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HomeMy WebLinkAboutR96-030 draw on Basalt Trade Associatesr Commissioner ~u~ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO . 9 6 -~(,J RESOLUTION CONFERRING POWER OF ATTORNEY UPON JAMES R. FRITZE, COUNTY ATTORNEY, MARY JOAN BERENATO, DEPUTY COUNTY ATTORNEY, ROBERT W. LOEFFLER, ASSISTANT 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. 5800575 IN THE AMOUNT OF $6,208.00 FOR THE ACCOUNT OF BASALT TRADE ASSOCIATES, LLC DRAWN ON NORWEST BANK COLORADO (DENVER) WHEREAS, on or about July 14, 1992, pursuant to C.R.S. 30-28- 137, the County entered into a Subdivision Improvements Agreement (hereinafter "SIA") with Basalt Trade Associates as a condition of the County's final plat approval of Summit Vista, Lot 1, Sopris View Apartments; and WHEREAS, Basalt Trade Associates provided collateral in the form of an Irrevocable Letter of Credit No. 5800575 in the amount of $6,208.00 to guarantee the faithful completion of the public improvements; and WHEREAS, said Letter of Credit will expire on April 14, 1996; and WHEREAS, the Board finds, determines and declares that there has been a default under the SIA and that a sum certain of $6,208.00 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, Mary Joan Berenato, Deputy County Attorney, Robert W. Loeffler, Assistant County Attorney, and Maureen Amundson, Paralegal, are authorized to execute any and all documents necessary to draw upon irrevocable Letter of Credit No. 5800575, in the amount of $6,208.00 issued by Norwest Bank Colorado. THAT, James R. Fritze, County Attorney, Mary Joan Berenato, Deputy County Attorney, Robert W. Loeffler, Assistant 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. S800575 in the amount of $6,208.00 issued by Norwest Bank Colorado. 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 r 1996. COUNTY OF EAGLE, STATE OF ~~~~ ~~~ COLORADO , By and Through I t s ATTEST: ~° .i p~ BOARD OF COUNTY COMMISSIONERS eY ~i'' . ~ -~,.- ~~~ ti ~~ ~, ~ /~- ~ /h ~~ N ~d° . , r'p"i~ By. Clerk to th Board of George Gates County Commissioners Chairman r ohnnette Phillips Commissioner Ja es E. John n, Jr. C missioner Commissioner - seconded adoption of the foregoing resoluti The roll having been called, the vote was as follows: Commissioner George A. Gates Cum Commissioner Johnnette Phillips ~,l ~~ Commissioner James E. Johnson, Jr. Q,y,,Q This Resolution passed by _ ~ - C) vote of the Board of County Commissioners of the County of Eagle, State of Colorado. POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That the County of Eagle, State of Colorado, a body politic and corporate, reposing special trust and confidence in James R. Fritze, Mary Joan Berenato, Robert W. Loeffler and Maureen Amundson, of the County of Eagle, State of Colorado, has made, constituted and appointed, and by these presents does make, constitute and appoint the said James R. Fritze and/or Mary Joan Berenato and/or Robert W. Loeffler and/or Maureen Amundson, and each of them, the true and lawful attorney for the County of Eagle; and in its name, place and stead, for its sole use and benefit, to draw upon Irrevocable Letter of Credit No. S800575 in the amount of $6,208.00 for the account of Basalt Trade Associates LLC issued by Norwest Bank Colorado, and to execute, make, endorse, and accept any documents necessary to accomplish the foregoing purpose. Hereby giving and granting unto James R. Fritze, and/or Mary Joan Berenato, and/or Robert W. Loeffler, and/or Maureen Amundson, said attorneys, full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises, as fully to all intents and purposes as it might or could do if personally present, with full power of substitution and revocation, hereby ratifying and confirming all that its said attorney or his substitutes shall lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the County of Eagle has caused its name to be signed by its Chairman of the Board of County Commissioners, and its seal to be affixed and attested by its Clerk, all being done in the T wn of Eagle, and State of Colorado, on this ~-~ day of 1996. ATTEST: a ,~-~ rg _ ~ COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS ;~„ ~~ - By : ~. ~ By : Clerk of the oard of Georg A. Gates County Commissioners Chairman STATE OF COLORADO ) ss County of Eagle ) I, Notary Public in and for said Eagle County, in the State aforesaid, do hereby certify that George A. Gates, Chairman of the Board of County Commissioners of the County of Eagle, State of Colorado, and Sara J. Fisher, County Clerk and Clerk to the Board of County Commissioners, County of Eagle, State of Colorado, personally known to me to be the persons whose names are subscribed to the within Power of Attorney, appeared before me this day in person and acknowledged that they signed, sealed and delivered the said instrument of writing as their free and voluntary act and deed, for the uses and purposes therein set forth. Given under my hand and notary seal, this day of 1996. My commission expires Notary Public forms\draw.poa //~// ~//// NORWESI BANKS ///// //~// NORWEST BANK COLORADO, NA LETTER OF CREDIT DEPARTMENT 1740 BROADWAY ONE NORWEST CENTER DENVER, CO 80274-8685 TELEX NUMBER 168118 NBI DVR -_-- SWIFT ADDRESS: NWNBU555 -= FAX: (303) 863-4898 ~-~ IRREVOCABLE STANDBY LETTER OF CREDIT OUR REFERENCE NUMBER: 5800575 .;-~ _~~ APRIL 17, 1995 BENEFICIARY: =- BOARD OF COUNTY COMMISSIONERS .~ EAGLE COUNTY- COLORADO P.O. BOX 850- 500 BROADWAY EAGLE, CO 81631-0850 GENTLEMEN: AT THE REQUEST OF: BASALT TRADE ASSOCIATES, LLC P.O. BOX SS BASALT, CO 81621 AND FOR THE ACCOUNT OF: SAME lJ, `.,; V ~ _ ~ 1 8 1995 ~qGi F COlJNTY ATTORNEY WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 5800575 WHICH IS AVAILABLE BY PAYMENT AGAINST BENEFICIARY'S DRAFT(S) AT SIGHT, DRAWN ON NORWEST BANK COLORADO, NATIONAL ASSOCIATION. THIS CREDIT IS FOR AN AGGREGATE AMOUNT NOT TO EXCEED A TOTAL OF U.S. DOLLAR 6,208.00 ( SIX THOUSAND TWO HUNDRED EIGHT AND 00/100 U.S. DOLLARS). DRAFTS SUBMITTED MUST BE ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1. THIS LETTER OF CREDIT. 2. A STATEMENT PURPORTEDLY SIGNED BY THE BENEFICIARY STATING THAT: ***CONTINUED ON NEXT PAGE *** 99-50.997 (Rev. 4/92J /I-11 11/11 NORWEST BANKS II/11 11 X11 OUR REF. NO. 5800575 PAGE 2 "THE UNDERSIGNED, AN AUTHORIZED SIGNER, HEREBY CERTIFIES THAT THE APPLICANT IS IN DEFAULT OF OBLIGATION TO BENEFICIARY PURSUANT TO REQUIREMENTS OF THAT CERTAIN SUBDIVISION AND OFF- SITE IMPROVEMENTS AGREEMENT ADDENDUM NUMBER 6, REGARDING SUMMIT VISTA, RESUBDIVIDED AS SOPRIS VIEW APARTMENTS, BUILDING 8, (EXCLUDING PHASE 1). THAT A SUM CERTAIN, NOT TO EXCEED $6,208.00, IS REQUIRED TO REMEDY THE DEFAULT." EXPIRES AT OUR COUNTERS AT 3:00 PM DENVER TIME ON APRIL 14, 1996. ALL DRAFTS MUST BE MARKED: DRAWN UNDER NORWEST BANK COLORADO, NATIONAL ASSOCIATION, IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 5800575 DATED APRIL 17,1995. CANCELLATION OF L/C PRIOR TO EXPIRATION THIS LETTER OF CREDIT (AND AMENDMENTS) MUST BE RETURNED TO US FOR CANCELLATION WITH A STATEMENT PURPORTEDLY SIGNED BY THE BENEFICIARY STATING THAT: "THIS LETTER OF CREDIT IS NO LONGER REQUIRED BY US AND IS HEREWITH RETURNED TO THE ISSUING BANK FOR CANCELLATION." WE HEREBY AGREE TO HONOR EACH DRAFT DRAWN AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT IF DULY PRESENTED (TOGETHER WITH THE DOCUMENTS AS SPECIFIED) AT THIS OFFICE ON OR BEFORE THE EXPIRY DATE. THIS CREDIT IS ISSUED SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. NORWEST BANK COLORADO, NATIONAL ASSOCIATION BY: UTHORIZED SIGNATURE) y.~ ~ ., ~, .~,.'. ~~ r.~Y~~"~> Officer 99-50.997 (Rev 4/92)