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Home My WebLink About1993-177x MEMJ e/esticZSC3. ya.t.n1)I.EU.%"W /nhm) - { RESOLUTION NO. 93-177 z A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, CERTIFYING` THE DEFAULT OF COPELAND LANDING, E aINC. UNDER THE TERMS OF CONTRACT NO. y 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 AND NOVEMBER 25, 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 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 and November 25, 1992, extending the expiration date to November 5, 1993; and WHEREAS, COPELAND LANDING, INC. has failed to perform its obligations under the "Contract for Construction of Required No. PRD -90-10-09". Improvements NOW, THEREFORE, BE IT RESOLVED by the Board of County x y RESOLUTION NO: 93 177 kz 2 WE HEREBY CERTIFY THAT "COPELAND'S LANDING, , INC. s'r{ HAS DEFAULTED UNDER. THE TERMS OF THE AFOREMENTIONED n � ft CONTRACT FOR'REQUIRED IMPROVEMENTS, AND THAT THE AMOUNT 'OF THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO 31� FULFILL THE PERFORMANCE OF THE SAID CONTRACT FOR THE REQUIRED IMPROVEMENTS." 3. Developer, Copeland Landing, Inc. has been notified of the ` deficiencies 1n its performance of Contract No. PRD -90-10-09. r .• , f> 4. The Chairman of the Board of County Commissioners of Indian River County is hereby authorized to execute this resolution certifying f default along with any other necessary documents to call the Standby Letter �r 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 and November 25, 1992, 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 $71,000.00 U.S. dollars marked "DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. N-392164 OF CHEMICAL BANK NEW YORK = FIRST UNION NATIONAL BANK OF y FLORIDA REFERENCE NO. X510105" to First Union National Bank of Florida, s Letters of Credit Department (FL6042), 200 South Biscayne Boulevard, 12th i Floor, Miami, Florida 33131, arriving at the counters of First Union National } Bank of Florida prior to November 8, 1993. it The foregoing resolution was offered by Commissioner F98er+. � and aeconded by Commissioner T i v v i n ,and, being put to a vote, the L vote was as follows: Chairman Richard N. Bird Aye }' Vice Chairman John W. Tippin Aye Commissioner Fran B. Adams Aye �z �e 2 EOL OO 3 7 -- � � }� .� � � »� <� <• v� « - a d � � � � � «• � � � »°� d � . - � < - � . < . w . .. .> `��o ��■$�rC�14�GkB�r�\...\d�Ayed....2y:��f a ApPROVED A TO FOR© AND L G L SUFFICIENCY /� WLI000�msa DEPUTY COUNTY AIORNEY