HomeMy WebLinkAboutR89-108 release of collateral for Cliffside Villagecommissioner 9 � -e-S moved adoption
of the following Resolution:
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COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 89- 16 d"
CLIFFSIDE VILLAGE CONDOMINIUMS
RELEASE OF COLLATERAL
WHEREAS, pursuant to Section 30 -28 -237, C.R.S., the Board of
County Commissioners of the County of Eagle, State of Colorado
(hereinafter the "Board ") did, on or about July 20, 1987, enter
into a Subdivision Improvements Agreement (hereinafter "Agreement ")
with Western Savings and Loan Association (hereinafter "Subdivider ")
for Cliffside Village Condominiums; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
took as collateral, money, in the amount of $120,000.00, deposited
in a Prime Money Fund Account, No. 007- 8604891, on August 24, 1987,
held by silverado Banking, assigned to the Board of County
Commissioners of Eagle, State of Colorado; and
WHEREAS, on April 26, 1988 the Board released a partial amount
of collateral in the amount of $10,500.00 for partially performing
certain obligations under the Agreement, thereby reducing the Prime
Money Fund Account to $109,500.00; and
WHEREAS, on August 22, 1988, the Board released a partial
amount of collateral in the amount of $60,000 for partially performing
certain obligations under the Agreement, thereby reducing the Prime
Money Fund Account to $49,500.00; and
WHEREAS, on October 12, 1988, the Board released a partial
amount of collateral in the amount of $37,500.00 for performing
certain obligations under the Agreement, thereby reducing the Prime
Money Fund Account to $12,000.00; and
WHEREAS, the remainder of the money in the Prime Money Fund
Account for the amount of $12,000.00 was retained by the County as
warranty for the work done for a period of a year; and
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that a the public improvements required under the
Agreement have been satisfactorily completed and the warranty period
has expired.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, based upon the oral and written recommendations of the
Department of Community Development, the Board finds that the
Subdivider's obligations under the Agreement have been partially
satisfied and the reduction in the collateral held by the Board is
warranted.
THAT, the Board hereby authorizes the release of collateral
held by Silverado Banking in the amount of $12,000.00 for performing
certain obligations under the Agreement, whereby the Prime Money
Fund Account shall be closed.
THAT, the Board finds, determines and declares 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
held the day of Y` , 1989.
COUNTY OF EAGLE, STATE OF COLORADO,
By and Through Its BOARD OF COUNTY
COMMISSIONERS
By:
Richard L. Gustafson, Chairman
Do H. Weich,'COmmissioner
Georo A. Gates, Commissioner
Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner
Richard L.
Gustafson
Commissioner
Donald H.
Welch
e_
Commissioner
George A.
Gates
This Resolution passed by d vote of the Board of County
Commissioners of the County of Eagle, State of Colorado.
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County Commissioners
