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HomeMy WebLinkAboutR97-149 draw on Vail Corp for Strawberry ParkCommissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 97 - zy� RESOLUTION CONFERRING POWER OF ATTORNEY UPON JAMES R. FRITZE, COUNTY ATTORNEY, ROBERT W. LOEFFLER, DEPUTY COUNTY ATTORNEY, RENEE ALLEE BLACK, 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. 5902 IN THE AMOUNT OF $598;198.65 FOR THE ACCOUNT OF THE VAIL CORPORATION DRAWN ON COLORADO NATIONAL BANK WHEREAS, on or about May 9, 1995, pursuant to C.R.S. 30 -28 -137, the County entered into a Subdivision Improvements Agreement (hereinafter "SIA ") with The Vail Corporation as a condition of the County's final plat approval of Strawberry Park; and WHEREAS, The Vail Corporation provided collateral in the form of an Irrevocable Letter of Credit No.5902 in the amount of $598,198.65 to guarantee the faithful completion of the public improvements; and WHEREAS, said Letter of Credit will expire on November 30, 1997; and WHEREAS, the Board finds, determines and declares that there has been a default under the SIA and that a sum certain of $598,198.65 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, Deputy County Attorney, Renee Allee Black, Assistant County Attorney, and Maureen Amundson, Paralegal, are authorized to execute any and all documents necessary to draw upon irrevocable Letter of Credit No. 5902, in the amount of $598,198.65 issued by Colorado National Bank. THAT, James R. Fritze, County Attorney, Robert W. Loeffler, Deputy County Attorney, Renee Allee Black, 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.5902 in the amount of $598,198.65 issued by Colorado National Bank. 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 cNICk-) day of November, 1997. Clerk to the Board of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS Johnnette Phillips Chairman 4 ommiE. Johnso , r., ssioner George yAGates , Commissioner T 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 by8 _0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. File No. 95 -104