HomeMy WebLinkAbout20082674.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS(PRIVATE ROAD MAINTENANCE),AUTHORIZE
CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR SITE PLAN REVIEW, SPR#416 -
SHAFFER TRUCKING, INC.
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, on Deccember 7, 2007, the Department of Planning Services approved Site
Plan Review, SPR#416, for Don and Evelyn Shaffer, 1811 26th Street, Greeley, Colorado 80631,
do Jay Pier, 606 Elder Street, Kersey, Colorado 80644, for Sales and Service of Irrigation Pipe,
outside storage of irrigation pipe, office/warehouse building for maintenance and repair of fleet
trucks and trailers, and office area for business and dispatching of trucks, on the following
described real estate, to-wit:
Part of the N1/2SW1/4 of Section 6, Township 4
North, Range 65 West of 6th P.M., Weld County,
Colorado
WHEREAS, pursuant to certain Conditions of Approval,the Board has been presented with
an Improvements Agreement According to Policy Regarding Collateral for Improvements(Private
Road Maintenance) between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, and Shaffer Trucking, Inc., with terms and conditions
being as stated in said agreement, and
WHEREAS, the Board has been presented with Irrevocable Letter of Credit #770 from
Farmers Bank, 119 1st Street, P.O. Box 220, Ault, Colorado 80610, in the amount of$10,440.00,
and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Letter of Credit as stated above, copies of which are attached hereto and
incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Improvements Agreement According to Policy Regarding Collateral for
Improvements(Private Road Maintenance)between the County of Weld,State of Colorado, by and
through the Board of County Commissioners of Weld County, and Shaffer Trucking, Inc., be, and
hereby is, approved.
2008-2674
PL1988
00 PW, A, A_ i��l�-OE(
IMPROVEMENTS AGREEMENT- SHAFFER TRUCKING, INC.
PAGE 2
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit#770 from Farmers Bank,
119 1st Street, P.O. Box 220, Ault, Colorado 80610, in the amount of$10,440.00, be and hereby
is, accepted.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 6th day of October, A.D., 2008.
���� BOARD OF COUNTY COMMISSIONERS
� " I, / , `WELD COUNTY, COLORADO
✓p// `
ATTEST: v a� � �Are, .4
is'� O QjI liam H. Jerke, Chair
Weld County Clerk to the BAN r. 7;'•
S CUSED
BY: v� ls� obert D. Masden Pro-Tem
Dep Clerk the Board ��1 --
Wi • F. Garcia
AP D AS •
David E. Long
ounf orney
ouglas ademacher
Date of signature: l�k Ic
2008-2674
PL1988
�9 IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE MAINTENANCE)
FOR USES BY SPECIAL REVIEW AND SITE PLAN REVIEW
THIS AGREEMENT,made and entered into this /7 day of / 40 ,20 Cdiy and
between the County of Weld, State of Colorado, acting through its Board of County Commissioners,
hereinafter called "County,.and Shaffer Trucking, Inc. hereinafter called "Applicant."
WITNESSETH:
WHEREAS, Applicant is the owner of, or has a controlling interest in the following described
property in the County of Weld, Colorado:
L� g zF 47g3 Local ck t - ?Pr- O2 Ski--I I t) 5oQ
O; u.:1O,
WHEREAS,a Final uses by Special Review(USR)or Site Plan Review(SPR)plat of said property,
to be known as Shaffer Trucking(SPR-416) has been submitted to the County for approval, and
WHEREAS,relevant Sections of the Weld County Code provide that no USR or SPR Final Plat shall
be approved by the County until the Applicant has submitted an Improvements Agreement guaranteeing the
construction of the public improvements shown on plans, plats and supporting documents of the USR and
SPR, which improvements, along with a time schedule for completion,are listed in Exhibits A and B of this
Agreement.
NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the acceptance and
approval of said Final Plat,the parties hereto promise, covenant and agree as follows:
1.0 Engineering Services: Applicant shall furnish,at its own expense,all engineering services in
connection with the design and construction of the USR or SPR improvements listed on
Exhibit A, which is attached hereto and incorporated herein by reference.
1.1 The required engineering services shall be performed by a Professional Engineer and
Land Surveyor registered in the State of Colorado,and shall conform to the standards
and criteria established by the County for public improvements.
1.2 The required engineering services shall consist of, but not be limited to, surveys,
designs, plans and profiles, estimates,construction supervision,and the submission
of necessary documents to the County.
2.0 Rights-of-Way and Easements: Before commencing the construction of any
improvements herein agreed upon,Applicant shall acquire,at its own expense,good
and sufficient rights-of-way and easements on all lands and facilities traversed by the
proposed improvements.
1111111 11111 DIU 11111 IIII II111111111111I VIII IIII IIII
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3.0 Construction: Applicant shall furnish and install, at its own expense, the USR or SPR
improvements listed on Exhibit A, which is attached hereto and incorporated herein by
reference, according to the construction schedule set out in Exhibit B,which is also attached
hereto and incorporated herein by reference.
3.1 Said construction shall be in strict conformance to the plans and drawings approved
by the County and the specifications adopted by the County for such public
improvements. Whenever a USR or SPR is proposed within three miles of an
incorporated community located in Weld County or located in any adjacent county,
the Applicant shall be required to install improvements in accordance with the
requirements and standards that would exist if the plat were developed within the
corporate limits of that community. If the incorporated community has not adopted
such requirements and standards at the time the USR or SPR is proposed, the
requirements and standards of the County shall be adhered to. If both the
incorporated community and the County have requirements and standards, those
requirements and standards that are more restrictive shall apply.
3.2 Applicant shall employ, at its own expense, a qualified testing company previously
approved by the County to perform all testing of materials or construction that is
required by the County; and shall furnish copies of test results to the County.
3.3 At all times during said construction, the County shall have the right to test and
inspect, or to require testing and inspection of material and work at Applicant's
expense. Any material or work not conforming to the approved plans and
specifications shall be removed and replaced to the satisfaction of the County at
Applicant's expense.
3.4 Applicant shall furnish proof that proper arrangements have been made for the
installation of sanitary sewer or septic systems, water, gas, electric and telephone
services.
3.5 Said USR or SPR improvements shall be completed, according to the terms of this
Agreement, within the construction schedule appearing in Exhibit B. The Board of
County Commissioners, at its option, may grant an extension of the time of
completion shown on Exhibit B upon application by the Applicant subject to the
terms of Section 6 herein.
4.0 Release of Liability: Applicant shall indemnify and hold harmless the County from any and
all liability loss and damage County may suffer as a result of all suits, actions or claims of
every nature and description caused by, arising from, or on account of said design and
construction of improvements,and pay any and all judgments rendered against the County on
account of any such suit, action or claim,together with all reasonable expenses and attorney
fees incurred by County in defending such suit, action or claim whether the liability, loss or
damage is caused by, or arises out of the negligence of the County or its officers, agents,
employees, or otherwise except for the liability, loss, or damage arising from the intentional
torts or the gross negligence of the County or its employees while acting within the scope of
their employment. All contractors and other employees engaged in construction of the
improvements shall maintain adequate worker's compensation insurance and public liability
insurance coverage,and shall operate in strict accordance with the laws and regulations of the
State of Colorado governing occupational safety and health.
IIIIII 11111 IIIIII 11111 IIII NMI 11111 III 11111 IIII IIII iew\SPR 416-Shaffer Trucking Shaffer°n age
12/19/2007
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5.0 General Requirements for Collateral:
5.1 The value of all collateral submitted to Weld County must be equivalent to One-
Hundred percent (100%) of the value of the improvements as shown in this
Agreement. The improvements shall be completed within 30 days prior to the Final
Plat approval. If improvements are not completed,the County,at its discretion,may
make demand on all or a portion of the collateral and take steps to see that the
improvements are made.
5.2 The applicant may choose to provide for a phased development by means of
designating filings of a USR or SPR Final Plat. The applicant would need only to
provide collateral for the improvements in each filing as approved. The County will
place restrictions on those portions of the property that are not covered by collateral
which will prohibit the conveyance of the property or the issuance of building
permits until collateral is provided or until improvements are in place and approved
pursuant to the requirements for a Request for Release of Collateral.
5.3 The applicant intends to develop in accordance with Exhibits A and B.
6.0 Improvements Guarantee: The four types of collateral listed below are acceptable to Weld
County subject to final approval by the Board of County Commissioners.
6.1 An irrevocable Letter of Credit from a Federal or State licensed financial institution
on a form approved by Weld County. The Letter of Credit shall state at least the
following:
6.1.1 The Letter of Credit shall be in an amount equivalent of One-Hundred
percent(100%)of the total value of the improvements as Exhibits A.
6.1.2 The Letter of Credit shall provide for payment upon demand to Weld County
if the developer has not performed the obligations specified in the
Improvements Agreement and the issuer has been notified of such default.
6.1.3 The applicant may draw from the Letter of Credit in accordance with the
provisions of this policy.
6.1.4 The issuer of the Letter of Credit shall guarantee that, at all times the
unreleased portion of the Letter of Credit shall be equal to a minimum of
One-Hundred percent (100%) of the estimated costs of completing the
uncompleted portions of the required improvements,based on inspections of
the development by the issuer. In no case shall disbursement for a general
improvement item exceed the cost estimate in the Improvements Agreement
(i.e., streets, sewers, water mains and landscaping, etc.). The issuer of the
Letter of Credit will sign the Improvements Agreement acknowledging the
agreement and its cost estimates.
6.1.5 The Letter of Credit shall specify that fifteen percent (15%) of the total
Letter of Credit amount cannot be drawn upon and will remain available to
Weld County until released by Weld County.
11111 11111 111111 11111 IIII 1111111 11111 III 11111 liii IIII Revised 12/19/2007
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6.1.6 The Letter of Credit shall specify that the date of proposed expiration of the
Letter of Credit shall be either the date of release by Weld County of the
final fifteen percent(15%),or one year from the date of Final Plat approval,
whichever occurs first. Said letter shall stipulate that, in any event, the
Letter of Credit shall remain in full force and effect until after the Board has
received sixty(60)days written notice from the issuer of the Letter of Credit
of the pending expiration. Said notice shall be sent by certified mail to the
Clerk to the Board of County Commissioners.
6.2 Trust Deed upon all or some of the proposed development or other property
acceptable to the Board of County Commissioners provided that the following are
submitted:
6.2.1 In the event property within the proposed development is used as collateral,
an appraisal is required of the property in the proposed development by a
disinterested Member of the American Institute of Real Estate Appraisers
(M.A.I.) indicating that the value of the property encumbered in its current
degree of development is sufficient to cover One-Hundred percent(100%)of
the cost of the improvements as set forth in the Improvements Agreement
plus all costs of sale of the property.
6.2.2 In the event property other than the property to be developed has been
accepted as collateral by Weld County, then an appraisal is required of the
property by a Member of the Institute of Real Estate Appraisers (M.A.I.)
indicating that the value of the property encumbered in its current state of
development is sufficient to cover One-Hundred percent(100%)of the cost
of the improvements as set forth in the Improvements Agreement plus all
costs of sale of the property.
6.2.3 A title insurance policy insuring that the Trust Deed creates a valid
encumbrance which is senior to all other liens and encumbrances.
6.2.4 A building permit hold shall be placed on the encumbered property.
6.3 A surety bond given by a corporate surety authorized to do business in the State of
Colorado in an amount equivalent to One-Hundred percent(100%) of the value of
the improvements as specified in the Improvements Agreement.
6.4 A cash deposit made with the County equivalent to One-Hundred percent(100%)of
the value of the improvements.
7.0 Request for Release of Collateral: Prior to release of collateral for the entire project or for a
portion of the project by Weld County,the Applicant must present a Statement of Substantial
Compliance from an Engineer registered in Colorado that the project or a portion of the
project has been completed in substantial compliance with approved plans and specifications
documenting the following:
7.1 The Engineer or his representative has made regular on-site inspections during the
course of construction and the construction plans utilized are the same as those
approved by Weld County.
I Nil 11111 111111 VIII IIII 1111111 VIII III VIII IIII IIII \SPR 416-Shaffer Trucking\Shaffer onRevied 129/2007
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7.2 Test results must be submitted for all phases of this project as per Colorado
Department of Transportation Schedule for minimum materials sampling,testing and
inspections found in the Colorado Department of Transportation(CDOT)Materials
Manual.
7.3 "As built" plans shall be submitted at the time the letter requesting release of
collateral is submitted. The Engineer shall certify that the project "as-built" is in
substantial compliance with the plans and specifications as approved, or that any
material deviations have received prior approval from the County Engineer.
7.4 The Statements of Substantial Compliance must be accompanied,if appropriate,by a
letter of acceptance of maintenance and responsibility by the appropriate utility
company, special district or town for any utilities.
7.5 A letter must be submitted from the appropriate Fire Authority indicating the fire
hydrants are in place in accordance with the approved plans. The letter shall indicate
if the fire hydrants are operational and state the results of fire flow tests.
7.6 The requirements in paragraphs 9.0 thru 9.5 shall be noted on the final construction
plans.
7.7 Following the submittal of the Statement of Substantial Compliance and
recommendation of approval by the County,the applicant(s)may request release of
the collateral for the project or portion of the project by the Board. This action will
be taken at a regularly scheduled public meeting of the Board.
7.8 The request for release of collateral shall be accompanied by"Warranty Collateral"in
the amount of fifteen percent(15%) of the value of the improvements as shown in
this Agreement excluding improvements fully accepted for maintenance by the
responsible governmental entity, special district or utility company.
7.9 The warranty collateral shall be released to the applicant upon final approval by the
Board of County Commissioners.
8.0 Successors and Assigns: This Agreement shall be binding upon the heirs,executors,personal
representatives, successors and assigns of the Applicant,and upon recording by the County,
shall be deemed a covenant running with the land herein described,and shall be binding upon
the successors in ownership of said land.
HRH 11111 111111 HEIM 11111
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IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed on the day
and year first above written.
APPLICANT:/7-•
h1-C-1-71
APPLICANT:
TITLE: �J
Subscribed and sworn to before me this !CO.'day of e/>‘ 20 o8 . 5� ...
i• PtOTp�Y�.�`
My Commission expires: N A\PUBLIC
1-09-07 otary Public .........
AirCnt.O•
ATTEST: BOARD OF COUNTY COMMISSIONERS
/WELD COUNTY, COLORADO
Weld County Clerk to the Board 2
William H. Jerke , Chair
BY: 10/06/2008
Deputy Clerk e Board
„/"--
APPROVED AS TO FORM:
County Attorney
1111111111111111111111111111111111111111111111111111111
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EXHIBIT A (PUBLIC WORKS)
Name of USR or SPR: Shaffer Trucking
Filing:
Location:
Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this USR or SPR
the following improvements. (Leave spaces blank where they do not apply)
(Leave spaces blank where they do not apply)
Improvements Quantity Units Unit Estimated
Costs Construction
Cost
Site grading,swale,drainage pond I LS $7,827
Street grading
Street base
Street paving
Curbs, gutters, and culverts
Sidewalk
Storm sewer facilities
Ditch Improvements
Subsurface drainage
Survey and street monuments and boxes
Street Names/Stop Sign
Road culvert
Seeding and mulching 1 LS $2,613
SUB-TOTAL: $10,440
Id County, CO
1111%111111113111111111111ElHEIII111111011111
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EXHIBIT A (PLANNING SERVICES)
Name USR or SPR:Shaffer Trucking(SPR-416)
Filing:
Location:
Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this USR or SPR
the following improvements.
(Leave spaces blank where they do not apply)
Improvements Quantity Units Unit Estimated
Costs Construction
Cost
Sanitary sewers
Trunk and forced lines
Laterals (house connected)
On-site sewage facilities
On-site water supply and storage
Water Mains (includes bore)
Fire hydrants
Street lighting
Fencing requirements
Landscaping
Park improvements
Telephone
Gas
Electric
Water transfer
SUB-TOTAL: $
Engineering and Supervision Costs $
(Testing, inspection, as-built plans and work in addition to preliminary and final plat; supervision of actual construction by
contractors)
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $10,440
The above improvements shall be constructed in accordance with all County requirements and specifications,
and conformance with this provision shall be determined solely by Weld County,or its duly authorized agent.
Said impro ements shall be complee according to the construction schedule set out in Exhibit B. q
By: 2��__/L' Z �`' /Lehi t —
pplicant Title Date.
Applicant Title Date
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
1111111 11111 111111 111111111 1111111111 X1111111 IIII 1111 Review 416ShRis19/2 7
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EXHIBIT B
Development:Shaffer Trucking(SPR-416)
Filing:
Location:
Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this USR or SPR
the following improvements.
All improvements shall be completed within 30 days from signing of this agreement. Construction of the
improvements listed in Exhibit A shall be completed as follows:
(Leave spaces blank where they do not apply.)
Improvements Time for Completion
Site grading, swale, drainage pond 30 days from signing of agreement
Street base
Street paving
Curbs, gutters, and culverts
Sidewalk
Storm sewer facilities
Retention ponds
Ditch improvements
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals(house connected)
On-site sewage facilities
On-site water supply and storage
Water mains
Fire hydrants
Survey and street monuments and boxes
Street lighting
Street name signs
Fencing requirements
Landscaping
Park improvements
Road culvert
Grass lined swale
Telephone
Gas
Electric
Water Transfer
SUB-TOTAL: 30 days
I111111VIII11111111111l1111111111VIIIIIIVIIIIII) I11I
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The County, at its option, and upon the request of the Applicant, may grant an extension of time for
completion for any particular improvements shown above, upon a showing by the Applicant that the above
schedule cannot be met.
By: 6e241r/---0/7 -- ems /C9 cP>cE---
Applicant Title Date.
Applicant Title Date
(If corporation,to be signed by President and attested to by Secretary, together with corporate seal.)
11111111111 IIIU 11111 Jill 111111111111 III 111111 III IIII
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440t* MEMORANDUM
wokTO: Board of County Commissioners 9/23/2008
FROM: Chris Gathman - Planner III
COLORADO
SUBJECT: Acceptance of Collateral for SPR-416 (Shaffer)
On September 19, 2008 the Department of Planning Services received collateral in the form of a
Irrevocable Letter of Credit (No. 770) in the amount of($10,440.00)for SPR-416 (Shaffer).
Collateral covered the following items:
Site Grading estimate $ 7,827.00
Seeding & Mulching estimate $ 2,613.00
Total Estimated Cost of Improvements and supervision $ 10,440.00
The improvements agreement and collateral has been reviewed by the Departments of Planning
Services and Public Works and it has been determined that the amount of collateral is sufficient
to cover the proposed improvements. The Departments of Planning Services and Public Works
recommend acceptance of this collateral.
SERVICP..TEAMWORK.INTEGRITY.QUALITY
2008-2674
..
IRREVOCABLE LETTER OF CREDIT ��(�rn
kl`Q< FKI
September 19,2008
Board of County Commissioners
ATTN: Clerk to the Board
PO Box 758
Greeley,CO 80632
RE: Don Shaffer Trucking, Inc
To Whom It May Concern:
We hereby open our Irrevocable Letter of Credit in your favor for the account of Don Shaffer Trucking, Inc,
1811 26th Street, Greeley, CO 80631, for a sum not to exceed the aggregate of Ten Thousand Four Hundred
Forty and no/100ths($10,440.00).
Each draft so drawn must be marked"Drawn under FARMERS BANK, 119 1" Street,Ault, CO 80610, Letter
of Credit No.770"and be accompanied by a signed statement from the Board of County Commissioners of Weld
County, Colorado stating that "the company has committed a material breach of the Improvements Agreement
According to the Policy Regarding Collateral for Improvements regarding Site Plan Review SPR-416 dated the
18th day of September, 2008, by and between Don Shaffer Trucking, Inc and the Board of County
Commissioners of the County of Weld."
This credit is subject,so far as applicable,to"The Uniform Customs and Practice for Documentary Credits, 1993
Revision,The International Chamber of Commerce Publications No. 500"
We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will be duly
honored and presented for payment to our main office, FARMERS BANK, 119 1"Street,Ault, CO 80610. This
letter of credit will expire on November 19,2008 at 5:00P.M.
This letter of credit is automatically extended without amendment, for additional one-year periods from the
current expiration or any future expiration date unless 60 days prior to such current expiration date FARMERS
BANK notifies beneficiary in writing that the letter of credit will not be renewed. In the case you receive such a
notification, you may draw by presentation of the following: (a) a draft at sight on FARMERS BANK; (b) a
statement purportedly signed by an official of the Board of County Commissioners of Weld County, Colorado
stating that we have received notice from FARMERS BANK the Letter of Credit No. 770 will not be renewed
and that Don Shaffer Trucking, Inc has failed to provide proof of adequate collateral and substitution of the
Letter of Credit No. 770; (c) copy of letter from FARMERS BANK stating non-renewal of Letter of Credit No.
770 and the original letter of credit.
Yours truly,
A Jarboe
�
Loan Admin Officer
Farmers Bank-Ault
•
1
____a_
Farmers
sits, N K
November 12, 2008
Board of County Commissioners
ATTN: Clerk to the Board
PO Box 758
Greeley, CO 80632
Re: Don Shaffer Trucking, Inc
To Whom It May Concern,
We hereby wish to notify you that the Letter of Credit#770 dated September 18, 2008 for
$10,440.00 will not be renewed as of November 19, 2008. Enclosed is a copy of the
Letter of Credit issued.
Should you have any questions, please contact me at (970) 834-2121.
Sincerely,
at rill ,(
Andrea Jarb e 0c
Loan Admin Officer
____a__
Farmers
es". N IC
November 14, 2008
Board of County Commissioners
ATTN: Clerk to the Board
PO Box 758
Greeley, CO 80632
Re: Don Shaffer Trucking, Inc.
To Whom It May Concern:
Farmers Bank has extended the Letter of Credit #770 dated September 18, 2008 in the
amount of$10,440.00 for Don Shaffer Trucking, Inc.
Enclosed is a revised Letter of Credit including the new maturity date. Should you have
any questions or concerns, please contact me at (970) 834-2121.
Sincerely,
961,-/Z---c--
Andrea Jarboe
Loan Admin Officer
;i
3
1 I-1
Farmers
B A N K
IRREVOCABLE LETTER OF CREDIT NO. 770
November 14,2008
Board of County Commissioners
A I IN: Clerk to the Board
PO Box 758
Greeley,CO 80632
RE: Don Shaffer Trucking,Inc
To Whom It May Concern:
We hereby open our Irrevocable Letter of Credit in your favor for the account of Don Shaffer Trucking, Inc,
1811 261" Street, Greeley, CO 80631, for a sum not to exceed the aggregate of Ten Thousand Four Hundred
Forty and no/100ths($10,440.00).
Each draft so drawn must be marked"Drawn under FARMERS BANK, 119 1"Street,Ault,CO 80610, Letter
of Credit No.770"and be accompanied by a signed statement from the Board of County Commissioners of Weld
County,Colorado stating that"the company has committed a material breach of the Improvements Agreement
According to the Policy Regarding Collateral for Improvements regarding Site Plan Review SPR-416 dated the
18`° day of September, 2008, by and between Don Shaffer Trucking, Inc and the Board of County
Commissioners of the County of Weld."
This credit is subject,so far as applicable,to"The Uniform Customs and Practice for Documentary Credits, 1993
Revision,The International Chamber of Commerce Publications No.500."
We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit will be duly
honored and presented for payment to our main office,FARMERS BANK, 119 1"Street,Ault,CO 80610. This
letter of credit will expire on September 19,2009 at 5:00P.M.
This letter of credit is automatically extended without amendment, for additional one-year periods from the
current expiration or any future expiration date unless 60 days prior to such current expiration date FARMERS
BANK notifies beneficiary in writing that the letter of credit will not be renewed. In the case you receive such a
notification, you may draw by presentation of the following: (a) a draft at sight on FARMERS BANK; (b) a
statement purportedly signed by an official of the Board of County Commissioners of Weld County,Colorado
stating that we have received notice from FARMERS BANK the Letter of Credit No. 770 will not be renewed
and that Don Shaffer Trucking, Inc has failed to provide proof of adequate collateral and substitution of the
Letter of Credit No.770;(c)copy of letter from FARMERS BANK stating non-renewal of Letter of Credit No.
770 and the original letter of credit.
Yours truly,
Andrea Jarboe 9a,,1¢c
Loan Admin Officer
Farmers Bank-Ault
a_
Farmers
BAN K
August 14, 2009
Board of County Commissioners
Attn: Clerk to the Board
PO Box 758
Greeley, CO 80632
Re: Don Shaffer Trucking, Inc
To Whom It May Concern:
The Letter of Credit #770 in the amount of$10,440.00, issued on behalf of Don Shaffer
Trucking, Inc., will expire on September 19, 2009. Farmers Bank has no further
obligation to renew or extend this Letter of Credit per our borrower.
Should you need additional information or have further questions, please contact me at
(970) 834-2121. Thank you.
Sincerely,
4/66C00-944-ZirC
Andrea Jarboe
Loan Admin Officer
cc: file
119 151 Street • I'.0. Box 220 • Ault. Colorado 80610 • (970)834 2121 I ax(9/u!334 1351
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