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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