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HomeMy WebLinkAboutR95-036 draw on El Jebel Gas & Tirec Commissioner moved adoption of the following esolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 95- 31 AUTHORIZING THE DRAWING OF COLLATERAL IF REQUIRED PROVIDED BY IRREVOCABLE LETTER OF CREDIT NO. S800292 KEVIN AND TAMMY TUCKER TRIPLE T ENTERPRISES, INC. EL JEBEL GAS & TIRE WHEREAS, on February 15, 1994, pursuant to C.R.S. 30 -28 -137, the County entered into a Subdivision Improvements Agreement (hereinafter "SIA") recorded in Book 632 at Page 739 of the records of the Eagle County Clerk and Recorder, with June Crawford, as General Partner of F.B. Crawford & Co, J.A. Crawford & Co., Colorado Partnerships and the Crawford Family Limited Partnership, a Colorado Limited Partnership, (hereinafter collectively known as "Crawfords ") , as a condition of the County's final plat approval for Planned Unit Development known as the El Jebel Texaco PUD (hereinafter "PUD"); and WHEREAS, the Crawfords provided collateral in the form of a plat restriction to guarantee the faithful completion of the public improvements; and WHEREAS, on March 18, 1994, the Board approved a Consent to Assignment and Assumption of Certain Obligations recorded in Book 637 at Page 255 of the records of the Eagle County Clerk and Recorder, by and between the Crawfords and Kevin Tucker and Tammy J. Tucker, (Subdivider) , wherein the Subdivider agreed to undertake the obligations of the SIA, all as set forth therein; and WHEREAS, on April 11, 1994 the Eagle County Attorney's office received substitute collateral in the form of an Irrevocable Letter of Credit No. S800292 in the amount of $62,975.00 to guarantee the faithful completion of the public improvements; and WHEREAS, said Letter of Credit in the amount of $62,975.00 will expire on April 8, 1995 WHEREAS, the Board finds, determines and declares that it is in the best interest of the County that it draw upon the collateral in the amount of $62,975.00. NOW, THEN, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT the Board draw upon Letter of Credit No. S800292 in the amount of $62,975.00. THAT, the Chairman of the Board of County Commissioners be authorized to sign a draft for the purpose of drawing upon Letter of Credit No. S800292 in the amount of $62,975.00. THAT, said sum of $62,975.00 be deposited by the Eagle County Treasurer and held as collateral to guarantee the completion of the improvements under the Subdivision Improvements Agreement. THAT, the Chairman of the Board of County Commissioners is authorized to execute an appropriate Power of Attorney granting the County Attorney or his designee(s) the authority to draw on said Letter of Credit, should it become necessary. THAT, this Resolution is necessary for the health, safety and welfare of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the Count o Eagle, State f Colorado, at its regular meeting held the day of _ tqj- 1995. ATTE T: o the B Commiss „1 Zt A f COUNTY OF EAGLE, STATE OF COLORADO, By and Through its BOARD OF COUNTY COMMISSIONERS Y' _ es E. o on, Chairman a Q�'- r Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner James E. Johnson, Jr. 14 4 _ Commissioner George A. Gates C am" Commissioner Johnnette Phillips This Resolution passed by 3---6 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \tucker.dbl -3-