HomeMy WebLinkAboutR91-082 draw on Summit View3
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Commissioner �GJSTi9�s,� moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91 -C,
AUTHORIZING THE DRAWING OF COLLATERAL
for SUMMIT VIEW, INC.
AND APPOINTING ATTORNEY -IN -FACT RELATIVE THERETO
WHEREAS, the Board of County Commissioners of Eagle County,
Colorado ( "the Board ") presently holds Irrevocable Letter of Credit
No. 1176, issued by the Pitkin County Bank & Trust Company, in the
amount of $293,138.92, for the benefit of Summit View, Inc., to
guarantee construction of public improvements required by the
County; and
WHEREAS, said Letter of Credit expires October 31, 1991; and
WHEREAS, the warranty period for said road cut will not expire
until two years after completion, and Summit View, Inc. has failed
to provide an extension to said Letter of Credit or 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 public improvements have survived the
warranty period.
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. 1176 dated November 30, 1990, for the amount of $293,138.92,
issued by Pitkin County Bank & Trust Company of Aspen, Colorado.
THAT, said sum shall be held as collateral which shall be
returned to Subdivider if the public improvements satisfactorily
passes inspection at the end of 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, Mary Joan Berenato, and /or Mara M.
Kleinschmidt, and each of them, are 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 October, 1991.
INITEST:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
/fi((iLGE
By:
Clerk to the Board of George V Ga es,
County Commissioners Chairfaan
ssi
."Welch, Commissioner
- Commissioner w-e-Ak -•. seconded-- adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner
Donald H.
Welch
e.
Commissioner
George A.
Gates
jq:4 �e_
Commissioner
Richard L.
Gustafson
2!V
This Resolution passed by,f/; pyLQ(js vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
82 -237
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