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R89-108 release of collateral for Cliffside Villagecommissioner 9 � -e-S moved adoption of the following Resolution: 136Y -I rOiZ�]r�il# 61twaN COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 89- 16 d" CLIFFSIDE VILLAGE CONDOMINIUMS RELEASE OF COLLATERAL WHEREAS, pursuant to Section 30 -28 -237, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter the "Board ") did, on or about July 20, 1987, enter into a Subdivision Improvements Agreement (hereinafter "Agreement ") with Western Savings and Loan Association (hereinafter "Subdivider ") for Cliffside Village Condominiums; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board took as collateral, money, in the amount of $120,000.00, deposited in a Prime Money Fund Account, No. 007- 8604891, on August 24, 1987, held by silverado Banking, assigned to the Board of County Commissioners of Eagle, State of Colorado; and WHEREAS, on April 26, 1988 the Board released a partial amount of collateral in the amount of $10,500.00 for partially performing certain obligations under the Agreement, thereby reducing the Prime Money Fund Account to $109,500.00; and WHEREAS, on August 22, 1988, the Board released a partial amount of collateral in the amount of $60,000 for partially performing certain obligations under the Agreement, thereby reducing the Prime Money Fund Account to $49,500.00; and WHEREAS, on October 12, 1988, the Board released a partial amount of collateral in the amount of $37,500.00 for performing certain obligations under the Agreement, thereby reducing the Prime Money Fund Account to $12,000.00; and WHEREAS, the remainder of the money in the Prime Money Fund Account for the amount of $12,000.00 was retained by the County as warranty for the work done for a period of a year; and WHEREAS, the Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that a the public improvements required under the Agreement have been satisfactorily completed and the warranty period has expired. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, based upon the oral and written recommendations of the Department of Community Development, the Board finds that the Subdivider's obligations under the Agreement have been partially satisfied and the reduction in the collateral held by the Board is warranted. THAT, the Board hereby authorizes the release of collateral held by Silverado Banking in the amount of $12,000.00 for performing certain obligations under the Agreement, whereby the Prime Money Fund Account shall be closed. THAT, the Board finds, determines and declares that this Resolution is necessary for the public 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, State of Colorado, at its regular meeting held the day of Y` , 1989. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: Richard L. Gustafson, Chairman Do H. Weich,'COmmissioner Georo A. Gates, Commissioner Commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner Richard L. Gustafson Commissioner Donald H. Welch e_ Commissioner George A. Gates This Resolution passed by d vote of the Board of County Commissioners of the County of Eagle, State of Colorado. r; N if 0 N U' s n �D r m m s iu m m N I a LO In M r r� v County Commissioners