HomeMy WebLinkAboutR91-045 draw on Kevin Scarborough for road cut permit 1207Commissioner Li -e-%a moved adoption of the following Resolution: BOARD OF COUNTY COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 91 -_ AUTHORIZING THE DRAWING OF COLLATERAL for KEVIN SCARBOROUGH, INC. AND APPOINTING ATTORNEY -IN -FACT RELATIVE THERETO WHEREAS, the Board of County Commissioners of Eagle County, Colorado ( "the Board ") presently holds Irrevocable Letter of Credit No. 1369, issued by FirstBank of Vail, in the amount of $2,000.00, for the benefit of Kevin Scarborough, Inc. ( "Scarborough "), to guarantee the road cut under Permit No. 1207; and WHEREAS, said Letter of Credit expires May 30, 1990; and WHEREAS, the warranty period for said road cut will not expire until November 15, 1992, and Scarborough has failed to provide an extension to said Letter of Credit or to provide substitute collateral; and WHEREAS, the Board finds, determines and declares that it is in the best interest of the County of Eagle that said Letter of Credit be drawn upon and the funds be deposited by the Eagle County Treasurer and held as collateral until substitute collateral has been provided, or until the road cut has survived the warranty period. NOW, THEN, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Vice Chairman of the Board is authorized to sign a draft for the purpose of drawing upon the Irrevocable Letter of Credit No. 1369 dated May 30, 1990, for the amount of $2,000, issued by FirstBank of Vail. THAT, said sum shall be held as collateral which shall be returned to Subdivider if the road cut satisfactorily passes inspection at the end of the warranty period, or upon the receipt of substitute collateral, and less the costs incurred by the County in drawing on the subject Letter of Credit. 6 3 THAT, Kevin Lindahl, Glenn M. Harsh, and /or Mara M. Kleinschmidt, and each of them, 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; to perform all acts and execute any and all documents reasonably incidental to drawing upon the subject Letter of Credit. THAT, the Vice Chairman of the Board is authorized to execute a Power of Attorney for the purposes contemplated herein. MOVED, READ AND ADOPTED by the Board of the County of Eagle, State of Colorado, held the A9-e;!� day of May, 1991. County Commissioners of County Commissioners at its regular meeting COUNTY OF EAGLE, STATE OF COLORADO By and Through Its BOAR OF UNTY COMMISSIONERS L. Gti,<E-afWn, Vice George A. Gates, Commissioner Donald H. Welch, Commissioner Commissioner 0/,/6o/+% seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch Ay-- - Commissioner George A. Gates 14,6,Se-s Commissioner Richard L. Gustafson 6t Lx- This Resolution passed by R*--7b vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Alpha -K -2-