HomeMy WebLinkAboutR96-115 Draw on Cordillera Valley Cluba
Commissione moved adoption
of the following esolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.96- //S
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. 937-0315 LC#3 IN THE AMOUNT OF $2,375,738.67 FOR
THE ACCOUNT OF CORDILLERA VALLEY CLUB
INVESTORS LIMITED PARTNERSHIP DRAWN ON 1ST
BANK OF AVON
WHEREAS, on or about March 21, 1995, pursuant to C.R.S. 30-28-137, the County
entered into a Subdivision Improvements Agreement (hereinafter "SIA") with Cordillera Valley
Club Investors Limited Partnership as a condition of the County's final plat approval of
Cordillera Valley Club Filing 1; and
WHEREAS, Cordillera Valley Club Investors Limited Partnership provided collateral in
the form of an Irrevocable Letter of Credit No. 937-0315 LC#3 in the amount of $2,375,738.67
to guarantee the faithful completion of the public improvements; and
WHEREAS, said Letter of Credit will expire on September 8, 1996; and
WHEREAS, the Board finds, determines and declares that there has been a default under
the SIA and that a sum certain of $2,375,738.67 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. 937-0315 LC#3, in the amount of $2,375,738.67 issued by 1st Bank Of Avon.
THAT, James R. Fritze, County Attorney, Mazy Joan Berenato, Deputy County
Attorney, Robert W. Loeffler, Assistant County Attorney and Maureen Amundson, Pazalegal, aze
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 regazd to any and all actions that may
be necessary to draw upon Letter of Credit No. 937-0315 LC#3 in the amount of $2,375,738.67
issued by Lst Bank Of Avon.
THAT, the Chairman of the Boazd 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 Boazd of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the ~~~ day of
September, 1996.
COUNTY OF EAGLE, STATE OF
,;`~~. ~~'F~F COLORADO, By and Through Its
ATTEST: :-.~y ~ ~,~~. ~, BOARD OF COUNTY COMMISSIONERS
~,:.
~~'~. ~~
BY~ .~.
Clerk to the Bo of George ates
County Commissioners Chairman
Johnnette Phillips
Commissioner ~~ seconded adoption of the foregoing resolution. The roll having been
called, the vote was as follows:
Commissioner George A. Gates
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr. _gdg~
This Resolution passed by~ vote of the Board of County Commissioners of the County of
Eagle, State of Colorado.
File No. 92-16