HomeMy WebLinkAboutR91-101 partial release of collateral for Summit Vista Phase IICommissioner at&lb moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91-10/
PARTIAL RELEASE OF COLLATERAL
SUMMIT VISTA, PHASE II SUBDIVISION
WHEREAS, on or about August 22, 1984, pursuant to C.R.S. 30-
28 -137, the Board of County Commissioners of the County of Eagle,
State of Colorado ( "Board "), entered into a Subdivision Improve-
ments Agreement ( "Agreement ") with Meldor Partnership ( "Sub-
divider"); and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
took as collateral a Letter of Credit in the amount of $104,089.00,
issued by the Alpine Bank of Basalt, Colorado, for the benefit of
Eagle County; and
WHEREAS, pursuant to Section 4 of the Agreement, the Sub-
divider has applied for partial release of its collateral in the
amount of $41,389.00.
BASED upon the written recommendations of the Department of
Engineering, the Board finds that the work required under the
Agreement is partially complete, and that a reduction of collateral
is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, based upon the written recommendations of the Department
of Engineering, the Board finds that the Subdivider's obligations
under the Agreement have been partially satisfied and a reduction
in the collateral held by the Board is warranted.
THAT, the Board hereby authorizes the partial release of
collateral issued by Alpine Bank of Basalt in the amount of
$41,389.00 for performing obligations under the Agreement.
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THAT, the remainder of the money for the amount of $62,700.00
will be retained by the County as collateral to ensure the
completion of work as described in the Memorandum dated December
9, 1991, authored by Larry Metternick, Eagle County Engineer. An
extension for completion of the work is granted until January 13,
1992.
THAT, the partial release of collateral granted hereby shall
not in any way abrogate the rights of the Board in enforcing the
Subdivider's performance of their outstanding obligations under the
Agreement.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, at its regular meeting
held the 09 of December, 1991.
ATTEST:
XL8 Gllerk to the Board of
County Commissioners
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COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
- George X. Gates, Chairman
Donald H Welch, Commissioner
Richard L. Gustafson,
Commissioner
Commissioner (`afto seconded adoption of the
foregoing resolution. The roll having been called, the vote was
as follows:
Commissioner Donald H. Welch p�
Commissioner George A. Gates
Commissioner Richard L. Gustafson
v
G
This Resolution passed by (2,;)— vote of the Board of
County Commissioners of the County of agle, State of Colorado.
89 -39
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