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HomeMy WebLinkAboutR92-066 partial release of collateral for Conrad Williams/MoonridgeCommissioner (� i� � moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 92 - 4 to AUTHORIZING THE PARTIAL RELEASE OF COLLATERAL PROVIDED BY CONRAD WILLIAMS JOINT VENTURE for MOONRIDGE SUBDIVISION WHEREAS, Pursuant to C.R.S. 30-28-137, the Board of County Commissioners of Eagle County, Colorado (hereinafter "the Board") did enter into a Subdivision Improvements Agreement with Conrad Williams Joint Venture (by William L. Williams, general partner) (hereinafter "Conrad Williams") for the construction of certain improvements related to Moonridge Subdivision as provided in said Agreement; and WHEREAS, to guarantee the construction of the improvements, Conrad Williams provided collateral in the form of Irrevocable Letter of credit No. 143, issued by First Bank of Eagle County in the amount of $22,924.00; and WHEREAS, Conrad Williams has represented that the required improvements are complete, and has requested that its collateral be released; and WHEREAS, staff of the Eagle County Engineering Department has inspected the improvements, and confirms that the improve- ments are substantially complete. WHEREFORE, based on the recommendation of the Engineering Department, the Board hereby finds as follows: 1. That the improvements required by the Subdivision Improvements Agreement are substantially complete. 2. That it is in the best interest of the County that ten percent of the collateral be retained to guarantee the work over the two-year warranty period pursuant to Section 2.4 of the Subdivision Improvements Agreement. THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the collateral provided by Conrad Williams be and is hereby released in the amount of $20,631.60, thereby reducing the collateral to $2,292.40 for the two-year warranty period. THAT, the Board accept for said collateral and authorize the Chairman to sign the Assignment and Pledge of Account No. 782378 at First Bank of Eagle County in the amount of $2,292.40. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the health, safety and welfare of the citizens of Eagle County. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the day of July, 1992. COUNTY OF EAGLE, STATE OF COLOR by and Through Its BO AXD OF COUNTY COMMISSIONERS ti �*#ZARSJWP . Gates, commissioner Dan e c Commissioner .4 Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner, George A Gates , Commissioner Richard I;. Gustafson Commissioner Donald' A. Welch -e— This Resolution pas-sed vote of the Board of County Commissioners of the of Eagle, State of Colorado. 91-41 -2-