HomeMy WebLinkAboutR93-119 substitution of collateral for Bentgrass at Cordilleramoved adoption
Commissioned .
of the followi g Resol ion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93- //g
SUBSTITUTION of COLLATERAL
BENTGRASS AT CORDILLERA
A RESUBDIVISION OF TRACT C AND TRACT C -1
WHEREAS, pursuant to C.R.S. 30 -28 -137, the Board of County
Commissioners of the County of Eagle, State of Colorado ( "Board ")
entered into a Subdivision Improvements Agreement dated September
7, 1993 ( "Agreement ") with Stag Gulch Partners, a Colorado
General Partnership ( "Subdivider "), as a condition of final plat
approval for Bentgrass as Cordillera; and
WHEREAS, the Subdivider provided collateral in the form of a
Letter of Credit No. S9130359 in the amount of $148,268.00 to
guarantee the faithful completion of the public improvements of
the project; and
WHEREAS, Paragraphs 2.4 and 2.6.2 of the Agreement allow the
Subdivider to provide Substitute Collateral acceptable to the
County; and
WHEREAS, Subdivider has requested the Board release Letter
of Credit No. S9130359 and the Subdivider be allowed to
substitute cash in the amount of $148,268.00.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board accept cash in the amount of $148,268.00 as
substitute collateral for Letter of Credit No. S9130359.
THAT, all other provisions of the Agreement shall remain in
full force and effect.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this Jo day of
October, 1993.
ATTEST:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
erk to th Board of George A. Gates, Chairman
County Commissioners
W EVA � i �-o
�. hnnette 3 Y. -
Commission seconded adoption of the
foregoing res ution. The roll having been called, the vote was
as follows:
Commissioner George A. Gates
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
This Resolution passed by o -C) vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
Bentgrass
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