HomeMy WebLinkAboutR90-085 second partial release of collateral Silverado431980 B-535 P -82G %16/90 16:22 PG 1 OF REC DOC
JOHNNETTE PHILLIPS E .J'LE COUNTY CLERK, COLORADO _J 0.00 0.00
Commissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 90 -�
SECOND PARTIAL RELEASE OF COLLATERAL
SILVERADO ESTATES, FILING NO. I
WHEREAS, on or about September 25, 1989, the Board of County
Commissioners of Eagle County, Colorado (hereinafter "the Board ") ,
entered into a Subdivision Improvements Agreement ( "Agreement ")
with Howard Clark ( "Subdivider "), for Silverado Estates, Filing
No. I; and
WHEREAS, in order to guarantee faithful completion of the
Public improvements required under the Agreement, the Board [�
accepted as collateral a letter of credit in the amount of
$88,400.00; and
WHEREAS, on January 16, 1990, the Board authorized a reduction
in collateral to $24,900.00, which represented the cost of
revegetation, asphalt, and curb and gutter work remaining to be
done; and
WHEREAS, the Subdivider has represented to the County, and the
County Engineering Department has corroborated the Subdivider's
representation, that this work has now been completed; and
WHEREAS, the Subdivider has applied for a further reduction
of his collateral.
BASED on the recommendations of the Eagle County Engineering
Department, the Board finds that the work has been satisfactorily
completed, and a further release of the collateral is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT the work set forth in Exhibit A of the Agreement is
complete, subject to the two -year warranty period required by the
Agreement.
431980 B -535 P -826 08 ,S /90 16 :22 PG c OF
THAT, a release in collateral be authorized except for
$8,840.00, which represents ten percent of the original cost of the
improvements, to collateralize the two -year warranty period.
THAT, the partial release of collateral granted hereby does
not in any way abrogate the rights of the Board in enforcing the
Subdivider's performance of his remaining obligations under the
Agreement.
THAT, this resolution is necessary for the public health,
safety and welfare of the citizens of the County of Eagle, State
of Colorado.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, at its regular meeting
he 3 ��_ day of August, 1990.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
PC, By : \k to the Board o Dona Welch, a'rman
County Commissioners
Gates, Commissioner
Richard L. t s
Commissione
Commissioner a ii"T-e-�5 seconded adoption ` of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner
Donald H.
Welch
Z11 "
Commissioner
George A.
Gates
e—
Commissioner
Richard L.
Gustafson
IL44—
4q-( �-
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
89 -108
-2-
