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HomeMy WebLinkAboutR95-086 draw on Ellie Quakninea Commissioner ~LJ2.~~/) moved adoption of the following Resolution: BOARD OF COIINTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 95-~_ RESOLUTION CONFERRING POWER OF ATTORNEY UPON JAMES R. FRITZE, COUNTY ATTORNEY, MARY JOAN BERENATO, DEPUTY COUNTY ATTORNEY, ROBERT W. LOEFFLER, ASSISTANT COUNTY ATTORNEY AND MAUREEN AMUNDSON, PARALEGAL TO ACT AS ATTORNEY IN FACT FOR THE COUNTY OF EAGLE, STATE OF COLORADO, WITH RESPECT TO LETTER OF CREDIT NO. #885-5986 IN THE AMOUNT OF $14,266.00 FOR THE ACCOUNT OF ELLIE OUAKNINE DRAWN ON 1ST BANK OF VAIL WHEREAS, on or about August 10, 1993, 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 Jack D. Beals ("Subdivider") relative to Highland Woods, A Resubdivision of Lot 33 at Highland Meadows and Lots 34 & 35 at Highland Park ("Subdivision"); and WHEREAS, on or about November 1, 1993 a Consent to Assignment and Assumption of Certain Obligations of Highland Woods was entered into between Jack D. Beals ("Assignor") and Eli Quaknine, David Irwin and Don Everett ("Assignee") and the Board of County Commissioners of the County of Eagle, State of Colorado ("the Board"); and WHEREAS, pursuant to said Consent to Assignment and Assumption the Assignees, jointly and severally, agreed to assume responsibil- ity for completing the subdivision improvements required in the STA; and Assignees assumed the financial responsibility of the SIA which included collateral in the form of Letter of Credit #885-5986 in the amount of $23,210.00; and WHEREAS, by Resolution No. 94-107 a reduction in collateral in the amount of $9,549.00 for a balance of $14,266.00 was granted and the expiration date of the letter of credit was extended to August 6, 1995; WHEREAS, said Letter of Credit in the amount of $14,266 will expire on August 6, 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 $14,266. WHEREAS, it is presently contemplated an agreement shall be entered into between the Subdivider and the Board whereby the aforementioned Subdivision Improvements Agreement shall be terminated; and WHEREAS, until such time as said Subdivision Improvements Agreement is formally terminated, the Subdivider has agreed to provide an extension of at least thirty (30) days to the subject Letter of Credit; and WHEREAS, no such extension to Letter of Credit No. 885-5986 has been received by the Board as yet, and the Board deems it to be in the best interests of the County of Eagle that the subject Letter of Credit be drawn upon prior to its expiration. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, James R. Fritze, County Attorney, Mary Joan Berenato, Deputy County Attorney, Robert W. Loeffler, Assistant County Attorney, and Maureen Amundson, Paralegal, are authorized to execute any and all documents necessary to draw upon irrevocable Letter of Credit No. 885-5986, in the amount of $14,266.00 issued by 1st Bank of Vail. THAT, James R. Fritze, County Attorney, Mary Joan Berenato, Deputy County Attorney, Robert W. Loeffler, Assistant County Attorney and Maureen Amundson, Paralegal, 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, with regard to any and all actions that may be necessary to draw upon Letter of Credit No. 885-5986 in the amount of $14,266.00 issued by lst Bank of Vail. THAT, the Chairman of the Board is authorized to execute a Power of Attorney for the purposes contemplated herein in the form attached to this Resolution as Exhibit A and made a part hereof by this reference. E MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the ~.ls.o.~ day of ~~, 1995. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS ~ _ By: Cle to th Board of s E. . County Commissioners airman George Gates, Commissioner i ohnnette Phillips, Commi sinner Commissioner ~~,t ,Q~i» seconded adoption of the foregoing resolution. Th roll having been called, the vote was as follows: Commissioner James E. Johnson, Jr. Commissioner George A. Gates Commissioner Johnnette Phillips This Resolution passed by ~~ - ~ vote of the Board of County Commissioners of the County of Eagle, State of Colorado.