HomeMy WebLinkAboutR91-048 partial release of collateral for The Reserve452181 6 -556 P -048 06,112,,"91 16--46 PG 1 OF 2
JOHNNETTE PHILLIPS E14GLE COUNTY CLEP'A', COLOPNI*Do 0.00
Commissioner Ij-'et aL moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
�Jf COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91- Tb
ACCEPTING CERTAIN IMPROVEMENTS IN RE
THE RESERVE ON THE EAGLE RIVER SUBDIVISION,
AND AUTHORIZING PARTIAL RELEASE OF COLLATERAL
DOC
0,00
WHEREAS, on or about June 26, 1988, the Board of County
Commissioners of the County of Eagle, State of Colorado ( "Board "),
entered into an Amendment of and Assignment of Subdivision
Improvements Agreement ( "Agreement ") with M & H Development,
Company, Inc. ( "Subdivider "), among other parties; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral Subdivider's Irrevocable Letter of Credit
No. 8422745 issued by lstBank of Avon in the amount of $136,100.00;
and
WHEREAS, said Letter of Credit expires June 16, 1991; and
WHEREAS, Subdivider has represented to the Board, and members
of the County Engineering staff have corroborated Subdivider's
representations, that a substantial portion of the landscaping
improvements required under the Agreement have been satisfactorily
completed; and
WHEREAS, the Subdivider has applied for a partial release of
its collateral as a result of the partial completion of the
landscaping requirements.
BASED UPON the oral and written recommendations of the Eagle
County Department of Engineering, the Board finds that part of the
landscaping improvements required by the Agreement are complete,
and a release of the collateral is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
3 '
9
6
THAT, the Board hereby
collateral in the amount of
collateral to $111,100.00.
3
authorizes the partial release of
$25,000.00, thereby reducing the
THAT, the release of collateral granted hereby does not in any
way abrogate the rights of the Board in enforcing the Subdivider's
performance of its outstanding obligations under the Agreement.
THAT, should Subdivider fail to provide substitute collateral
by Friday, June 14, 1991, Kevin Lindahl, Mara M. Kleinschmidt, and
Glenn M. Harsh (and each of them) are authorized to draw on the
collateral at 1stBank of Avon described above, in the amount of
$111,100.00; and each is hereby granted Power of Attorney to
perform any act required to effectuate said drawing of collateral.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this G/ day'of
June, 1991.
I
erk to the Board of�
County Commissioners
By:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
George Gates, Chairman T?
Dona--d . welch, Commissioner
L. Crus�.,Afsoh,
Commissioner
�flSSc>it�
seconded adop, io of the
foregoing resolution. The roll
as follows:
having been called, the vote was
Commissioner
Donald
H. Welch
Commissioner
George
A. Gates
c�
Commissioner Richard L. Gustafson c2—
This Resolution passed by � /jf;y�2hL vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
#82 -331
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452181 8 -556 F -048 06,x'12;%91 16.46 PG 2 OF 2