HomeMy WebLinkAboutR08-094 Kurt R. Davis Release Letter of CreditCommissioner ~~~'C-U u ~
of the following Resolution:
BOARD OF COUNTY COA'IlVIISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION N0.2008-d t~
FOR
RELEASE OF LETTER OF CREDIT N0.867-9576
FOR ROAD CUT PERMIT NO. 3547
KURT R. DAVIS
WHEREAS, on or about August 11, 2006, the Board of County Commissioners of the
County of Eagle, State of Colorado ("Board") granted Road Cut Permit No. 3547 to Kurt R.
Davis (Subdivider); and
WHEREAS, the Subdivider provided collateral in the form of Letter of Credit No. 867-
9576 issued by First Bank of Vail in the amount of $2,000.00 to guarantee the faithful
completion of the construction project; and
WHEREAS, both the Subdivider and the Engineering Department state that the work
required under the Road Cut Permit is satisfactory and the Engineering Department recommends
full release of the collateral (Exhibit "A"); and
WHEREAS, the release of Letter of Credit No. 867-9576 requires termination by written
Resolution of the Board of County Commissioners.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
moved adoption
THAT, the Board hereby authorizes the full and final release of the collateral and Letter
of Credit No. 867-9576 be terminated and that the same be returned to the Subdivider.
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
County of Eagle, State of Colorado, at its regular meeting held the ~ day of August, 2008.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
Peter F. Runyon
~--c, S 1~-K,,z
Commissioner
having been called, the vote was as follows:
Commissioner Runyon
Commissioner Fisher
Commissioner Menconi
~1-~-~ I
4
h '+
This Resolution passed by ~ ( Q
sinners of the County of Eagle, State of Colorado.
Chairman
~-
By: `
Sara J. Fisher
C ' sinner - ~,~~~~l~np , ,~.~..~..~
By
enconi
Commissioner
seconded adoption of the foregoing resolution. The roll
vote of the Board of County Commis-
G:\NRw\RESOLUTIONS - POA - LOC\FORMS Final release of collateral\ASSIGNMENT RELEASE of certificate of deposit.DOC
County Com ~g _
MEMORANDUM
EAGLE COUNTY ENGINEERING
TO: Nancy Wright, Attorney's Office
FROM: Mike Gruber, Engineering ~ l~~~j
DATE: August I, 2008
RE: Collateral Release, ls` Bank of Vail, Letter of Credit No. 867-9576
In the amount of $2,000.00
Construction in the Public Way Permit No. 3547
Kurt R. Davis
Inspection was made July 31, 2008 of the work performed under Construction in the Public Way
Permit #3547, Eagle Drive for 65 Daisy Lane, Eagle-Vail Subdivision, CO.
The work is satisfactory and has successfully completed the two year warranty period under the
requirements of the permit. Release of the Letter of Credit as collateral is recommended.
# # #
~~'B
OF VAIL
Board of County Commissioners
Eagle County
P O Box 850
Eagle, CO 81631
To Whem I~ May Concern:
17 VAIL ROAD VAIL, COLORADO 81657 970-476-5686
DATE August 11, 2006
AMOUNT $2,000.00 U5D
NUMBER 867-9576
EXP. DATE August 11, 2008
We hereby open our Irrevocable Letter of Credit in your favor, available by
draft at sight drawn on FirstBank of Vail for any sum or sums not exceeding in
total the sum of $2000.00.
For the account of: Kurt R Davis
Y U BOX 94tS
Vail CO 81658
For the purpose of guaranteeing construction of permitted work at the following
location: 65 Daisy Lane, Avon Colorado in conformance with Eagle County's
regulations for Construction Within the Public Way of Eagle County, and any
special conditions of the permit.
Each draft shall be endorsed on the reverse side of this Letter of Credit, and
must bear upon its face the clause, "Drawn Under Letter of Credit No. 867-9576
dated August 11, 2006, of FirstBank of Vail." Each draft must be accompanied
by a resolution of the Board of County Commissioners of Eagle County certifying
1) that there has been a default under the permit; and 2) that a sum certain is
required to remedy the default.
FirstBank of Vail represents and warrants to Eagle County that it has the full
authority and power to issue this Letter of Credit, in the total amount and for
the period of time stated herein; said authority being pursuant to the laws of
the United States, or the State or Territory which governs the establishment
and regulation of FirstBank of Vail charter, by-laws, and other applicable
rules and regulations adopted pursuant thereto. Should it be necessary for
Eagle County to file suit in an effort to enforce this Irrevocable Letter of
Credit, FirstBank of Vail hereby waives all venue rights and submits to the
jurisdiction of the District Court in and for the County of Eagle, State of
Colorado.
We hereby agree that drafts drawn under and in compliance with the terms of
this Letter of Credit will be duly honored if presented to FirstBank of Vail on
or before August 11, 2008.
Sincerely,
Adina D. Dean
Senior Vice President
FirstBank of Vail