HomeMy WebLinkAboutR99-079 Draw on Kensington Partners Filing 34Commissioner ) moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO.99 -Z)7q
RESOLUTION CONFERRING POWER OF ATTORNEY UPON
JAMES R. FRITZE, COUNTY ATTORNEY, ROBERT W.
LOEFFLER, DEPUTY COUNTY ATTORNEY, RENEE ALLEE
BLACK, ASSISTANT COUNTY ATTORNEY AND KATHY
WALTER, PARALEGAL TO ACT AS ATTORNEY IN FACT
FOR THE COUNTY OF EAGLE, STATE OF COLORADO,
WITH RESPECT TO LETTER OF CREDIT NO. S406567 IN
THE AMOUNT OF $2,579,400.00 FOR THE ACCOUNT OF
KENSINGTON PARTNERS DRAWN ON NORWEST BANKS
WHEREAS, pursuant to C.R.S. 30- 28 -37, the Board of County Commissioners of the
County of Eagle, State of Colorado ('Board ") entered into a Subdivision Improvements
Agreement ( "Agreement ") with Kensington Partners; a Colorado Limited Partnership,
( "Subdivider "), as a condition of final plat approval for Cordillera Filing 34; and
WHEREAS, the Subdivider provided collateral in the form of a Letter of Credit further
identified in the title hereof to guarantee the faithful completion of the public improvements; and
WHEREAS, said Letter of Credit in the amount of $2,579,400.00 will expire on June 9,
1999; and
WHEREAS, the Board finds, determines and declares that there has been a default under
the SIA and that a sum certain of $2,579,400.00 is required to remedy the default.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, James R. Fritze, County Attorney, Robert W. Loeffler, Deputy County Attorney,
Renee Allee Black, Assistant County Attorney, and Kathy Walter, Paralegal, are authorized to
execute any and all documents necessary to draw upon irrevocable Letter of Credit No. 5406567
in the amount of $2,579,400.00 issued by Norwest Banks.
THAT, James R. Fritze, County Attorney, Robert W. Loeffler, Deputy County Attorney,
Renee Allee Black, Assistant County Attorney and Kathy Walter, Paralegal, are 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, with regard to any and all actions that may be necessary to
draw upon Letter of Credit No. S406567 in the amount of $2,579,400.00..
THAT, the Chairman of the Board is authorized to execute a Power of Attorney for the
purposes contemplated herein in the form attached to this Resolution as Exhibit A and made a
part hereof by this reference.
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the day of May,
1999.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
B 1itGnR
Johnnette Phillips
Chairman
Tom d. Stone
Commissioner
L7 es E. Johnson, Jr.
ommissioner
County Commissioners
a
Commissionm in D_ )$econded adoption of the foregoing resolution. The roll having been
called, the vote was as follows:
Commissioner Johnnette Phillips _
Commissioner Tom C. Stone
Commissioner James E. Johnson, Jr.
This Resolution passed by A " vote of the Board of County Commissioners of the County of
Eagle, State of Colorado.
File No.
