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R89-076 partial release of collateral Ladybelle3 3 Commissioner moved adoption of the folio ing Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO / RESOLUTION NO. 89 - LADYBELLE VIEW SUBDIVISION PARTIAL RELEASE OF COLLATERAL WHEREAS, pursuant to Section 30 -28 -137, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") did, on or about October 12, 1987, enter into a Subdivision Improvements Agreement ( "Agreement ") with James L. (Roy) Mosher ( "Subdivider ") as a condition of final plat approval of Ladybelle View Subdivision; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board took as collateral Irrevocable Letter of Credit No. 27 issued on February 1, 1989, by Alpine Bank, Eagle, in the amount of $25,000.00, payable to the Board of County Commissioners of the County of Eagle, State of Colorado; and WHEREAS, the Subdivider has represented to the Board and members of the County staff have corroborated the Subdivider's representations, that a portion of the public improvements required under the Agreement have been satisfactorily completed; and WHEREAS, pursuant to Section 3.1 of the Agreement, the Subdivider has applied for partial release of the Letter of Credit in the amount of 517,100.00 for completion of a portion of the public improvements required raider the Agreement. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based upon oral and written recommendations of the offices of the County Engineer and Community Development, 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 a partial release of collateral held by Alpine Bank in the amount of $17,100.00, for performing certain improvements required under the Agreement, thereby reducing the Irrevocable Letter of Credit to $7,900.00. THAT, the partial release of collateral granted hereby does not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its outstanding obligations under the Agreement. THAT, the Board finds, determines and declares that this Resolution is necessary for the health, safety and welfare of the citizens of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, Sta e qf Colorado, at its regular meeting held the day of 1989. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD O CO Y COMMISSIONERS BY: „ v_: C erk of the Board o Richard L. a son County Commissioners Chairman Donald H. We c Commissioner George A. Gates Commissioner Commissioner &A seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard L Commissioner Donald H. Commissioner George A. This Resolution passed County Commissioners of Gustafson Welch Gates Pr by vote of the Board of the Coun Y Y of E gle, state of Colorado.