HomeMy WebLinkAboutR92-018 second partial release and substitution for Cordillera Filing IIICommissioner 4!0 - 7c - + -5' moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92- JR
AUTHORIZING THE SECOND PARTIAL RELEASE AND SUBSTITUTION
OF COLLATERAL FOR CORDILLERA FILLING III
WHEREAS, on or about August 27, 1991, pursuant to Section 30-
28 -137, C.R.S., the Board of County Commissioners of the County of
Eagle, State of Colorado ( "Board ") entered into a Subdivision
Improvements Agreement ( "Agreement ") with Kensington Land
Investment Partners ( "Subdivider ") as a condition of final plat
approval of Cordillera Filling III; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral a cash deposit in the amount of $883,992.00,
which was held by the Eagle County Treasurer; and
WHEREAS, on or about October 8, 1991, Subdivider applied for
a partial release, and the Board complied by releasing $599, 959. 67,
for Filing III, with resolution number 91 -80; and
WHEREAS, Subdivider had represented to the Board that certain
of the improvements are complete, and has applied for a second
partial release and substitution of collateral; and
Based upon the oral and written recommendations of the
Department of Engineering, THE BOARD FINDS that the Subdivider's
obligations under the Agreement have been partially satisfied, and
a reduction in the collateral held by the Board is warranted and
a substitution of remaining collateral granted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby accepts the Maintenance Bond, issued
by The Talbert Corporation Surety Bonds and Insurance, Bond Number
500608104, in the amount of $457,371.02, attached Dual Obliger
Rider to Maintenance Bond, amending the bond to add the County as
Obligee and rights thereof, as sufficient collateral for the first
year guarantee period (February 18, 1992 to February 18, 1993).
THAT, the Board heveby accepts the Maintaince Bond, issued by
The Talbert Corporation Surety Bonds and Insurance, Bond Number
300780019, in the amount of $45,737.10, attached Dural Obliger
Rider to Maintenance Bond, amending the bond to add the County as
Obligee and rights thereof, as sufficient collateral for the second
year guarantee period (February 18, 1993 to February 18, 1994).
THAT, the Board hereby authorize the partial release of
collateral in the amount of $63,836.33, thereby reducing the
collateral held by the County to the aboved mentioned bonds.
THAT, the Eagle County Treasurer is hereby requested and
directed, to issue a warrant in the amount of $63,836.33 to the
Subdivider.
THAT, the partial release of collateral granted hereby shall
not in any way abrogate the rights of the Board in enforcing the
Subdivider's performance of his outstanding obligations under the
Agreement.
MOVED, READ AND ADOPTED by,,the Board of County Commissioners
of the County of Eagle, State of Colorado, this day of
L
DonaWelch, Commissioner
Georg A. Gates, Commissioner
EPM
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
Commissioner w doj seconded adoption of the
foregoing resolution. The roll have been called, the vote was as
follows:
Commissioner George A. Gates OJAP
Commissioner Donald H. Welch
Commissioner Richard L. Gustafson
This Resolution passed by /�,,,,,,�,„,�, vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
87 -84
