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Home My WebLink About1992-071r X. 5/92(PLAN)LEGAL(WGC/nhm) RESOLUTION NO. 92- 71 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING DRAFT UPON INDIAN RIVER NATIONAL BANK IRREVOCABLE LETTER OF CREDIT NO. 0019. WHEREAS, CHAPAM CORPORATION entered into a Warranty, Guaranty and Maintenance Agreement, and Bill of Sale for Required Improvements (Contract No. SD -90-04-05) with Indian River County relating to Treasure Trail Subdivision; and WHEREAS, in order to secure its obligations under that agreement, CHAPAM CORPORATION established with Indian River National Bank an Irrevocable Letter of Credit No. 0019 in favor of Indian River County in the amount of $17,415.75 with an effective date of February 12, 1991 and having an expiration date of May 15, 1992; and WHEREAS, CHAPAM CORPORATION has defaulted under the terms of the aforementioned Warranty, Guaranty and Maintenance Agreement, and Bill of Sale for 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. 2. Payment is hereby demanded of Indian River National Bank in the amount of $17,415.75, which amount of the draft represents the amount required by Indian River County to fulfill the performance of said Warranty, Guaranty and Maintenance Agreement for required improvements. 3. The Chairman of the Board of County Commissioners is authorized to endorse the date and amount of the drawing on the reverse side of the letter of credit. 4. The Indian River County Office of Management and Budget is authorized to transmit this resolution along with the sight draft marked "Drawn on Irrevocable Letter of Credit No. 0019 - Indian River National Bank." 5. Sight draft and resolution are to be presented for payment at the Indian River National Bank offices located at 958 20th Place, Vero Beach, Florida 32960 on or before May 15, 1992, along with the endorsed original letter of credit. 1 A77ACIWM 3 RESOLUTION NO. 92- 71 The foregoing resolution was offered by Commissioner Scurlock and seconded by Commissioner Bird ,and, being put to a vote, the vote was as follows: Chairman Carolyn K. Eggert Aye Vice Chairman Margaret C. Bowman Aye Commissioner Richard N. Bird Aye Commissioner Don C. Scurlock, Jr. Aye Commissioner Gary C. Wheeler Aye The Chairman thereupon declared the resolution duly passed and adopted this 12 day of May , 1992. INDIAN RIVER COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS ATTEST: Je 4 -Ba on, .Cle k ,8-.e. 41 By C . _ Carolyn y Eggert, 5,6yman 2 In�an Hva Cu Approved Oate Admlrt QV -C G_y2 Legal Budgel Devi. f -G-12 Risk Mgr.