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R89-080 substitution of collateral for Cordillera filings 1 and 23 ) Commissioner 9 moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 89 - R"() CONCERNING COLLATERAL HELD BY EAGLE COUNTY FOR CORDILLERA SUBDIVISION WHEREAS, on or about on or about September 28,1987, the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter the "Board ") entered inbo.a Subdivision Improvements Agreement (hereinafter the "Agreement ") with Kensington Land Investment Partnership (hereinafter "Kensington ") for Cordillera Subdivision, Filings 1 and 2; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement , the Board took as collateral, Certificates of Deposits, in the amount of 5692,000.00, issued by Thatcher Bank of Salida, assigned to the Board; and WHEREAS, on or about July 18, 1988, the Board partially released collateral in the amount of $199,120.00 for partially performing certain obligations -under the Agreement, thereby reducing the Certificate of Deposits to $492,880.00; and WHEREAS on or about December 27, 1988, the Board partially released collateral in the amount of $219,591.00 for partially performing certain obligations tinder the Agreement, thereby reducing the Certificates of Deposit to $273,289.00; and WHEREAS, paragraph 4.2 of the Improvements Agreement also provides that the Subdivider may at any time substitute the collateral originally deposited with the County, for another form of collateral acceptable to the County to guarantee the faithful completion of those subdivision and off -site improvements and the performance of the Agreement; and WHEREAS, the Board now holds collateral in the following amounts: Certificate of Deposit e 15401 - $122,000.00 Certificate of Deposit # 15446 - $ 96,000.00 Certificate of Deposit » 15400 - $ 60,000.00 WHEREAS, Kensington has requested that the Board take a substitute form of collateral issued by a separate bank other than Thatcher Bank in Salida: and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY CCMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT. the Board authorizes the early withdrawal and transfer of Certificate of Deposit = 15401 in the amount of 5122,000.00 and Certificate of Deposit T 15400 in the amount of 560,000.00 held by Thatcher Bank in Salida. THAT, said funds are to be transferred from Thatcher Bank in Salida, Colorado to Vail National Bank in Vail, Colorado within.5 working days of the date of this resolution. THAT.. Kensington is authorized to transfer the funds from the Certificate of Deposit =15446 in the amount of 596,000.00 which matures on July 28, 1989 to Vail National Bank upon maturity. THAT,. all funds transferred to Vai1•National Bank pursuant to authorization herein shall be deposited in said bank in accounts assigned to the Board of County Commissioners of the County of Eagle, State of Colorado and to be released only with the Board's approval. 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 cf Colorado, at its regular meeting held the b � day of r 1989. r COUNTY OF EAGLE, STATE OF COLORAD , and Through Its BOARD /OF COUNTY COMMISSIONERS Richard sta ChairmOn _ Try Donald H. Weld Commissioner /rl i Geor e A. Gates Commissioner Commissioner gus7 7g —seA seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard L. Gustafson Commissioner Donald H. Welch prs j Commissioner George A. Gates This Resolution passed by / — vote of the Board of County Commissioners of the County of Eagle, State of Colorado.