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.
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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.
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