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RESOLUTION NO. 94-59
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 FIRST
UNION NATIONAL BANK OF FLORIDA STANDBY
LETTER OF CREDIT REFERENCE NO. X510105 (ISSUING
BANK: CHEMICAL BANK NEW YORK, LETTER OF
CREDIT NO. N-392164) EFFECTIVE SEPTEMBER 20,
1992, CONFIRMED OCTOBER 1, 1992 WITH AMENDMENTS
DATED OCTOBER 26, 1992, NOVEMBER 25, 1992, AND
OCTOBER 14, 1993.
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 First Union National
Bank of Florida Standby Letter of Credit Reference No. X510105 (Issuing
Bank: Chemical Bank New York, Letter of Credit No. N-392164) in the
amount of $71,000.00 with effective date of September 20, 1992, naming
Indian River County Board of County Commissioners as beneficiary with
Chemical Bank New York, 55 Water Street, New York, New York 10041 as
issuing bank, as amended by First Union National Bank of Florida
Amendments dated October 26, 1992, November 25, 1992, and October 14,
1993, extending the expiration date to May 8, 1994; 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.
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RESOLU'T'ION NO. 94- 59
... _ 2. WE HEREBY CERTIFY THAT "COPELAND'S LANDING, INC.
HAS DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED
CONTRACT FOR REQUIRED IMPROVEMENTS, AND THAT THE AMOUNT OF
THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO
FULFILL THE PERFORMANCE OF THE SAID CONTRACT FOR THE REQUIRED
IMPROVEMENTS."
3. Developer, Copeland Landing, Inc. has been notified 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 Standby Letter
of Credit of First Union National Bank of Florida Reference No. X510105, as
amended (Issuing Bank: Chemical Bank New York, Letter of Credit No.
N-392164, 55 Water Street, New York, New York 10041).
5. This draft is drawn under Irrevocable Letter of Credit No.
N-390814 of Chemical Bank New York. - First Union National Bank of Florida
Reference No. X510105 with effective date of September 20, 1992, confirmed
October 1, 1992 with Amendments effective October 26, 1992, November 25,
1992, and October 14, 1993 which original Letter of Credit and Amendments
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 with amendments by sight draft for $71,000.00 U.S. dollars
marked "DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. N-392164
OF CHEMICAL BANK NEW YORK = FIRST UNION NATIONAL BANK OF
FLORIDA REFERENCE NO. X510105" to First Union National Bank of Florida,
Letters of Credit Department (FL6042), 200 South Biscayne Boulevard, 12th
Floor, Miami, Florida 33131, arriving at the counters of First Union National
Bank of Florida prior to 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
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RESOLUTION NO. 94-__L9
q
Commissioner Richard N. Bird Aye
Commissioner Carolyn K. Eggert Aye
The Chairman thereupon declared the resolution duly passed and
adopted this 26th day of April, 1994.
INDIAN RIVER COUNTY, FLORIDA
BOARD OFF COUNTY COMMISSIONERS
By tel/
J hpin;
. W .' Tipp !�`' rman
� p .
ATTEST: V
APPROVED AS TO POn..M
AND LEGAL SUFFICI(INCY
.tike f yK Barton,' Cerk
BY
WILLIAM c INS u
DEPUTY CQUi (Y ATTORNEI
0.
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RESOLUTION NO. 94- 60
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.
SD -87-05-06 AND AUTHORIZING DRAFT ON FIRST
UNION NATIONAL BANK OF FLORIDA STANDBY
LETTER OF CREDIT REFERENCE NO. X500872 (ISSUING
_ BANK: CHEMICAL BANK NEW YORK, LETTER OF
CREDIT NO. N/383821) DATED MARCH 17, 1992 WITH
AMENDMENTS DATED MARCH 30, 1992, AUGUST 1,
1992, OCTOBER 15, 1992, NOVEMBER 27, 1992, AND
OCTOBER 14, 1993.
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 development improvements if the developer contracts with the
County to complete those required development 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,
ehtered into a contract on behalf of the development known as Copelands
Landing Subdivision, Phase II which contract was numbered SD -87-05-06;
and
WHEREAS, the contract was secured by a Southeast Bank N.A.
Standby Letter of Credit No. N/383821, Advice No. 32807 dated March 17,
1992 in the amount of $292,000.00 with date of expiry of February 11, 1993,
naming Indian River County Board of County Commissioners as beneficiary
with Chemical Bank New York, 55 Water Street, New York, New York 10041
as issuing bank; and subsequently amended by Amendment No. 001 dated
March 30, 1992 to change date of expiry to July 15, 1993; and further
amended by First Union National Bank of Florida d/b/a Southeast Bank,
N.A. Amendment dated August 1, 1992 changing the name and address of
presentment as well as changing the Letter of Credit Number from 32807 to
X500872; and further amended by First Union National Bank of Florida
Amendment dated October 15, 1992 to decrease the amount of the Letter of
Credit by $71,000.00; and further amended by First Union National Bank of
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