HomeMy WebLinkAboutR93-028 return of collateral for Leto SubdivisionCommissioner moved adoption
of the folloWiXfg Resol ion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93 -_Qn�L
AUTHORIZING THE RETURN OF COLLATERAL
FOR LETO SUBDIVISION
WHEREAS, on or about January 9,
Commissioners of the County of Eagle,
after "the Board ") , entered into a
Improvements Agreement ( "the Agreement
( "Subdivider "), relative to Leto Minor
1990, The board of County
State of Colorado (herein
Subdivision and Off -Site
") with James R. Leto, Sr.
Subdivision; and
WHEREAS, on December 10, 1990, by Resolution No. 90 -124, the
Board authorized the drawing on the Letter of Credit submitted by
Subdivider as collateral to guarantee performance under the
Agreement, for the reasons set forth in said resolution; and
WHEREAS, said collateral was drawn in full in the amount of
$27,184.00, and was deposited into the Eagle County Treasury; and
WHEREAS, on March 4, 1991, by Resolution No. 91 -19, the Board
authorized the partial return of collateral in the amount of
$24,465.60, retaining ten percent for the required two -year
warranty period; and
WHEREAS, staff of the County Engineering Department are
satisfied that the improvements have been completed according to
the agreement and in compliance with the recommendations of the
structural engineer; that the required two -year warranty period
expired March 4, 1993; and therefore recommend that the collateral
be returned to Subdivider; and
THE BOARD FINDS, based upon the written recommendations of the
Eagle County Engineering Department, that the Subdivider's
obligations under the Agreement have been satisfied, and a return
of collateral held by the Board is warranted.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the sum of $2,718.40 be returned to Subdivider.
THAT, the Eagle County Treasurer be directed to return this
sum to Subdivider, James R. Leto, Sr.
3
J
THAT, the release of collateral granted hereby does not in any
way abrogate the rights of the Board in enforcing the Subdivider's
perormance of its outstanding obligations under the Agreement.
THAT, the Board finds, determines, and declares that this
Resolution is necessary for the public health, safety and welfare
of the residents 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 Z;:z day of 1993.
r
ATTEST:
By: By:
-. �1®
Clerk to L�,.� me Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
G . Gates, Chairman
Johnnette Phillips, Cot>Bnic oner
Commissione m�»ai9o�_O seconded adoption of
the foregoing resolutli The ro 1 h �ving been called, the vote
was as follows:
Commissioner George A. Gates
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
This Resolution passed by vote of the Board of County
Commissioners of the County of Eagle, State of Colorado.
CC- R/LETO.FNL
File No.90 -05