HomeMy WebLinkAboutR91-050 draw on SoderbergCommissioner 6 %U,5L4, `66)� moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91- 40
AUTHORIZING THE DRAWING OF COLLATERAL
for SODERBERG SUBDIVISION, FILING NO. 3,
AND APPOINTING ATTORNEY -IN -FACT RELATIVE THERETO
WHEREAS, on or about January 9, 1990, the Board of County
Commissioners of the County of Eagle, State of Colorado (herein-
after "the Board ") , entered into a Subdivision Improvements
Agreement ( "Agreement ") with Frank L. Soderberg and Charles S.
Marsh ( "Subdivider ") relative to Soderberg Subdivision, Filing
No. 3; and
WHEREAS, the Board presently holds Letters of Credit totaling
$2,269.20, to guarantee the satisfactory completion of landscaping
improvements; and
WHEREAS, Irrevocable Letter of Credit No. 13621 issued by
Central Bank Aspen, N.A., for the benefit of Charles A. Marsh,
expires July 2, 1991, and the Subdivider has failed to provide
substitute collateral; and
WHEREAS, the Board finds, determines and declares that it is
in the best interest of the County of Eagle that said Letter of
Credit be drawn upon and the funds be deposited by the Eagle County
Treasurer and held as collateral until substitute collateral has
been provided, or until the improvements have survived the warranty
period required by the Agreement.'
NOW, THEN, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Chairman of the Board is authorized to sign a draft
for the purpose of drawing upon the Irrevocable Letter of Credit
No. 13621 in the amount of $1,207.80, dated July 9, 1990, and
issued by Central Bank Aspen, N.A.
1
THAT, said sum shall be held as collateral which shall be
returned to Subdivider upon the satisfactory completion of said
improvements (including the warranty period), or upon the receipt
of substitute collateral, and less the costs incurred by the County
in drawing on the subject Letter of Credit.
THAT, Kevin Lindahl, Eagle County Attorney and Glenn M. Harsh,
Assistant Eagle County Attorney, and each of them, is 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;
to perform all acts and execute any and all documents reasonably
incidental to drawing upon the subject Letter of Credit.
THAT, the Chairman of the Board is authorized to execute a
Power of Attorney for the purposes contemplated herein.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, at its regular meeting
held the [ day of July, 1991.
County Commissioners
COUNTY OF EAGLE,
COLORADO, By and
BOARD OF COUNTY
Cha
Gates,
STATE OF
Through Its
COMMISSIONERS
L. GUtaoon, Zo missioner
Donald A. Welch, Commission
Commissioner 1J�Z / e seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner
Donald H.
Welch
q-eQ
Commissioner
George A.
Gates
y ..Pi
Commissioner
Richard L.
Gustafson
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
90 -02
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