HomeMy WebLinkAboutR91-091 draw on River Ranch SubdivisionCommissioner zzU /� moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91-
AUTHORIZING THE DRAWING OF COLLATERAL
for RIVER RANCH SUBDIVISION,
AND APPOINTING ATTORNEY -IN -FACT RELATIVE THERETO
WHEREAS, on or about November 20, 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 River Ranch Partners, ( "Subdivider ")
relative to River Ranch Subdivision; and
WHEREAS, the Board presently holds a Letter of Credit totaling
$221,857.00, which does not reflect the last release of collateral
obtain by Resolution 91 -21, which reduces the collateral to
$105,486.00, to guarantee the satisfactory completion of the
improvements set forth in Exhibit A of said Subdivision Improve-
ments Agreement; and
WHEREAS, Irrevocable Letter of Credit No. 1162- Amendment
Number 1 issued by Pitkin County Bank and Trust Company of Aspen,
for the benefit of River Ranch Partners, expires November 20, 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 in the amount of $105,486.00 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. 1162- Amendment Number 1 in the amount of $105,486.00, dated
May 29, 1990, and issued by Pitking County Bank and Trust Co. of
Aspen, Colorado.
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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, Mara M. Kleinschmidt, Mary Joan Berenato
and /or Aili B. Foss, 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 November, 1991.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By • �a C,� X/
flftoa�rd/ of George P1. Gates,
missioners Chairman
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Richard L. Gustafson,
Commissioner
Ss-�;& ��. - 9...
Donald 94. Welch, Commissioner
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Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Donald H. Welch
Commissioner George A. Gates O
Commissioner Richard L. Gustafson �d
This Resolution passed by 3-� vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
89 -115
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