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HomeMy WebLinkAboutR89-133 draw on Blue Lake Filing 1 collateralCommissioner TG.S moved adoption of the following- Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 89 - / AUTHORIZING THE DRAWING OF COLLATERAL FOR BLUE LAKE P.U.D., FILING NO. 1, AND APPOINTING ATTORNEYS IN FACT RELATIVE THERETO WHEREAS, on or about April 25, 1984, the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter "the Board ") , entered into a Subdivision Improvements Agreement with Blue Lake Development Company ( "Subdivider ") relative to the Blue Lake P.U.D.; and WHEREAS, pursuant to the terms of said Subdivision Im- provements Agreement, Collateral was provided to the Board by the Subdivider to guarantee faithful completion of certain off -site and on -site public improvements within Filing No. 1, said collateral provided in the form of a Letter of Credit in the amount of $250,000; and WHEREAS, on or about October 24, 1988, by Resolution No. 88- 113, the Board found that the Subdivider had partially satisfied the obligations under the Subdivision improvements Agreement for Filing No. 1, and resolved to authorize a partial release of collateral in the amount of $180,616; and WHEREAS, by Resolution No. 89 -89 dated August 21, 1989, the Board found that the Subdivider's obligations under the Agreement for Filing No. 1 had been substantially satisfied, and authorized that the collateral be further released except for the sum of $10,000, which sum has been retained by the County as warranty for the work completed, and for revegetation work required by the Agreement; and WHEREAS, said warranty period extends until August 29, 1990; Subdivider's Letter of Credit in the amount of $10,000 expires December 24, 1989; and Subdivider has failed to provide an extension to said Letter of Credit or to provide new collateral; and WHEREAS, the Subdivider has been given formal notice of the imminent expiration of Letter of Credit by certified letters dated November 27 and December 12, 1989, from the Eagle County Attorney; 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 held as collateral by the Eagle County Treasurer until the revegetation work has been completed,_ and the warranty period has run with no corrections required in the work. 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 is authorized to sign a draft for the purpose of drawing upon Irrevocable Letter of Credit No. 104 issued by Alpine Federal Savings & Loan Association of Steamboat Springs, Colorado, in its full amount of $10,000. THAT, Kevin Lindahl, Eagle County Attorney,, and Thomas Bigler, 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 in the form attached to this Resolution as Exhibit A. 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 day of December, 1989. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OUNTY COMMISSIONERS chard L,l Gus'tafsonX /Chairman s, Commissioner Donald H. Welch, Commissioner -2- County Commissioners This Resolution passed by eILJO -A) vote of the Board of County Commissioners of the County of Eagle, State of Colorado. #84 -33 a£ —3— Commissioner (,S���IN' seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Donald H. Welch Commissioner George A. Gates -e Commissioner Richard L. Gustafson g This Resolution passed by eILJO -A) vote of the Board of County Commissioners of the County of Eagle, State of Colorado. #84 -33 a£ —3— POWER OF ATTORNEY 3 KNOW ALL MEN BY THESE PRESENTS: That the County of Eagle, State of Colorado, a body politic and corporate, reposing special trust and confidence in Kevin Lindahl and Thomas Bigler, of the County of Eagle, State of Colorado, has made, constituted and appointed, and by these presents does make, constitute and appoint t.`.e said Kevin Lindahl and /or Thomas Bigler the true and lawful attorney for the County of Eagle; and in its name, place and stead, for its sole use and benefit, to draw upon Irrevocable Letter of Credit No. 109 issued by Alpine Federal Savings b Loan Association of Steamboat Springs, Colorado, for Blue Lake P.U.D. Filing No. 1; and to execute, make, endorse, and accept any documents necessary to accomplish the foregoing purpose. Hereby giving and granting unto Kevin Lindahl and /or Thomas Bigler, said attorney, full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises, as full to all intents and purposes as it might or could do if personally present, with full power of substitution and 'revocation, hereby ratifying and confirming all that its said attorney or his substitutes shall lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the County of Eagle has caused its name to be signed by its Chairman of the Board of County Commissioners, and its seal to be affixed and attested by its Clerk, all being done in the Town of Eagle, and State of Colorado, on this day of December, 1989. ATTEST: COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Clerk of the Board of County Commissioners STATE OF COLORADO ) ss County of Eagle ) By: Richard L. Gustafson, Chairman 1, Notary Public in and for said Eagle County, in the State aforesaid, do hereby certify that Richard L. Gustafson, Chairman of the Board of County Commissioners of the County of Eagle, State of Colorado, and Johnnette Phillips, County Clerk and Clerk to the Board of County Commissioners, County of Eagle, State of Colorado, personally known to me to be the persons whose names are subscribed to the within Power of Attorney, appeared before me this day in person and acknowledged that they signed, sealed and delivered the said instrument of writing as their free and voluntary act and deed, for the uses and purposes therein set forth. Given under my hand and notary seal, this day of December, 1989. My commission expires Notary r fbl k