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HomeMy WebLinkAboutR96-116 Draw on Cordillera Valley Club Filign 2~ '- Commissioner ~ ~.~.~lna~- moved adoption of the following R solution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION N0.96-~ 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 N0.937-0315 LC#4 IN THE AMOUNT OF $723,068.35 FOR THE ACCOUNT OF CORDILLERA VALLEY CLUB INVESTORS LIMITED PARTNERSHIP DRAWN ON 1ST BANK OF AVON WHEREAS, on or about Mazch 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 2; and WHEREAS, Cordillera Valley Club Investors Limited Partnership provided collateral in the form of an Irrevocable Letter of Credit No. 937-0315 LC#4 in the amount of $723,068.35 to guazantee the faithful completion of the public improvements; and WHEREAS, said Letter of Credit will expire on September 8, 1996; and WHEREAS, the Boazd finds, determines and declares that there has been a default under the SIA and that a sum certain of $723,068.35 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, Pazalegal, aze authorized to execute any and all documents necessary to draw upon irrevocable Letter of Credit No .937-0315 LC#4, in the amount of $723,068.35 issued by 1st Bank Of Avon. THAT, James R. Fritze, County Attorney, Mary Joan Berenato, Deputy County Attorney, Robert W. Loeffler, Assistant County Attorney and Maureen Amundson, Paralegal, aze hereby granted power of attorney to act as attorney in fact for the County of Eagle, State of Colorado, and its Boazd of County Commissioners, with regazd to any and all actions that may be necessary to draw upon Letter of Credit No. 937-0315 LC#4 in the amount of $723,068.35 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 regulaz meeting held the day of September, 1996. ~~ ~~ ~~~ COUNTY OF EAGLE, STATE OF ~ -,. ~~ ~ '~ COLORADO, By and Through Its ATTEST: ~, ~ ~, BOARD OF COUNTY COMMISSIONERS ~~~ Cleik to the BoazB of County Commissioners By: ~ --~~ ~_~ George ates Chairman ohnnette Phillips Commissioner 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. This Resolution passed by3 - y vote of the Board of County Commissioners of the County of Eagle, State of Colorado. File No. 92-16