HomeMy WebLinkAbout1992-131RESOLUTION NO. 92-131
A RESOLUTION OF THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA,
AUTHORIZING DRAFT UPON BARNETT BANK
IRREVOCABLE LETTER OF CREDIT NO. 037 -LC -377966
WHEREAS, George and Lucia Nichols, et. al. entered into a
Developer's Agreement with Indian River County relating to the CGN
Subdivision; and
WHEREAS, in order to secure its obligations under that
agreement, George and Lucia Nichols, et. al., d/b/a MGC
Investments, a Florida General Partnership, established with
Barnett Bank Irrevocable Letter of Credit No. 037 -LC -377966 in
favor of Indian River County in the amount of $58,250.00 with an
effective date of July 26, 1991 and having an expiration date of
August 3, 1992; and
WHEREAS, George and Lucia Nichols et. al. defaulted under the
terms of the aforementioned Developer's Agreement;
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. "The undersigned, an authorized official of the Indian
River County Board of County Commissioners does hereby certify that
the developers of CGN Subdivision have defaulted under the terms of
the developer's agreement approved June 5, 1990, as amended. The
amount of this draft represents the amount required by Indian River
County to fulfill the performance of said developer's agreement."
3. Payment is hereby demanded of Barnett Bank in the amount
of $35,000.00, which represents the amount required by Indian River
County to fulfill the performance of said Developer's Agreement for
required improvements.
4. 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.
5. The Indian River County Office of Management and Budget
is authorized to transmit the original letter of credit along with
this resolution and a sight draft marked "Drawn under Barnett Bank
of South Florida, N.A., Miami, FL, Credit Number 037 -LC -377966
dated July 26, 1991."
6. Sight draft and resolution are to be presented for
payment at the Barnett Bank of South Florida, N.A., International
Operations, 8th Floor, 701 Brickell Avenue, Miami, Florida 33131
U.S.A. on or before August 3, 1992, along with the endorsed
original letter of credit.
RESOLUTION NO. 92-131
The foregoing resolution was offered by Commissioner
Scurlock and seconded by Commissioner
Bowman , and being put to a vote, the vote was as
follows:
Chairman Carolyn K. Eggert Ax
Vice Chairman Margaret C. Bowman Axe -
Commissioner Richard N. Bird AW -
Commissioner Don C. Scurlock, Jr. Ay&
The Chairman thereupon declared the resolution duly passed and
adopted this 28, day of July , 1992.
ATTEST:
l
Jeff y K "Barton, Cler_k__,
\u\c\c\cgn.res
INDIAN RIVER COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
By:
Caroly K. Egg ' Chairman
2
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