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HomeMy WebLinkAboutR92-143 final release of collateral for Aspen JunctionCommissioner (9AL ---�� moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92- /41'3 ASPEN JUNCTION SUBDIVISION FINAL RELEASE OF COLLATERAL WHEREAS, pursuant to Section 30 -28 -137 C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") did, on or about May 4, 1989, enter into a Subdivision Improvements Agreement ( "Agreement ") with Dieter Sander and Carina Sander ( "Subdivider "); and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board took as collateral, a Letter of Credit, dated April 25, 1989, in the amount of $801,000.00, issued by Colorado National Bank of Denver, Colorado, for the benefit of the Board of County Commissioners, County of Eagle, State of Colorado; and WHEREAS, by Resolution No. 90 -10 the Board found that certain of the public improvements required by said Agreement were complete, and authorized a reduction in collateral in the amount of $615,000.00, thereby reducing the collateral to $186,000.00; WHEREAS, by Resolution No. 90 -105, dated November 5, 1990, the Board found that the work required under the Agreement had been substantially completed and authorized a further reduction in collateral in the amount of $163,200, reducing the collateral to $22,800, representing ten percent retained as collateral for the two -year warranty period required by Section 2.4 of the Agreement; WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that there are no workmanship or materials failures and the two -year correction period has been satisfactorily completed. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO; THAT, based upon the written recommendations of the Department of Engineering, the Board finds that the two -year correction period under the Agreement has been satisfactorily completed; and -1- 0 THAT, the Board hereby authorizes the full and final release of collateral in the amount of $22,800.00; and THAT, the Board finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the citizens of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the Couof Eagle, State of Colorado, at its regular meeting tithe day of ©�" .� , 1992. erk to the Bo rd o County Commissioners Commissioner foregoing resolution: as follows: Commissioner Richard L Commissioner George.A. Commissioner Donald H. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS i� By: rr-Ps" T Richard L. Gustafson, Chairman Georg A. Gates, Commissioner Donal H. Welch, Commissioner JlU . seconded adoption of the The-roll having been called, the vote was ..Gustafson,, Gates Welch This Resolution passed by A*t vote of the Board of County Commissioners of the County of'Eagle, State of Colorado. -2-