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HomeMy WebLinkAboutR94-011 substitution of collateral for Cordillera Filings 1 and 2Commissions i a ,� X Sinn moved adoption of the follow ng Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94 - - // SUBSTITUTION OF COLLATERAL FILINGS 1 AND 2 CORDILLERA SUBDIVISION WHEREAS, on or about September 28, 1987, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") entered into a Subdivision Improvements Agreement ( "Agreement ") with Kensington Land Investment Partners - now doing business as "Kensington Partners" - ( "Subdivider ") for Cordillera Subdivision, Filings 1 and 2; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral money in the amount of $692,000 deposited in an Escrow Account held by Thatcher Bank of Salida assigned to the Board of County Commissioners of Eagle, State of Colorado; and WHEREAS, by Resolutions 88 -61, 88 -131, 89 -80 and 92 -157, the Board authorized certain partial releases and substitution of the above referenced collateral. The present collateral is in the form of a Certificate of Deposit #804202 in the amount of $182,000.00; and WHEREAS, Subdivider has requested (Exhibit A) that Certificate of Deposit #804202 be substituted by Letter of Credit # 59300459 in the amount of $182,000.00 (Exhibit B). NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the release of Certificate of Deposit #804202 and accepts as collateral Letter of Credit # in the amount of $182,000.00. 525803 B -629 P -743 01/11/94 03:09P PG 1 OF 5 Sara J. Fisher Eagle County Clerk & Recorder R 0. DOC 0.00 MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, this /O day of January, 1994. ®e.OF2 COUNTY OF.EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS p By: C�J r � -ZL George V Gates, Chairman follows: CA Commissioner Gates 0 _ Commissioner Phillips �_,,, Commissioner Johnson This Resolution passed by (3 - 0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r \fi1ing1 &2.sub 87 -84 525803 B -629 P -743 01/11/94 03:09P PG 2 OF 5 A COI�ILLER4�) Eumpcv, Elgmin'. Rlxdvhlountais Spleudm. December 7, 1993 Ms. Mary Joan Berenato Assistant County Attorney Eagle County P.O. Box 850 Eagle, Colorado 81631 Dear Mary Jo: i lip / `. 1 - +_ I am requesting an agenda time with the Board to substitute collateral for our Filing 1 & 2 SIA. Currently, we have a certificate of deposit No: 80402 in the amount of $182,000. We are requesting a letter of credit in the form acceptable to 1, Eagle County along with the applicable legal opinion be substituted ; for the certificate of deposit. zJ Thank's once again for your help. sincerely, _ Mark S. Avery Vice President Chief Financial Officer 525803 B -629 P -743 01/11/94 03:09P PG 3 OF 5 _ BHF -BANK January 4, 1994 Berliner Handels- and Frankfurter Bank IRREVOCABLE LETTER OF CREDIT New York Branch �1 Number S9300459 55 Bast 59th street New York, NY 10022 -1186 Telephone (212) 7565500 Board of County Commissioners FAX: (212) 7565968 County of Eagle State of Colorado N P.O. Box 850 o Eagle, Colorado 81631 w Gentlemen: e� I We hereby open our Irrevocable Letter of Credit in your favor, available by draft at N sight drawn on BHF -BANK, New York Branch for any sum or sums not exceeding in cO total the sum of US$ 182,000.00 (One Hundred Eighty -Two Thousand and 00/100 U.S. ro Dollars). W For the account of: JLP Realty Corp. P.O. Box 988 ° Edwards, CO 81632 For the purpose of securing the improvements under the Subdivision Improvements Agreement for Filings 1 & 2, Cordillera Subdivision, in the County of Eagle, State of '" Colorado pursuant to that certain Subdivision Improvements Agreement, dated ° September 28, 1987 between the County of Eagle, Colorado, and Kensington Land o Investment Partners, relative to the Cordillera Subdivision. ro Each draft drawn at sight on BHF -BANK, New York shall be endorsed on the reverse side of this Letter of Credit and bear upon its face "Drawn under Letter of Credit number S9300459 of BHF -BANK, New York Branch dated January 4, 1994" and shall be accompanied by a Resolution of the Board of County Commissioners of Eagle o County certifying 1.) that there has been a default under the Subdivision Improvements Agreement, Filings 1& 2, Cordillera Subdivision, and 2.) that a sum certain is required to remedy the default. BHF -BANK, New York Branch agrees with the drawers, endorsers and bonafide holders of drafts drawn and negotiated in compliance with the terms of this Letter of Credit that such draft will be duly honored upon due presentation at the counter of this bank. BHF -BANK, New York Branch represents and warrants to the County of Eagle that it has the full authority and power to issue this Letter of Credit to the County of Eagle, State of Colorado, in the total amount and for the period of time stated herein; said authority being pursuant to the laws of the United States, or the State or territory which /...2 Managing Partners: Wolfgang Gmebner Heinz- Gernot Reimers Wolfgang Rupf Wu if v. Schimmelmann Wolfgang Suutz Louis Graf von Zech Registered Head Offices: Registry and Commercial Register. Chairman of the Supervisory Board FrankfuWM and Berlin No. Fankfurt/M 72 HRB 20000 Klaus Subjetzki Charlotlenburg in Berlin 92 HRB 20000 Corporate Status: Limited Company with General Partners BHF -BAND Page 2 governs the establishment and regulation of BHF -BANK, New York Branch charter, by- laws and other applicable rules and regulations adopted pursuant thereto. Should it be necessary for the County of Eagle to file suit in an effort to enforce this irrevocable Letter of Credit, BHF -BANK, New York Branch hereby waives all venue rights and submits to the jurisdiction of the District Court in and for the County of Eagle, State of Colorado. All drafts hereunder must be drawn on or before May 15, 1995. Unless otherwise stipulated, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), ICC Publication No. 500. Very truly yours, 525803 Berliner Handels- and Frankfurter Bank New York Branch B -629 P -743 01/11/94 03:09P PG 5 OF 5