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'' .
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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:
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_ ~
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
//~//
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NORWESI BANKS
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//~//
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)