HomeMy WebLinkAboutR97-038 draw on Warner Developments for Homestead Filing 2Commissioner �GQ�610j5 -X 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, 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. 956 -1471 IN THE AMOUNT OF $912,747.00 FOR THE
ACCOUNT OF WARNER DEVELOPMENTS, INC. DRAWN
ON 1ST BANK OF AVON
WHEREAS, on or about April 30, 1996, pursuant to C.R.S. 30 -28 -137, the County
entered into a Subdivision Improvements Agreement (hereinafter "SIA ") with Warner
Developments, Inc. as a condition of the County's final plat approval of Homestead Filing 2; and
WHEREAS, Warner Developments, Inc. provided collateral in the form of an Irrevocable
Letter of Credit No. 956 -1471 in the amount of $912,747.00 to guarantee the faithful completion
of the public improvements; and
WHEREAS, said Letter of Credit will expire on April 23, 1997; and
WHEREAS, the Board finds, determines and declares that there has been a default under
the SIA and that a sum certain of $912,747.00 is required to remedy the default.
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, 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. 956 -1471, in the amount of $912,747.00
issued by 1st Bank of Avon.
THAT, James R. Fritze, 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.956 -1471 in the amount of $912,747.00 issued by 1st Bank of Avon.
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 of Colorado, at its regular meeting held the C—,ZZ,t Z day of April,
1997.
ATTEST:
CIerk to the Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
Johnnette Phillips
George A. Gates
Commissioner
CommissionerA2aeconded 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 ,�"ffVoee of the Board of County Commissioners of the County of
Eagle, State of Colorado.
File No. 94 -190
