No preview available
HomeMy WebLinkAboutR90-124 draw on Leto Minor SubdivisionCommissioner _ of the following C' /,T-e -6 Resolution: moved adoption BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 90 --,6=F- AUTHORIZING THE DRAWING OF COLLATERAL FOR LETO MINOR SUBDIVISION, AND APPOINTING ATTORNEYS IN FACT RELATIVE THERETO WHEREAS, on or about January 9, 1990, the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter "the Board "), entered into a Subdivision and Off -Site Road Improvements Agreement ( "Agreement ") with James R. Leto, Sr. ( "Subdivider ") relative to the Leto Minor Subdivision; and WHEREAS, pursuant to the terms of said Agreement, Subdivider provided collateral to the Board to guarantee faithful completion of certain public improvements within Leto Minor Subdivision, said collateral in the form of a Letter of Credit in the amount of $27,184.00; and WHEREAS, the improvements required under the Agreement were to be completed on or before December 12, 1990, and the Letter of Credit expires on that date; and WHEREAS, although proper notice has been given to Subdivider by the County Attorney's office, Subdivider has failed to arrange with the County Engineering Department for an inspection of the improvements, and has not provided an extension to the Letter of Credit; and WHEREAS, the Board finds that it is in the best interest of Eagle County that said Letter of Credit be drawn upon and the funds be held as collateral by the Eagle County Treasurer until the Subdivider shows that improvements have been completed and requests a reduction in collateral, or until Subdivider has provided substitute collateral. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Chairman of the Board be authorized to sign a draft for the purpose of drawing upon Irrevocable Letter of Credit No. 1165 issued by Pitkin County Bank & Trust, Aspen, Colorado, in its full amount of $27,184.00. THAT, Kevin Lindahl, Eagle County Attorney, and Mara M. Kleinschmidt, Assistant Eagle County Attorney, are each 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 Chairman of the Board is authorized to execute Powers of Attorney for the purposes contemplated herein. THAT, this Resolution is necessary for the health, safety and welfare 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 held the _L_ day of December, 1990. lerk to the Board ofV County Commissioners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Donald H. Welch, Chairman George . Gates, Commissioner Richard L. Gustafson, Commissioner Commissioner (a.1lek seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch Commissioner George A. Gates �- Commissioner Richard L. Gustafson This Resolution passed by A zlri vote of the Board of County Commissioners of the County of Eagle, State of Colorado. 90 -05 -2-