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HomeMy WebLinkAboutR09-023 Final Release of Collateral Faling1 Commissioner~~'~~' ~ ~~ moved adoption of the folio ng Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0.2009- , FINAL RELEASE OF COLLATERAL AND TERMINATION OF THE WARRANTY PERIOD FOR HARRY DAVID FACING PUBLIC WAY PERMIT N0.3586 WHEREAS, the Board of County Commissioners of Eagle County, Colorado ("Board") granted Public Way Permit No. 3586 to Harry David Faling at 3105 Bellflower Drive, Vail, Colorado; and WHEREAS, the Applicant provided collateral in the form of Letter of Credit No. 873- 5794 from 1st Bank of Vail in the amount of $2,000.00 to guarantee the faithful completion of the work; and WHEREAS, both the Applicant and the Engineering Department state that the work required under the Public Way Permit is complete and acceptable and the Engineering Department recommends full release of the collateral and the termination of the warranty period, see Exhibit "A," attached hereto and incorporated herein by this reference. Based upon the written recommendations of the County staff, THE BOARD FINDS that the Applicant's obligations under the Public Way Permit has been satisfied. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes the full and final release of collateral and the termination of the warranty period for Public Way Permit No. 3586. THAT, this document shall be evidence that the warranty period for Public Way Permit No. 3586 for Harry David Faling for work at 3105 Bellflower Drive, Vail, Colorado has been successfully completed and that the Applicant's obligations under the Agreement are complete. 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 March, 2009. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS ~ ~e~ ,~ By: rG~ `~ . .ti B Clerk to the Board of v° Sara J. Fisher County Commissioners Chairman B y%'~~ By: ., It :r ~ ~ z.: ~.- Commissioner ~' ~ seconded adoption of the foregoing resolution. The roll having been called, the vote waste follows: Commissioner Fisher ~ ~~ i Commissioner Runyon ~`~ -~-. Commissioner Stavney r~` This Resolution passed by ` ~~C vote of the Board of County Commissioners of the County of Eagle, State of Colorado. G:\NRW\resolutions\forms final release of collateral\final release for road cut permits 2009.DOC r MEMORANDUM EAGLE COUNTY ENGINEERING TO: Nancy Wright, Attorney's Office E FROM: Mike Gruber, Engineering ,.~/'~ /~u DATE: March 19, 2009 RE: Collateral Release, FirstBank of Vail, Letter of Credit No. 873-5794 In the amount of $2,000.00 Construction in the Public Way Permit No. 3586 The work performed under Construction in the Public Way Permit #3586, 3105 Bellflower Drive, Vail, for water service connection has been inspected on March 17, 2009. The work is satisfactory and has successfully completed the two year warranty period under the requirements of the permit. Release of the Letter of Credit as collateral is recommended. # # # EXH1- r OF VAIL Board of County Commissioners Eagle County P.O. Box 850 Eagle, CO 81631 To Whom It May Concern: 17 VAIL ROAD VAIL, COLORADO 81657 970-476-5686 Apri16, 2007 $2,000.00 #873-5794 Expires 4/6/2009 We hereby open our Irrevocable Letter of Credit in your favor, available by draft at sight drawn on FirstBank of Vail for any sum or sums not exceeding in total the sum of $2,000.00; For the account of: Harry David Faling 2863 Timber Creek Drive #B-7 Vail, CO 81657 For the purpose of guaranteeing construction of permitted work at the following location: 3105 Bellflower Drive Vail, CO 81657 in conformance with Eagle County's Regulations for Construction Within the Public Way of Eagle County, and any special conditions of the permit. Each draft shall be endorsed on the reverse side of this Letter of Credit, and must bear upon its face the clause "Drawn Under Letter of Credit No. 873-5794, dated Apri16, 2007, of FirstBank of Vail." Each draft must be accompanied by a resolution of the Board of County Commissioners of Eagle County certifying 1) that there has been a default under the permit; and 2) that a sum certain is required to remedy the default. FirstBank of Vail represents and warrants to Eagle County that it has the full authority and power to issue this Letter of Credit, in the total amount and for the period of time stated herein; said authority being pursuant to the laws of tl-e United States, or the State or Territory winch governs the establishment and regulation of FirstBank of Vail charter; by-laws, and other applicable rules and regulafions adopted pursuant thereto. Should it be necessary for Eagle County to file suit in an effort to enforce this Irrevocable Letter of Credit, FirstBank of Vail hereby waives all venue rights and submits to the jurisdiction of the District Court in and for the County of Eagle, State of Colorado. We hereby agree that drafts drawn under and incompliance with the terms of this Letter of Credit will be duly honored if presented to FirstBank of Vail on or before Apri16, 2009. Sincerely, David A. Portman ---~.m---_..._.___.._~.,..,._..._ Vice President ~ ~. `'