HomeMy WebLinkAboutR92-077 extension of warranty period for Silverado EStatesr
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Commissioner V #7�-s moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92 -
AUTHORIZING THE EXTENSION OF THE WARRANTY PERIOD
PROVIDED BY SUBDIVISION IMPROVEMENTS AGREEMENT;
SILVERADO ESTATES, FILING I
AND FURTHER AUTHORIZING THE
DRAWING OF COLLATERAL IF REQUIRED
WHEREAS, on or about September 25, 1989, 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 Howard Clark, Jr. ( "Subdivider ")
relative to the Silverado Estates, Filing I; and
WHEREAS, pursuant to the terms of said Agreement, collateral
was provided by Howard Clark, Jr. in the form of a Letter of Credit
in the amount of $88,400.00 to guarantee faithful completion of
certain improvements set forth in the Agreement; and
WHEREAS, by Resolution No. 90 -9, collateral was reduced to
$24,900 which was retained as collateral for the work required to
be done; and
WHEREAS, by Resolution No. 90 -85, collateral was reduced to
$8,840.00 which was retained as collateral for the required
warranty period; and
WHEREAS, the Letter of Credit provided as collateral expires
August 13, 1992, and the Department of Engineering has advised that
the improvements require certain corrections; and
WHEREAS, the Board finds, determines and declares that the
warranty period should be extended for a period of one year - until
August 13, 1993, - pursuant to Section 2.4 of the Subdivision
Improvement Agreement; and
WHEREAS, the Board further finds, determines and declares that
it is in the best interest of the County that it draw upon the
remaining collateral, to ensure proper completion of the
improvements, unless the expiration date of the existing collateral
is extended or substitution of collateral otherwise occurs in
accordance with the terms of the Agreement.
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NOW, THEN, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
1993.
THAT, the warranty period is hereby extended to August 13,
THAT, unless the expiration of the collateral is extended to
August 13, 1993, or other acceptable collateral is substituted in
accordance with the Agreement, the Board draw upon the remaining
collateral in the amount of $8,840.00.
THAT, the Chairman of the Board be authorized to sign a draft
for the purpose of drawing upon the Irrevocable Letter of Credit
No. 12970, dated July 28, 1989, issued by Central Bank of Glenwood
Springs, said draw to be in the amount of $8,840.00.
THAT, said sum of $8,840.00 be deposited by the Eagle County
Treasurer and held as collateral to guarantee the satisfactory
correction of said improvements; said sum shall be returned to
Howard Clark, Jr. upon satisfactory correction of the improvements,
at the end of the correction period as provided, and less the costs
incurred by the County in drawing on the subject Letter of Credit.
THAT, Kevin Lindahl, Eagle County Attorney; Mara Kleinschmidt,
Deputy County Attorney; Mary Joan Berenato, Assistant County
Attorney; or Ali Lee Foss, be each 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 be 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
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In
P.
O
held the day of , 1992.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
a
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B #b 5_16
erk to the Board of Richard L. Gustafson, Chairman
County Commissioners
George Gates, Commissioner
Dona . Welch, Comihissioner
Commissioner b W - 1 seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner
Richard L.
Gustafson
A_.��5_0Ar
Commissioner
George A.
Gates
w.y'y-z-
Commissioner
Donald H.
Welch-
d,-a
This Resolution passed by . _, `9 *.,()- vote of the Board of
County Commissioners of County of Eagle, State of Colorado.
89 -108
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