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RESOLUTION NO. 85-23
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA, DECLARING DEFAULT
OF CONSTRUCTION AGREEMENT AND AUTHORIZING DRAFT
UNDER LETTER OF CREDIT NO. 1760.
WHEREAS, Rax South, Inc., on behalf of the U.S. 1 Sewer
Group, entered into a Right -of -Way Permit Agreement with the
County, permit number 37-564, dated October 23, 1984, relating to
the construction of a certain sewer line project more fully
described in the permit and its application; and
WHEREAS, to guarantee restoration of any street right-
of-ways affected by the construction, Rax South, Inc. submitted an
Irrevocable Letter of Credit issued by Barnett Bank of Central
Florida, N.A., No. 1760, dated October 24, 1984; and
WHEREAS, the expiration date of said Letter of Credit is
February 21, 1985 and all restoration work has not been completed
as required by the permit; and
WHEREAS, it is necessary to declare default under the
terms of said agreement and request a draft of funds to complete
the project prior to expiration of the Letter of Credit.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that:
1. The Board finds that Rax South, Inc. has defaulted
under the terms of that certain agreement between Rax South, Inc.
and Indian River County relating to the 14th Street Right -of -Way
Permit dated 23 October, 1984;
2. The full $25,000.00 is now due to the County as a
result of such default for the purposes of completing the street
restorations;
3. The Chairman and Clerk are authorized to execute,
endorse, and present for payment an appropriate Draft in
compliance with the terms of the credit instrument; and
4. In the event a proper extension of said Letter of
Credit is received by the County prior to presentment and payment
of said Draft, this resolution shall no longer be of force and
effect and shall become void.
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The foregoing resolution was offered by Commissioner
Scurlock who moved its adoption. The motion was seconded
by Commissioner Bird and, upon being put to a vote, the
vote was as follows:
Chairman Patrick B. Lyons Ave
Vice -Chairman Don C. Scurlock, Jr. Aye
Commissioner Richard N. Bird Aye
Commissioner Margaret C. Bowman Aye
Commissioner William C. Wodtke, Jr. Aye
The Chairman thereupon declared the resolution duly
passed and adopted this 2044 day of �b�aa j+ , 1985.
BOARD OF COUNTY COMMISSIONERS
OF INDI RIVER COUNTY, FLORIDA
B
TR C-, B. L S
Chairman
Attest; v C� �, JL,
REDA ',
WRIGHT---
Clerk
APPROVED AS TO FORM
AND LEGAL SUFFICIENC`f.
__4A&_e
j"''COUNTY ATTORNEY
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