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RESOLUTION NO. 94- 58
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA,
CERTIFYING THE DEFAULT OF COPELAND LANDING,
INC. UNDER THE TERMS OF CONTRACT NO.
PRD -90-10-09 AND AUTHORIZING DRAFT ON
NATIONSBANK INTERNATIONAL MIAMI LETTER OF
CREDIT NO. EM29888092 DATED JULY 29, 1992 WITH
AMENDMENT NO. 1 DATED DECEMBER 1, 1992 AND
AMENDMENT NO. 2 DATED OCTOBER 14, 1993 (ISSUING
BANK - CAISSE CENTRALE DES JARDINS, MONTREAL,
REF.: LCS 4788/185; DATED JULY 15, 1992).
WHEREAS, County Development Regulations require development
plat improvements to be in place before a plat is recorded; and
WHEREAS, a plat may be recorded prior to construction of
required improvements if the developer contracts with the County to complete
those required 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 Copelands
Landing Riverside, P.R.D. which contract was numbered PRD -90-10-09; and
WHEREAS, the contract was secured by a NationsBank
International Miami Irrevocable Letter of Credit No. EM29888092 (Issuing
Bank Ref.: LCS 4788/189) in the amount of $55,000.00 with issue date of
July 29, 1992 with Amendment No. 1 dated December 1, 1992, lowering the
amount to $49,500.00 and extending the expiration date to November 8, 1993,
and with Amendment No. 2 extending the expiration date to May 8, 1994 and
changing the Issuing Bank's Reference Number to "LCS 4788/18511, naming
Indian River County Board of County Commissioners as beneficiary with
Caisse Centrale Des Jardins, Montreal, Canada as issuing bank (Irrevocable
Letter of Credit No. LCS 4788/189 now LCS 4788/185); and
WHEREAS, COPELAND LANDING, INC. has failed to perform its
obligations under the "Contract for Construction of Required Improvements
No. PRD -90-10-09".
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 LANDING, INC. HAS
DEFAULTED UNDER THE TERMS OF THE COPELANDS LANDING RIVERSIDE,
P.R.D. CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
NO. PRD -90-10-09 BETWEEN COPELAND LANDING, INC. AND INDIAN RIVER
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RESOLUTION NO. 94- 58
COUNTY. THE AMOUNT OF THIS DRAWING, $49,500.00, REPRESENTS THE
AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF
SAID CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO.
PRD -90-10-09.
3. Developer, Copeland Landing, Inc. has been notifies) of the
deficiencies in its performance of Contract No. PRD -90-10-09.
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
Letter of Credit of Caisse Centrale Des Jardins, Montreal, Canada (Issuing
Bank Ref.: LCS 4788/185) by draft drawn on NationsBank International Miami
L/C Ref. No. EM29888092, as amended.
5. This draft is drawn on NationsBank International Miami Letter
of Credit No. EM29888092 dated July 29, 1992 with Amendment No. 1 dated
December 1, 1992 and Amendment No. 2 dated October 14, 1993; reference
Caisse Centrale Des Jardins, Montreal, Canada issuing bank Letter of Credit
No. LCS 4788/185 dated July 15, 1992.
6. The Director of the Indian River County Office of Management
and Budget is hereby directed to submit this resolution, original confirming
letter of credit of NationsBank International Miami with Amendment No. 1,
Amendment No. 2 and the validated copy of the original Letter of Credit
issued by Caisse Centrale Des Jardins, Montreal, Canada, by sight draft in
the amount of $49,500.00 U.S. dollars marked "DRAWN ON IRREVOCABLE
LETTER OF CREDIT NO. LCS 4788/185 AND NATIONSBANK INT'L
REFERENCE NUMBER EM29888092", to L/C Department, NationsBank
International Miami, 80 S.W. 8th Street, 23rd Floor, Miami, Florida 33130,
U.S.A., arriving at the counters of NationsBank International Miami prior to
3:30 p.m. on May 6, 1994.
The foregoing resolution was offered by Commissioner Adams
and seconded by Commissioner Eggert , and, being put to a vote, the
vote was as follows:
Chairman John W. Tippin Aye
Vice Chairman Kenneth R. Macht Aye
Commissioner Fran B. Adams Aye
Commissioner Richard N. Bird Aye
Commissioner Carolyn K. Eggert Aye
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RESOLUTION NO. 94- 56
` = The Chairman thereupon declared the resolution duly passed and
adopted this 26th day of April, 1999.
INDIAN RIVER COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
By
Joh W. Tipl5in, e' •man
ATTEST:
APPROVED AS TO FORM
` AND LEGAL SUFFICIENCY
tidf ray I£. arto Cler
BY kowg
WILLIAM G. COLLINS II
DEPUTY COUNTY ATTORNEY
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