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RESOLUTION 85-80
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER
COUNTY, FLORIDA AUTHORIZING REDUCTION OF THE AMOUNT OF THE
LETTER OF CREDIT HELD UNDER THE TERMS OF CONTRACT NO.
SD -84-10-034 TO CONSTRUCT REQUIRED IMPROVEMENTS IN THE
SANDERLING SUBDIVISION.
WHEREAS, Indian River County (County), and Associates Manage-
ment Group, Inc. (Developer) have entered into a contract to
construct required improvements; and
WHEREAS, an irrevocable letter of credit for $70,000.00 (No.
1830 issued 29 January 1985) securing said contract has been
issued by Barnett Bank of Central Florida (Bank) for the
Developer; naming the County as beneficiary; and
WHEREAS, under the terms of the contract, the Public Works
Director has caused an inspection of the completed required
{ improv,-�ments, is satisfied with the work performed, and recommends
a reduction in the amount of the issued letter of credit.
Now, therefore, be it resolved by the Board of County Commissioners
of Indian River County, Florida that:
Barnett Bank of Central Florida is hereby authorized to reduced
the amount of the irrevocable letter of credit from $70,000.00
to $1,362.00. The retained $1,362.00 of credit shall be held
under the terms of the existing contract.
The foregoing resolution was offered by Commissioner
Bird who moved its adoption. The motion
was seconded by Commissioner Bowman , and
upon being put to a vote, the vote was as follows:
Chairman Patrick B. Lyons Absent
Vice -Chairman Don C. Scurlock, Jr. Aye
Commissioner Richard N. Bird Ave
Commissioner Margaret C. Bowman Aye
Commissioner William C. Wodtke, Jr. Aye
The Chairman thereupon declared the resolution duly passed
and adopted this 7th day of August
1985.
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA
BY:, / G
DON C. SCUR OCK, JR.
VICE CHAIRMAN
Attest:(//u�vte
FREDA WRIGHT, cZlerk 61O(4 1
STATE OF FLORIDA
COUNTY OF INDIAN RIVER �'e
a®
MRESOLUTION 85- 80con't _JA-a.0pp
® I HEREBY CERTIFY that on this day, before me, an officer d/S--, authorized in this State and County to take acknowledgemepersonally appeared DON C. SCURLOCK, JR. and FREDA WRIGH ,
Vice -Chairman of the Board of County Commissioners and Clerk,
respectively, to me known to be the persons described in and
who executed the foregoing instrument and they acknowledge
before me that they executed the same.
WITNESS my hand and official seal in the aunty and State last
• • aforesaid this rj day of A.D., 1985.
Nd
tar Pu IT
NOTARY PUBLIC STATE OF FLORIDA
60NME) MRU GENERAL INSURANCE UNQ ,
APPROVED AS TO FORM AND LEGAL MY COMMISSION EXPIRES "JULY 8 1986
SUFFICIENCY
BY:� �__ —
CHARLES P. VITUNAC
County Attorney