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RESOLUTION
RE: APPROVE EXTENSION OF LETTER OF CREDIT - KNAUS SUBDIVISION
WHEREAS, the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, a Letter of Credit (No. 49) in the amount of
$50 , 000 . 00 has been presented to the Board of County Commis-
sioners of Weld County, Colorado concerning Knaus Subdivision,
and
WHEREAS, said Letter of Credit has been extended to June 2 ,
1982 in order to allow time for the water storage tank situation
to be resolved, and
WHEREAS, the Department of Engineering Services has recom-
mended that the Letter of Credit be accepted.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Com-
missioners of Weld County, Colorado that the Letter of Credit
for Knaus Subdivision with an extension to June 2 , 1982 be, and
hereby is, approved.
BE IT FURTHER RESOLVED by the Board that in the event Knaus
Subdivision requests that said Letter of Credit be renewed, the
$50,000 . 00 figure be revised.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 2nd day of
July, A.D. , 1979 .
`-^'y; /{ ' f .' BOARD OF COUNTY COMMISSIONERS
ATTEST: /' ��-'--,• . I - z�i�n/ W LD COUNTY, COLORADO
Weld County Clerk and Recorder �./C-,.y4t _.-
Bndr.Rl k to the rd ."7„.. t.- ...b
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Deputy Count Cler �; f/ F 7(1. 2',
,APPRO/ED AS TO FO_BMi C County Attorney
790748
DATE PRESENTED: JULY 9 , 1979
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Greeley national Bank
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June 22, 1979
Mr. Gil Olson
Weld County Zoning and Planning
Centennial Center
Greeley, CO 80631
Re: Knaus Subdivision
Dear Mr. Olson:
Enclosed is our Letter of Credit, number 49, in the amount of
$50,000 issued in connection with subdivision improvements in
Knaus Subdivision, Second Filing.
You will note that we have extended the Letter to June 2, 1982
to allow time for a resolution of the water storage tank situa-
tion.
We must have a current listing of the requirements that you have
placed under this Letter for our records.
If you have any questions concerning the Letter, please let us
know.
Sincerely,
THE GREELEY NATIONAL BANK
.'trtiwi ; � 2 �' --
James W. Parker III
Vice Pr sident
JWP:eh
Inc . -2/162:9N
JUN 1979 g)
RECEIVED (Al JUN 2 7 1979
weld County u? r,r
l Magnin; Cn nnissiot WELD COUNTY
Engineering Department
Post Office Box 1098 • Greeley,Colorado 80631 • Phone (303) 356-1234
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Greeley national Bank
L . Standby
Irrevocable Letter of Credit
No. 49
Date June 18, 1979
TO: County of Weld
State of Colorado
Gentlemen :
We hereby open our Irrevocable Letter of Credit in your
favor in the amount of Dave Knaus Jr. and Katherine Knaus
Dollars ($ 50,000.00 ) available by drafts at
3 days after sight and subject to the following terms and
conditions :
1 . Drafts All drafts must be drawn on Greeley National
Bank on or before June 2, 1982 , and must bear the
reference : "DRAWN ON GREELEY NATIONAL BANK LETTER OF CREDIT
NO. 49 , DATED June 18, 1979
2 . Notation This is a notation letter of credit.
Each draft must be accompanied by this Letter of Credit for
endorsement by Greeley National Bank of the amount and date of
each draft and the balance remaining. This Letter of Credit
must be surrendered to Greeley National Bank when exhausted.
3. Purpose This Letter of Credit is issued for the
acco ant of Dave Knaus Jr. and Katherine Knaus
Disbursements will be made under this Letter of Credit to pay
for: Subdivision improvements including grading, paving, fire hydrants, street signs,
and boxes.
This Letter of Credit relates to the following described real
property: Tots in 2nd and third filJnr or the Knaus Farm
4 . Documents All drafts must be accompanied by the
following aocuments :
a . Presentation of this Letter of Credit for notation
Post Office Box 1098 • Greeley,Colorado 80631 • Phone (303) 356-1234
S. Other Terms and Conditions This Letter of
Credit shall not be transferable. It shall be governed by
the laws of the State of Colorado, including the Uniform
Commercial Code as in effect in that State. This Letter of
Credit is NOT subject to the Uniform Customs and Practice
for Documentary Credits .
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6 . Obligation of Issuer The Greeley National Bank
agrees with the drawers, endorsers, and good faith holders of
drafts drawn under and in compliance with the terms of condi-
tions of this Letter. of Credit that Greeley National Bank -,'ill
duly honor such drafts 'icon rresalltation. L7 this office
_
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THE (Ga ELEY NATIONAL /BANK
BY o _ t,2. `�
Its Vic President
DATE PAID BY AMOUNT OF DRAFT BALANCE REMAINING
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