HomeMy WebLinkAboutR92-190 Summit Vista Phase II Third Partial Release of Collateral •
Commissioner Gerd_ moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 92- I7
THIRD PARTIAL RELEASE OF COLLATERAL
SUMMIT VISTA, PHASE II SUBDIVISION
WHEREAS, on or about August 22, 1984, pursuant to C.R.S. 30-
28 -137, the Board of County Commissioners of the County of Eagle,
State of Colorado ( "Board "), entered into a Subdivision
Improvements Agreement ( "Agreement ") with Meldor Partnership
( "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 in the amount of $104,089.00,
issued by the Alpine Bank of Basalt, Colorado, for the benefit of
Eagle County; and
WHEREAS, Irrevocable Letter of Credit No. 65 was amended by
Resolution 91 -101 dated December 10, 1991 to the amount of $62,700.
through a partial release of collateral; and
WHEREAS, Irrevocable Letter of Credit No. 65 was amended by
Resolution 92 -61 dated June 1, 1992 to the amount of $30,800.00;
and
WHEREAS, pursuant to Section 4 of the Agreement, the
Subdivider had applied for partial release of its collateral in
the amount of $14,300.00; the remainder of the collateral in the
amount of $16,500 being held to ensure the completion of work as
described in the Memorandum dated November 25, 1992, authored by
Phill Scott, Eagle County Engineer, said Memorandum attached hereto
as Exhibit A.
BASED upon the written recommendations of the Department of
Engineering, the Board finds that the work required under the
Agreement is partially complete, and that a reduction of collateral
is warranted.
. .
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 Subdivider's obligations
under the Agreement have been partially satisfied and a reduction
in the collateral held by the Board is warranted.
THAT, the Board hereby authorizes the partial release of
collateral issued by Alpine Bank of Basalt in the amount of
$14,300.00 for performing obligations under the Agreement.
THAT, the remainder of the money in the amount of $16,500.00
will be retained by the County as collateral to ensure the
completion of work as described in Exhibit A.
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 their outstanding obligations under
the Agreement.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the Count of Eagle, State of Colorado, at its regular meeting
held the day of December, 1992.
COUNTY OF EAGLE, STATE OF
COLIvII , By and Through Its
ATTES • BI RD OF OUNTY COMMISSIONERS
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C / to Vi 4 of Ri hard L. P: s tY son, i airman
Coun y C ast pners
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`' °.. George A. Gates, Commissioner
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4111 1%‘ ■ ��, � � AL_
Donald H. Welch, Co issioner
2
111 .
Commissioner ..!-24J!%n!, seconded adoption of the
foregoing resolution. T I- roll having been called, the vote was
as follows:
Commissioner Donald H. Welch 4
Commissioner George A. Gates
Commissioner Richard L. Gustafson
This Resolution passed by cU vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
surtnitR.Col 84 -152
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