HomeMy WebLinkAboutR93-071 full release of collateral for Elliott Ranch PUDCommissione moved adoption
of the follow' q Resol ion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93 -
AUTHORIZING THE FULL RELEASE OF COLLATERAL
ELLIOTT RANCH PUD
WHEREAS, on or about October 10, 1989, the Board of County
Commissioners of the County of Eagle, State of Colorado ( "the
Board "), entered into a Subdivision Improvements Agreement
( "Agreement ") with David E. Edeen and Jessie L. Edeen
( "Subdividers "), as a condition of final plat approval of Elliott
Ranch PUD; and
WHEREAS, as collateral to guarantee the faithful completion of
the improvements set forth in said Agreement, the Board accepted a
series of Irrevocable Letters of Credit totaling $9,439.72; and
WHEREAS, by Amendment to the Agreement ( "Amendment ") dated
October 10, 1990, said collateral was reduced to $8,580.00; and
WHEREAS, by Resolution No. 90 -122, the Board authorized a
reduction in collateral to $6,580.00; and
WHEREAS, by Resolution No. 91 -54, the Board authorized a
reduction of collateral in the amount of $5,722.00, thereby
reducing the collateral to $858.00 for the two -year warranty period
required by the Agreement; and
WHEREAS, The Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that the improvements have satisfactorily survived
the two -year warranty period; and
WHEREAS, the Subdivider has applied for a full release of its
collateral;
BASED UPON the oral and written recommendations of the
Engineering Department, the Board finds that the improvements have
satisfactorily survived the two -year warranty period, and the full
release of the collateral in the amount of $858.00 as evidenced by
Assignment and Pledge of Account No. 655 -3273 issued by First Bank
of Vail, is appropriate.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorizes the full release of said
Assignment and Pledge of Account No. 655 -3273 in the amount of
$858.00.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this Cam, day of
July, 1993.
ATTEST:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
erx to tnw Boara or
County Commissioners
Commissio
foregoing
follows:
By: ,
George . Gates, Chairman
Commissioner George A. Gates
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
This Resolution passed by 3 - 0 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
elliott.rel 83 -153