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RESOLUTION NO. 85-42
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, as
extended, is April 22, 1985, and all restoration work has not been
completed as required by the permit; and
WIiEREAS, it is necessary to declare default under the
terms of said agreement and request a draft of funds prior to
expiration of the Letter of Credit, in order to complete the
project.
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 Riqht-of-Way
Permit dated 23 October, 1984;
2. $5,000.00 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.
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The foregoing resolution was offered by Commissioner
{Yodtke who moved its adoption. The motion was seconded
e
by Commissioner Bowman and, upon being put to a vote, the
vote was as follows:
Chairman Patrick B. Lyons
Vice -Chairman Don C. Scurlock, Jr.
Commissioner Richard N. Bird
Commissioner Margaret C. Bowman
Commissioner William C. Wodtke, Jr.
The Chairman thereupon declared the resolution duly
o passed and adopted this day of , 1985.
BOARD OF COUNTY COMMISSIONERS
OF IND�IIAN R�I,VER COUNTY, FLORIDA
BYE Cf�
DON C. SCU L URLOC CK, JR
Vice -Chairman
A_�test:
Qt' WHIG
C� l e rk . / �" " 7v�lit9ttP.GLtAto, l�
APPROVED AS TO FORM v
AND LEGAL SUFFICIENCY
e le
&�_COUNTY ATTORNEY
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40
do
to
April 17, 1985
DRAFT AND DEMAND FOR PAYMENT
To: Barnett Bank of Central Florida, N.A.
Letter of Credit Department
201. South Orange Avenue
P. 0. Box 3200
Orlando, Florida 32802, U.S.A.
Re: Letter of Credit No. 1760,
October 24, 1984, extended by amendment No. 1, February 19,
1985.
Pay to the order of the Board of County Commissioners of Indian
River County, Florida, at sight, the sum of. FIVE THOUSAND UNITED
STATES DOLLARS (U.S. $5,000.00).
This sum is drawn under Barnett Bank of Central Florida, N.A.,
Letter of Credit Number 1760, dated 24 October, 1984. See
accompanying resolution of beneficiary Indian River County.
DRAWER - INDIAN RIVER COUNTY BOARD
OF COUNTY COMMISSIONERS
BY. / G ZI
—
DON C. SCURLOCIK, JR.
Vice -Chairman
Attest: qAO'OA ul 1��_
FREDA WRIGHT
Clerk of. Circuit Cour
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40
66
ENDORSEMENT
INDIAN RIVER COUNTY BOARD OF
COUNTY COMMISSIONERS
BY• w
•DON C. SCURF K, JR.
Vice -Chairman
Attest:
FREDA WRIGHT
Clerk of Circuit Court