, N.A. LETTER OF CREDIT
NO. 073960 DATED 12/06/90", to Barnett Bank of Central Florida,
N.A., Attention: International Operations, P. O. Box 675000, Orlando,
Florida 32867-5000, U.S.A., arriving at the counters of Barnett Bank of
Central Florida, N.A. prior to June 3, 1991.
The foregoing resolution was offered by Commissioner
Scurlock and seconded by Commissioner Eggert , and, being put
to a vote, the vote was as follows:
Chairman Richard N. Bird Awe
Vice Chairman Gary C. Wheeler Armee
Commissioner Margaret C. Bowman Ay e
Commissioner Don C. Scurlock, Jr. Aye
Commissioner Carolyn K. Eggert Aye
The Chairman thereupon declared the resolution duly passed
and adopted this 21 day of May , 1991.
INDIAN RIVER COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
By
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Richard N. Bird, Chairman
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