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RESOLUTION
RE: APPROVE COLLATERAL FOR LONG TERM ROAD MAINTENANCE AND
IMPROVEMENTS AGREEMENT FOR WELD COUNTY ROAD 38-PLATTE SAND AND
GRAVEL, LLC
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 December 8,2004, the Board of County Commissioners approved a Long
Term Road Maintenance and Improvements Agreement for Weld County Road 38 with Platte Sand
and Gravel, LLC, 1300 Harlan Street, Lakewood, Colorado 80215, and
WHEREAS, the Board has been presented with Irrevocable Letter of Credit#00345 from
Centennial Bank of the West, 2700 47th Avenue, Greeley, Colorado 80634, in the amount of
$911,042.00, and
WHEREAS,after review,the Board deems it advisable to accept said Irrevocable Letter of
Credit as stated above, a copy of which is attached hereto and incorporated herein by reference.
NOW, THERFORE, BE IT RESOLVED that Irrevocable Letter of Credit #00345 from
Centennial Bank of the West, 2700 47th Avenue, Greeley, Colorado 80634, in the amount of
$911,042.00, be and hereby is, accepted.
The above and foregoing Resolution was,on motion duly made and seconded,adopted by
the following vote on the 19th day of June, A.D., 2006.
BOARD OF COUNTY COMMISSIONERS
A ELD COUNTY, COLORADO
ATTEST: �G ,._/,{� �, I Q CUSED
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Weld County Clerk to the B r % 4 ,itiTh
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Date of signature: (1')MCC,
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MEMORANDUM
CTO: Clerk to the Board DATE: 6/9/2006
COLORADO FROM: Perry Eisenach, Engineering Division Manage
SUBJECT: Agenda Item
Irrevocable Letter of Credit No. 00345 for Platte Sand and Gravel, LLC
Document#2004-3421
The appropriate documentation is attached.
Enclosures
pc: Frank B. Hempen, Jr., P.E., Director of Public Works/County Engineer
Ester Gesick, CTB
M:AFrancie'Agenda Item.doc
2006-1655
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CENTENNIAL
Bank of the West
IRREVOCABLE LETTER OF CREDIT NO. 00345
May 18, 2006
Weld County Board of Commissioners
P. O. Box 758
Greeley, Colorado 80632
Re: Platte Sand and Gravel, LLC
Dear Sirs:
We hereby open our Irrevocable Letter of Credit #00345 in your favor for the account of
Platte Sand and Gravel, LLC, for a sum not to exceed the aggregate of Nine Hundred
Eleven Thousand Forty Two and No/100 Dollars ($911,042.00).
This letter or credit is furnished to comply with Weld County Ordinance (Sec. 2-3-30)
regarding collateral for Improvements as it pertains to that certain Long-Term Road
Maintenance and Improvements Agreement, dated December 8, 2004, recorded
December 17, 2004, at Reception Number 3244868, by and between Platte Sand and
Gravel, LLC the Board of County Commissioners of the County of Weld related to the
widening and paving of Weld County Road 38 pursuant to plans and specifications
previously approved by Weld County.
Any draft drawn against this Letter of Credit must be marked "Drawn under Letter of
Credit No. 00345, CENTENNIAL BANK OF THE WEST, 2700 47`h Avenue, Greeley,
CO 80634 and shall be accompanied by a signed statement from the Board of County
Commissioners of Weld County, Colorado setting forth one or more material breaches
Platte Sand and Gravel, LLC, has committed with respect to said Road Improvements
Agreement. This credit is subject, so far as applicable, to The Uniform Customers and
Practice for Documentary Credits, 1993 Revision, the International Chamber of
Commerce Publication No. 500.
Weld County Board of Commissioners
Letter of Credit#00345
May 18, 2006—Page 2.
We hereby agree with you that all drafts drawn under, and in compliance with the terms
of this credit will be duly honored when and if presented for payment to CENTENNIAL
BANK OF THE WEST, 2700 47th Avenue, Greeley, CO 80634. Provided, also, that
Seven Hundred Seventy Four Thousand Three Hundred Eighty Five and 70/100 Dollars
($774,385.70) of the amount of this letter of credit will automatically expire at 5:00 p.m.
on the date of the acceptance in writing by Weld County of the road improvements to be
installed by Platte Sand and Gravel, LLC. pursuant to the above mentioned Road
Improvement Agreement. The remaining One Hundred Thirty Six Thousand Six
Hundred Fifty Six and 30/100 Dollars ($136,656.30) of the amount of this Letter of
Credit will automatically expire at 5 p.m. on the date which is One (1) year next
following the date of acceptance mentioned earlier in this paragraph.
n ely
k 1514\V
Christopher W. Jeavons
Regional President
CJ\
Page 1 of 1
Donna Bechler
From: Perry Eisenach
Sent: Friday, June 09, 2006 12:16 PM
To: Bruce Barker
Cc: Donna Bechler
Subject: Letter of Credit- Platte Sand & Gravel
Bruce,
We have received a letter of credit from Platte Sand & Gravel for$911,042 for WCR 38 improvements. There is
not a specific expiration date. It simply states that$774,385 (85% of the total) of the letter of credit will expire
upon written acceptance by Weld County of the WCR 38 improvements. The remaining 15%, or$136,656, will
expire one year after the date of written acceptance by Weld County.
Is this acceptable?
Thanks for your help.
Perry
Perry Eisenach, P.E.
Engineering Division Manager
Weld County Public Works Dept.
1111 H Street, P.O. Box 758
Greeley, CO 80632
(970) 304-6496, Ext. 3758
FAX: (970) 304-6497
peisenach@co.weld.co.us
6/9/2006
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