HomeMy WebLinkAboutR87-51 Draw on LOC for The Terrace(y
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Commissioner "i, moved adoption
of the following Resolution:
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COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 87- 51
IN RE THE TERRACE, FILING NO. I -
OFF -SITE ROAD IMPROVEMENTS -
EXPIRATION OF COLLATERAL
WHEREAS, on or about February 26, 1985, the Board of
County Commissioners of the County of Eagle, State of Colorado
(hereinafter "the Board "), entered into a Subdivision Improve-
ments Agreement with Eighty -Eight Acres, Ltd., a Colorado
limited partnership (hereinafter "the Subdivider "), as a
condition of final plat approval relative to The Terrace,
Filing No. I; and
WHEREAS, pursuant to the terms of said Subdivision
Improvements Agreement, Collateral was provided to the Board
by the Subdivider to guarantee faithful completion of certain
off -site and on -site public improvements; and
WHEREAS, on or about September 10, 1985, the Board
executed an assignment and delegation of all rights, duties,
obligations and interest in the subject Subdivision Improve-
ments Agreement excepting therefrom those duties, rights and
interests concerning the construction of certain off -site
public improvements contained in paragraphs 3 and 5 of said
Agreement; and
WHEREAS, in order to ensure that all off -site
improvements required pursuant to paragraphs 3 and 5 of said
Agreement are faithfully completed in conformance with the
terms set forth therein, the Board retained collateral in the
form of Irrevocable Letter of Credit No. 0837 in the amount of
Ten Thousand One Hundred Twenty -Nine dollars and no cents
($10,129.00) issued by the First National Bank of Glenwood
Springs, payable to the Board of County Commissioners, County
of Eagle, State of Colorado, and bearing an expiry date of
September 16, 1986; and
WHEREAS, the expiration date of the above - referenced
Irrevocable Letter of Credit was amended to September 16,
1987, by that certain amendment dated September 15, 1986; and
WHEREAS, the Subdivider was given formal notice of
the imminent expiration of Letter of Credit No. 0837 by a
certified letter dated August 28, 1987, from the Eagle County
Attorney; 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 used for
the purposes specified in the Subdivision Improvements
Agreement.
NOW, THEREFORE, 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 aforemen-
tioned Irrevocable Letter of Credit No. 0837 in its full face
amount of $10,129.00.
THAT, James R. Fritze, Eagle County Attorney, and
Kevin Lindahl, Deputy 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 Powers of Attorney for the purposes contemplated
herein in the form attached to this Resolution as Exhibit A,
and made a part hereof by this reference.
MOVED, READ AND ADOPTED by the Board of County
sioners of the County of Eagle, State of lorado,
regular meeting held the J day of L2w
Commis -
at its
1987.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
. yuu_Nay.. a,
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Donald etl lch; Commissioner
George'A. Gates, Commissioner
-2-
3
1
Commissioner (I A7`-e- -S seconded adoption
of the foregoing resolution. The roll having been called, the
vote was as follows:
Commissioner Richard L. Gustafson < a—
Commissioner Donald H. Welch
Commissioner George A. Gates
o
This Resolution passed by ,JA'- ,V6 S vote of the Board of
County Commissioners of tRe County of Eagle, State of
Colorado.
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t
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS: That the County of
Eagle, State of Colorado, a body politic and corporate,
reposing special trust and confidence in Kevin Lindahl, of
the County of Eagle, State of Colorado, has made, constituted
and appointed, and by these presents do make, constitute and
appoint the said Kevin Lindahl, the true and lawful attorney
for the County of Eagle; and in its name, place and stead, for
its sole use and benefit to draw upon Irrevocable Letter of
Credit No. 0837, dated September 16, 1985 issued by the First
National Bank of Glenwood Springs in the amount of U.S.
$10,129.00; and to execute, make, endorse, and accept any
documents necessary to accomplish the foregoing purpose.
Hereby giving and granting unto Kevin Lindahl, said
attorney, full power and authority to do and perform all and
every act and thing whatsoever requisite and necessary to be
done in and about the premises, as fully to all intents and
purposes as it might or could do if personally present, with
full power of substitution and revocation, hereby ratifying
and confirming all that its said attorney or his substitutes
shall lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF
name to be signed by
Commissioners, and its
Clerk, all being done
Colorado, on this
ATTEST:
the County
its Chairman
seal to be of
in the Town
day of
By:
Clerk to the Board of
County Commissioners
(Affix seal)
STATE OF COLORADO
ss
County of Eagle
of Eagle has caused its
of the Board of County
fixed and attested by its
of Eagle, and State of
1987.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONER
ENE
Richard L. Gustafson,
Chairman
Address: P.O. Box 850
Eagle, CO 81631
Telephone: (303) 328 -7311
I, , Notary Public in and for said
Eagle County, in the State aforesaid, do hereby certify that
Richard L. Gustafson, Chairman of the Board of County
Commissioners of the County of Eagle, State of Colorado, and
Johnnette Phillips, County Clerk and Clerk to the Board of
County Commissioners, County of Eagle, State of Colorado,
personally known to me to be the persons whose names are sub-
scribed to the within Power of Attorney, appeared before me
this day in person and acknowledged that they signed, sealed
and delivered the said instrument of writing as their free and
voluntary act and deed, for the uses and purposes therein set
forth.
Given under my hand and notary seal, this day of
, 1987.
My commission expires
Notary Public
EXHIBIT A