HomeMy WebLinkAboutR94-075 draw on DAvid and Valarie Peterson(_ Commissioner "Z � moved adoption
of the following Resolution:
BOARD OF COUNTY
COUNTY OF EAGLE STATE OF COLORADO
NO. 94 -
AUTHORIZING THE DRAWING OF COLLATERAL IF REQUIRED'
PROVIDED BY IRREVOCABLE LETTER OF CREDIT;
NO. 161 FOR ROAD CUT PERMIT #1718
DAVID W. AND VALARIE PETERSON
WHEREAS, on or about June 14, 1993, David W. and Valarie
Peterson executed Road Cut Permit #1718; and
WHEREAS, pursuant to the terms of said Road Cut Permit #1718,
collateral was provided by David W. and Valarie Peterson in the
form of an Irrevocable Letter of Credit No. 161 in the amount of
$2,000.00 issued by First Bank of Eagle County to guarantee
faithful completion of said Road Cut; and
WHEREAS, the Letter of Credit provided as collateral expires
June 14, 1994, and Road and Bridge Department has advised that the
two -year warranty period will not expire until June 14, 1995; and
WHEREAS, the Board finds, determines and declares that it is
in the best interest of the County that it draw upon the
collateral in the amount of $2,000.00.
NOW, THEN, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT the Board draw upon the collateral in the amount of
$2,000.00.
THAT, the Chairman of the Board of County Commissioners be
authorized to sign a draft for the purpose of drawing upon the
Irrevocable Letter of Credit No. 161, dated June 14, 1993, issued
by First Bank of Eagle County, said draw to be in 'the amount of
$2,000.00.
THAT, said sum of $2,000.00 be deposited by the Eagle County
Treasurer and held as collateral to guarantee the warranty period
until the expiration date of June 14, 1995.
THAT, the Chairman of the Board of County Commissioners is
authorized to execute an appropriate Power of Attorney granting the
County Attorney or his designee(s) the authority to draw on said
Letter of Credit, should it become necessary.
THAT, this Resolution is necessary for the health, safety and
welfare of the County of Eagle, State of Colorado.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this day of
1994.
ATT r
Clerk to the Boa d of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONER
By
ohnnette Phillips, Chairman
James E. Johnson, Jr.
Commissioner
George V. Gates Commissioner
Commissioner /i� L� seconded adoption of the
foregoing resolut'l roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips Q�L
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
This Resolution passed by k ifili iYi //i vote . of the Board of
County Commissioners of the County of Eagle, State of Colorado.
alpha P
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this Letter of Credit to the County of Eagle, State of Colorado, in
the total amount and for the period of time stated herein; said
authority being pursuant to the laws of the United States, or the
State or territory which governs the establishment and regulation
of First Bank of Eagle County, and the First Bank of Eagle County's
charter, by -laws and other applicable rules and regulations adopted
pursuant thereto. Should it be necessary for the County of Eagle
to file suit in an effort to enforce this irrevocable Letter of
Credit, First Bank of Eagle County hereby waives all venue rights
and submits to the jurisdiction of the District Court in and for -
the County of Eagle, State of Colorado.
All drafts hereunder must be drawn on or before June 14, 1994.
Very truly yours,
First Bank of Eagle County
(.ti,
Dan E. Godec
Vice President
ry
Irrevocable Letter of Credit
First Bank
P.O.
Eagle,
Irrevocable Letter of Credit
Number: 161
Board of County Commissioners
County of Eagle
State of Colorado
P.O. Box 850
Eagle, CO 81631
Gentlemen:
of Eagle County
Box 567
CO 81631
Date
JUN 1 8 1993
6/14/93
We hereby open our irrevocable Letter of Credit in your favor,
available by draft or drafts at sight drawn on the First Bank of
Eagle County for any sum or sums not exceeding in total the sum of
$2,000.00
For the account of David W. & Valarie Peterson
0037 Creamery Trail
Edwards, Co. 81632
For the purpose of guaranteeing that the permitted work is
accomplished in conformance with Eagle County's Regulations for
Construction within the Public Way of Eagle County, adopted June
18, 1984 and effective July 15, 1984, and in conformance with any
special conditions of the permit. Each draft drawn on First Bank
of Eagle County on sight shall be endorsed on the reverse side of
this Letter of Credit and bear upon its face "Drawn under Letter of
Credit Number 161, dated June 14, 1993, of the First Bank of Eagle
County."
The First Bank of Eagle County agrees with the drawers,
endorsers, and bonafide holders of drafts drawn and negotiated in
compliance with the terms of the Letter of Credit that such drafts
will be duly honored upon due presentation at the counter of this
bank.
First Bank of Eagle County represents and warrants to the
County of Eagle that it has the full authority and power to issue
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