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HomeMy WebLinkAboutR97-063 Draw on Dakota PartnersCommissioner �t,6z- moved adoption of the following Resolution: BOARD OF COUNTY COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 97 -(a-3 RESOLUTION CONFERRING POWER OF ATTORNEY UPON JAMES R. FRITZE, COUNTY ATTORNEY, ROBERT W. LOEFFLER, DEPUTY COUNTY ATTORNEY AND MAUREEN AMUNDSON, PARALEGAL TO ACT AS ATTORNEY IN FACT FOR THE COUNTY OF EAGLE, STATE OF COLORADO, WITH RESPECT TO LETTER OF CREDIT NO. 9110615 IN THE AMOUNT OF $18,709.70 FOR THE ACCOUNT OF DAKOTA PARTNERS, LLC DRAWN ON 1ST BANK OF COLORADO, N.A. WHEREAS, on or about July 18, 1995, pursuant to C.R.S. 30 -28- 137, the County entered into an Agreement (hereinafter "Agreement ") with Dakota Partners, LLC ( "Dakota Partners ") as a condition of final plat approval for Eagle Dakota Subdivision; and WHEREAS, Dakota Partners provided collateral in the form of an Irrevocable Letter of Credit No. 9110615 in the amount of $18,709.70 to guarantee the faithful completion; and WHEREAS, said Letter of Credit will expire on June 7, 1997; � WHEREAS, the collateral presented to the County is due to expire and the work is not yet completed and Dakota Partners has not provided substitute collateral or the Bank's written extension to the original collateral. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board finds, determines and declares that there has been a default under the Agreement between the County of Eagle, Colorado and Dakota Partners and that a sum certain of $18,709.70 is required to remedy the default. THAT, James R. Fritze, County Attorney, Robert W. Loeffler, Deputy County Attorney, and Maureen Amundson, Paralegal, are authorized to execute any and all documents necessary to draw upon irrevocable Letter of Credit No. 9110615, in the amount of $18,709.70 issued by 1st Bank of Colorado, N.A. THAT, James R. Fritze, County Attorney, Robert W. Loeffler, Deputy County Attorney and Maureen Amundson, 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. 9110615 in the amount of $18,709.70 issued by lst Bank of Colorado, N.A. 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 o Colorado, at its regular meeting �held the s day of ,ciyL� 1997. r COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: y BOARD OF COUNTY COMMISSIONERS By. Johnnette Phillip Chairman a s E. John ommissione George . Gates Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Johnnette Phillips alw Commissioner James E. Johnson, Jr. Commissioner George A. Gates This Resolution passed by z -y vote of the Board of County Commissioners of the County of Eagle, State of Colorado.