HomeMy WebLinkAboutR88-016 River Oaks Partial Release0
Commissioner ��USI"i4� J moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 88 -2!'e�_
RIVER OAKS ON THE ROARING FORK
FILE NO. PD 267 -87 -P
PARTIAL RELEASE OF COLLATERAL
WHEREAS, pursuant to S 30 -28 -137, C.R.S., the Board of
County Commissioners of the County of Eagle, State of Colorado
( "Board ") did, on or about July 28, 1987, enter into a Subdivi-
sion Improvements Agreement ( "Agreement ") with Basalt Trade
Associates ( "Subdivider ") as a condition of final plat approval
of River Oaks on the Roaring Fork; and
WHEREAS, in order to guarantee the faithful completion
of certain public improvements required under the Agreement, the
Board took as collateral Irrevocable Letter of Credit No. 45
issued on July 24, 1987, by the Alpine Bank, Basalt, in the
'amount of $125,000.00, payable to the Board of County Commissioners
of the County of Eagle, State of Colorado; and
WHEREAS, the Subdivider has represented to the Board,
and members of the County staff have corroborated the Subdivid-
er's representations, that a portion of the public improvements
required under the Agreement have been satisfactorily completed;
and
WHEREAS, pursuant to Section 3.2 of the Agreement, the
Subdivider has applied for substitution of the aforementioned
Letter of Credit for collateral in a lesser amount.
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 offices of the County Engineer and Environmental Health,
the Board finds that th`e Subdivider's obligations under the
Agreement have been partially satisfied and a reduction in the
collateral held by the Board is warranted.
THAT, the Board hereby authorizes the release of
Irrevocable Letter of Credit No. 45, issued by the Alpine Bank,
Basalt, in the amount of $125,000.00, such release to become
effective only upon the Subdivider's presentation to the Board of
substitute collateral in the amount of $31,000.00 in the form of
an irrevocable letter of credit or such other type of collateral
as is acceptable to the Eagle County Attorney.
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 its outstanding obligations under
the Agreement.
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 Commis-
sioners of the County of Eagle, State of Colorado, at its regular
meeting held the 29th day of February, 1988.
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: -0/ .r9- G?�
George ,X. Gates, Chairman
-2-
Commissioner lc'w t . 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 vote of the Board of County
Commissioners of the County of Eagle, State of Colorado.
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