HomeMy WebLinkAboutR97-020 Draw on Horse Mountain RanchCommissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 97-
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.
153 IN THE AMOUNT OF $268,690.50 FOR THE
ACCOUNT OF HORSE MOUNTAIN RANCH, LLC DRAWN ON
1ST CHOICE BANK IN FT. COLLINS
WHEREAS, on or about March 18, 1996, pursuant to C.R.S. 30 -28-
137, the County entered into an Agreement (hereinafter "Agreement ")
with Horse Mountain Ranch, LLC ( "Horse Mountain ") as a condition of
the Roadway Completion Estimate and BLM Roadway Completion
Estimate; and
WHEREAS, Horse Mountain provided collateral in the form of an
Irrevocable Letter of Credit No. 153 in the amount of $268,690.50
to guarantee the faithful completion; and
WHEREAS, said Letter of Credit will expire on March 11, 1997;
and
WHEREAS, the collateral presented to the County is due to
expire and the work is not yet completed and Horse Mountain has not
provided substitute collateral or the Bank's written extension to
the original collateral.
T;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board finds, determines and declares that there has
been a default under the Agreement between the County of Eagle,
Colorado and Horse Mountain, LLC, and that a sum certain of
$268,690.50 is required to remedy the default.
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. 153, in the amount of $268,690.50 issued by
1st Choice Bank of Ft. Collins.
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. 153 in the amount of $268,690.50 issued by 1st
Choice Bank of Ft. Collins.
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.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County ,of Eagle, State o Colorado, at its regular meeting
held the day of , 1997.
s COUNTY OF EAGLE, STATE OF
°,e �'.COLORADO, By and Through Its
ATTEST: -BOARD OF COUNTY COMMISSIONERS
i By:
lerk to the Boar of ohnnette Phillips
County Commissioners jhairman
e
��2
George
Commissioner
Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
