HomeMy WebLinkAboutR92-062 draw on Summit Vista SubdivisionCommissioner 0o moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92- 6 A
AUTHORIZING THE DRAWING OF COLLATERAL
for SUMMIT VISTA SUBDIVISION,
AND APPOINTING ATTORNEY -IN -FACT RELATIVE THERETO
WHEREAS, on or about August 22, 1984, the Board of County
Commissioners of the County of Eagle, State of Colorado (herein-
after "the Board "), entered into a Subdivision Improvements
Agreement ( "Agreement ") with Meldor Partnership, ( "Subdivider ")
relative to Summit Vista Phase II Subdivision; and
WHEREAS, the Board presently holds a Letter of Credit totaling
$62,700.00, to guarantee the satisfactory completion of the
improvements for Phase 2 as set forth in Exhibit A of said 4th
Amendment; and to guarantee payment of the Off -site Road Impact Fee
as provided by the 4th Amendment; and
WHEREAS, Irrevocable Letter of Credit No. 65 issued by Alpine
Bank of Basalt, for the benefit of Meldor Partnership, expires June
13, 1992, and the Subdivider has failed to provide substitute
collateral; and
WHEREAS, the Board finds, determines and declares that it is
in the best interest of the County of Eagle that said Letter of
Credit be drawn upon and the funds be deposited by the Eagle County
Treasurer and held as collateral until substitute collateral has
been provided, or until the improvements have survived the warranty
period required by the Agreement.
NOW, THEN, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Chairman of the Board is authorized to sign a draft
for the purpose of drawing from the Amended Irrevocable Letter of
Credit No. 65 in the amount of $62,700.00, dated January 9, 1992,
and issued by Alpine Bank of Basalt.
121 / /Z,-,/
EM
C1 1
THAT, said sum shall be held as collateral which shall be
returned to Subdivider upon the satisfactory completion of said
improvements (including the warranty period), or upon the receipt
of substitute collateral, and less the costs incurred by the County
in drawing on the subject Letter of Credit.
THAT, Kevin Lindahl, Mara M. Kleinschmidt, Mary Joan Berenato
and /or Aili B. Foss, and each of them, are hereby granted power of
attorney to act as attorney -in -fact for the County of Eagle, State
of Colorado, and its Board of County Commissioners; to perform all
acts and execute any and all documents reasonably incidental to
drawing upon the subject Letter of Credit.
THAT, the Chairman of the Board is authorized to execute a
Power of Attorney for the purposes contemplated herein.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, at its regular meeting
he ld the _ day of June, 1992.
STATE OF
Through Its
COMMISSIONERS
0
Clerk to tie Board / of
County Commissioners
son,
George Gates,
Commissioner
Donald H. Welch, Commissioner
Commissioner we-iak seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Donald H. Welch
Commissioner George A. Gates
Commissioner Richard L. Gustafson
This Resolution passed by C,4 '/S vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
84 -152
