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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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a RESOLUTION NO. 94- 60
Florida dated November 27, 1992 to extend the date of expiry to November
8, 1993, and as further amended by First Union National Bank of Florida
Amendment dated October 14, 1993 to extend 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. SD -87-05-06".
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. Developer, Copeland Landing, Inc. has been notified of the
deficiencies in its performance of Contract No. SD -87-05-06.
3. 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. X500872, as
amended; Issuing Bank: Chemical Bank New York, Letter of Credit No.
N/383821.
4. The Public Works Director of Indian River County is hereby
authorized to execute a letter to First Union National Bank of Florida to
accompany the sight draft, certifying that "COPELAND 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."
5. The Director of the Indian River County Office of Management
and Budget is hereby directed to submit the Public Works Director's letter of
certification and the original Letter of Credit with five Amendments by sight
draft in the amount of $221,000.00 U.S. dollars marked "DRAWN UNDER
IRREVOCABLE LETTER OF CREDIT NO. N-383821 OF CHEMICAL BANK NEW
YORK/FIRST UNION NATIONAL BANK OF FLORIDA REFERENCE NO.
X500872" 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 at the close of business on or before May 5, 1994.
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z RESOLUTION NO. 94-_ bb
The foregoing resolution was offered by Commissioner Adams
and seconded by Commissioner rsy rpt_ , 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
The Chairman thereupon declared the resolution duly passed and
adopted this 26th day of April, 1994.
INDIAN RIVER COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
By
J hn W. Tipp1h,� n
ATTEST -d'
APPROVED AS "CO FORM
AND LEGAL SUFFICIENCY
Jeffr yi.K., B'arton'i" Jerk 0Y
S ,3 .Cr WILLIAM G. COLLINS P _
{•-<r,' '.` DEPUTY COUNTY ATIOffiC
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