HomeMy WebLinkAbout20052717 risk,
CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
I
FAX: (970) 352-0242
WI P. 0. BOX 758
O GREELEY, COLORADO 80632
COLORADO
August 4, 2005
1st Choice Bank
2164 35th Avenue
Greeley, Colorado 80634
RE: Cancellation and release of Collateral - Tri-City Ventures, LLC
To Whom It May Concern:
Attached hereto please find a copy of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The original Irrevocable Letter of
Credit is enclosed.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By:
Carol A. Harding,
Deputy Clerk to the Board
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2005-2717
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IRREVOCABLE LETTER OF CREDIT NO. 147
2164 35th Avenue 'COLERK J
Greeley, Colorado 8O634 I THE 7,C1 TiI/r/
Phone: (970) 330-3300
April 22, 1996
Government of Weld County,Colorado
ATTN: Lee Morrison Q, itLQ
1400 N. 17th Avenue
Greeley, CO 80631
RE: Meadow Brook Farm
do Tri-City Ventures,LLC
Jeff Perryman-Managing Partner
ATTN: Lee Morrison
We hereby open our Irrevocable Letter of Credit in your f or for the account of Tri-City Ventures,LLC,6538 E. U.S.
Highway 34,Loveland,Colorado, 80537,for a sum not exceed the aggregate of$26,500.00,(Twenty Six Thousand
Five Hundred and No/100).
Each draft so drawn must be marked"Drawn unde ST CHOICE BANK,2164 35th Avenue,Greeley,Colorado,
Letter of Credit No. 147"and be accompanied by "signed statement from the Board of County Commissioners of
Weld County,Colorado stating the Tri-City Ve tures,LLC has committed a material breach of the Improvements
Agreement According to Policy Regarding c ateral for Improvements regarding Meadow Brook Farm subdivision
dated the 22th day of April, 1996 by and be een Tri-City Ventures,LLC and the Board of County Commissioners of
the County of Weld."
This credit is subject,so far as applica e,to"The Uniform Customs and Practice for Documentary Credits, 1983
Revision,The International Chambe of Commerce Publication No.400."
We hereby agree with you that a drafts drawn under and in compliance with the terms of this credit will be duly
honored and presented for pay ent to our main office, 1ST CHOICE BANK,2164 35th Avenue,Greeley,Colorado,
80634. This letter of credit I expire on April 22, 1997 at 5:00 P.M.
This letter of credit is aut atically extended,without amendment,for additional one year periods from the current
expiration or any future xpiration date unless 60 days prior to such current expiration date 1ST CHOICE BANK
notifies beneficiary in riting that the letter of credit will not be renewed. In the case you receive such a notification,
you may draw by pr entation of the following: (a)a draft at sight on 1ST CHOICE BANK;(b)a statement
purportedly signe y an official of the Board of County Commissioners of Weld County,Colorado stating that we
have received no ce from 1ST CHOICE BANK the Letter of Credit No. 147 will not be renewed and that Tri-City
Ventures,LLC as failed to provide proof of adequate collateral and substitution of this Letter of Credit No. 147;(c)
Copy of lette from I ST CHOICE BANK stating non-renewal of Letter of Credit No. 147 and the original letter of
credit.
Yours uly,
arrell McAllister
CEO
CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
WI I
FAX: (970) 352-0242
P. 0. BOX 758
O GREELEY, COLORADO 80632
COLORADO
August 4, 2005
Tri-City Ventures, LLC
6538 East U. S. Highway 34
Loveland, Colorado 80537
RE: Cancellation and release of Collateral
To Whom It May Concern:
Attached hereto please find copies of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The original Letter of Credit was
returned to 1st Choice Bank, 2164 35th Avenue, Greeley, Colorado 80634.
If you have questions or need additional information, please do not hesitate to contact me at(970)
356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By:
Carol A. Harding,
Deputy Clerk to the Board
COLLATERAL RELEASED
IN CONJUNCTION WITH
OTHER CASES
SEE #2005-2091
I
i CLERK TO THE BOARD
P. O. BOX 758 y�yP°Sr-1%,li t4;iii GREELEY, COLORADO 80632 r • i:,0
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