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R89-135 draw on collateral for Glassier Type A} Commissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 89- AUTHORIZING THE DRAWING OF COLLATERAL FOR F. J. GLASSIER TYPE A MINOR SUBDIVISION, AND APPOINTING ATTORNEYS IN FACT RELATIVE THERETO WHEREAS, on or about July 31, 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 F. J. Glassier ( "Subdivider ") relative to the F. J. Glassier Type A Minor Subdivision; and WHEREAS, pursuant to the terms of said Agreement, collateral was provided in the form of a Letter of Credit in the amount of $4,250.00 to guarantee faithful completion of certain improvements set forth in the Agreement; and WHEREAS, the subject improvements were to have been completed by December 1, 1989; and WHEREAS, the subject Letter of Credit expires December 31, 1989, and the Department of Community Development has advised that the improvements have not been completed as required; and WHEREAS, Joseph E. Weinreis, who provided collateral on behalf of the Subdivider, was given notice by the County Attorney by certified letter of the imminent expiration of said Letter of Credit, and of the completion deadline for the improvements; and WHEREAS, the County has granted Mr. Weinreis an extension to January 28, 1990, to complete the subject improvements; but neither he nor the Subdivider have provided an extension to the Letter of Credit or new collateral as required; 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 and the funds be deposited by the Eagle County Treasurer and held as collateral until the Subdivider has completed the required improvements. me 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. 12970 in the amount of $4,250.00, dated July 28, 1989, and issued by Central Bank of Glenwood Springs. THAT, such sum of $4,250.00 shall be held as collateral to guarantee the satisfactory completion of said improvements, which collateral shall be returned to Subdivider upon the satisfactory completion of said improvements, less ten percent retainage for the two -year warranty period as provided, and less the costs incurred by the County in drawing on the subject Letter of Credit. THAT, Kevin Lindahl, Eagle County Attorney, and Thomas Bigler, Assistant Eagle County Attorney, are each 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 in the form attached to this Resolution as Exhibit A. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the la'4� dAv of December, 1989. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS wunu_y -_oritmi s s loners Georg a e�om A G Commissioner D on l&1H. Welch o - o - -2- 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 Commissioner Richard L. Gustafson This Resolution passed by GJ I AZ?-Al:M (C 5 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. #89 -1 of -3-