HomeMy WebLinkAboutR91-071 draw on Silverado Estates4
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Commissioner ci �� /d moved adoption
of the following Resolution:
BOARD OF COUNTY
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91 -_7 /_
AUTHORIZING THE DRAWING OF COLLATERAL
for SILVERADO ESTATES, FILING NO. 1,
AND APPOINTING ATTORNEY -IN -FACT RELATIVE THERETO
WHEREAS, on or about September 25, 1989, 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 Howard D. Clark, Jr. ( "Subdivider ")
relative to Silverado Estates, Filing No. 1; and
WHEREAS, the Board presently holds Letters of Credit totaling
$8,840.00, to guarantee the satisfactory completion of certain
public improvements; and
WHEREAS, Irrevocable Letter of Credit No. 2 issued by Central
Bank Aspen, N.A., for the benefit of Howard D. Clark, Jr., expires
September 26, 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. 2 in the amount of $8,840.00, dated September 26, 1991, and
issued by Central Bank Aspen, N.A.
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 Mara
Kleinschmidt, Deputy 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 �] _C day of September, 1991.
.-vu..�y � uiiunissioners
By
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
Commissioner 11),e /& seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Donald H. Welch c2_�
Commissioner George A. Gates �2
Commissioner Richard L. Gustafson] -ice
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
89 -108
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