HomeMy WebLinkAbout1991-069o
6/12/91(MEM)LEGAL(WGC/nhm)
RESOLUTION NO. 91- 69
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
WITH AMENDMENT NUMBER 1 DATED 5/29/91.
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,
WHEREAS, COPELAND LANDING, INC. provided Indian River
County with a 1 -month extension of the letter of credit securing
Copeland Landing, Inc.'s obligation to construct required subdivision
improvements in consideration of the County's allowance of one
additional month to complete construction of those required
improvements; and
WHEREAS, COPELAND LANDING, INC. has failed to perform
its obligations under the extended "Contract for Construction of
Required Improvements".
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.
1
L
W
RESOLUTION NO. 91- 69
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.
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, as amended.
5. This draft is drawn under Barnett Bank of Central
Florida, N.A. Letter of Credit No. 073960 dated 12/06/90 with
Amendment Number 1 dated 5/29/91 which original Letter of Credit and
Amendment are 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" (AND AMENDMENT NUMBER 1 DATED
5/29/91), to Barnett Bank of Central Florida, N.A., Attention:
International Operations, P.
32867-5000, U.S.A., arriving
O. Box 675000, Orlando, Florida
at the counters of Barnett Bank of
Central Florida, N.A. prior to June 28, 1991.
The foregoing resolution was offered
Eggert and seconded by Commissioner Seer]nrk
to a vote, the vote was as follows:
Chairman Richard N. Bird
Vice Chairman Gary C. Wheeler
Commissioner Margaret C. Bowman
Commissioner Don C. Scurlock, Jr.
Commissioner Carolyn K. Eggert
2
by Commissioner
, and, being put
Aye
All.s.e n t
Alue n t
AXE
ftTe-
f ) 1
0
0
Cr)Ira
RESOLUTION NO. 91- 6
The Chairman thereupon declared the resolution duly passed
and adopted this 18thday of June , 1991.
INDIAN RIVER COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
ATTEST:.
arton, Clerk
By
Richard N. Bird, Chairman
3
'Van . ,r Co
Admlrt
Approved
Legal
Budget
Dept.
Risk Mgr.
gate
IJ�C
RMM -4II
EZIIIVAffita
trt
ISSUING BANK. I 1 NUMBER
Barnett Bank of Central Florida, NA (IRREVOCABLE 1007_LC_073960
Attn. International Operations 'STANDBY
P.O. Box 675000 'LETTER OF CREDIT I
Orlando, Florida 32867-5000 USA
PLACE AND DATE OF ISSUE.
Orlando, Florida 32867-5000 USA 12/06/19
APPLICANT.
RICHARD HEBERT AND/OR COMMEND'S
LANDING
3200 73RD STREET
VEND EACH, FL 32967 U.S.A.
•
BENEFICIARY.
INDIAN RIVER COUNTY
BOARD OF COUNTY COtIQSSI0HER.S
1860 25!0 STRICT, VENO BEACH,
FIARmA 32960 U.S.A.
+
PANIZAL DIUMI/NS PERKITIED,
AMOUNT, I18D72,000.00
UP TO AN AGGREGATE THEREOF
CREDIT AVAILABLE WITH.
Barnett sank of Central
Florida, N.A.
Orlando, Florida
U.S.A.
BY* PAYMENT
Against documents detailed herein and
your drafts at sight
drawn on Barnett Bank of Central
Florida, NA
DOCUMENTS REQUIRED,
BENEFICIARY'S CERTIFICATION PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICIAL OF THE
MIDIAS RIVER BOARD OF COUNTY COMMISSIONERS AS FOLLOWS.
"WE ICY CERTIFY THAT COPELAND'S LANDING HAS DEFAULTED UNDER THE TERMS OF THE
COPEIAIID'S LANDING SUBDIVISION PHASE 1 CONTRACT SD -87-0506 FOR IIIPROVDNENTS
BETWEEN COPELMID'S LIMING AND INDIAN RIVER COUNTY. THE AMOUNT OF THIS DRAWING -
REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF SAID
CONTRACT FOR THE REQUIRED IHPROVEHENTS."
THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING. SUCH
UNDERTAKING SHALL NOT IN ANY MAY BE MODIFIED, AMENDED, OR AMPLIFIED BY
REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR CONTRACT REFERRED TO WHEREIN, OR IN
WHICH THIS LETTER OF CRT•DIT IS REFERRED TO, OR DEEMED WHICH TC ITHISPLETTTEROF HEREIN BY
RELANOT TES, AND ANY SUCH REFERENCE RR
REFERENCE ANY DOCUMENT, INSTRUMENT OR CONTRACT.
ALL DRAFTS MUST BE MARDED, "DRAWN UNDER SARNETF BANK OF CENTRAL FLORIDA, N.A.
LETTER OF CREDIT NO. 073960 DATED 12/06/90." THE ORIGINAL LEITER OF CREDIT MUST
Continued on page 2.
2
Letter of Credit No. 007 -LC -073960
12016/1999
+ AMENDMENT TO IRREVOCABLE LETTER or CREDIT
ISSUING BANK,
Barnett Bank of Central Florida, NA
Attn, International Operation
P.O. Box 675800
Orlando, Florida 32867-5000 USA
DATE OF ISSUE,
12/06/1990
APPLICANT,
RICHARD HOBERT AND/OR COPELAND'S
LANDING
3200 73RD STREET
VERO ROACH, FL 32967
U.S.A.
+-
IRREVOCABLE
STANDBY
LETTER OF CREDIT
I NUMBER
1007 -LC -073960
1 Amendment
1 Number 1
DATE OF THIS AST,
05/29/1991
BENEFICIARY,
INDIAN RIVER coon
BOARD OF COUNTY COMaSSIORERS
1840 25TH STREET, VERO BEACH,
FLORIDA 32960
U.S.A.
This amendment is to be considered as
part of the above mentioned credit, and
must be attached thereto.
Gentlemen,
Me hereby amend our letter of credit as follows,
(1) The expiration date is changed now to be July 1, 1991.
All other terga and conditions remain unchanged.
7�uthorized Signature
International Operations