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HomeMy WebLinkAboutR97-064 Draw on Warner DevelopmentCommissioner �� moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 97 - 6e/ 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. 9116036 IN THE AMOUNT OF $47,000.00 FOR THE ACCOUNT OF WARNER DEVELOPMENT DRAWN ON 1ST BANK OF AVON WHEREAS, on or about August 4, 1981, pursuant to C.R.S. 30 -28- 137, the County entered into an Agreement (hereinafter "Agreement ") with Warner Developments, Inc. ( "Warner ") as a condition of final plat approval for Homestead Subdivision Filing No. 1; and WHEREAS, Warner provided collateral in the form of an Irrevocable Letter of Credit No. 9116036 in the amount of $47,000.00 to guarantee the faithful completion; and WHEREAS, said Letter of Credit will expire on June 15, 1997; and WHEREAS, the collateral presented to the County is due to expire and the work is not yet completed and Warner 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 Warner and that a sum certain of $47,000.00 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. 9116036, in the amount of $47,000.00 issued by 1st Bank of Avon 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. 9116036 in the amount of $47,000.00 issued by lst Bank of Avon 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 (/M 1997. ames E. J nson, r. Commissi ne Georg A. Gates Commissioner Commissioner �y� seconded adoption of the foregoing resolutiA. The roll having been called, the vote was as follows: Commissioner Johnnette Phillips Commissioner James E. Johnson, Jr. Commissioner George A. Gates rLA P This Resolution passed by 3-0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado.