HomeMy WebLinkAbout20010486.tiff 0 l RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL AND ACCEPT
REPLACEMENT COLLATERAL FOR USE BY SPECIAL REVIEW PERMIT#1217 -
FAITH TABERNACLE CHURCH, C/O DANNY PERDEW
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, by Resolution dated January 29, 2001, the Board did approve an
Improvements Agreement According to Policy Regarding Collateral for Improvements (Private
Road Maintenance) with Faith Tabernacle Church, do Danny Perdew, 13248 Weld County
Road 72, Greeley, Colorado 80631, concerning property described as Lots 2, 3, 4, 5, 6, and 7,
Block 1, Peterson-Alexander Subdivision; being part of Section 16, Township 5 North,
Range 66 West of the 6th P.M., Weld County, Colorado, and
WHEREAS, pursuant to said Improvements Agreement, Irrevocable Letter of Credit
#000107 from Centennial Bank of the West, 2700 47th Avenue, Greeley, Colorado 80634, in
the amount of $13,000.00, was submitted to Weld County, and
WHEREAS, Faith Tabernacle Church, c/o Danny Perdew, has presented Irrevocable
Letter of Credit#3305708-6001 from Vectra Bank of Colorado, 301 First Street, Kersey,
Colorado 80644, in the amount of$13,000.00, to Weld County as replacement collateral, and
WHEREAS, the Board of County Commissioners deems it advisable to cancel and
release Irrevocable Letter of Credit#000107 from Centennial Bank of the West, 2700 47th
Avenue, Greeley, Colorado 80634, and to accept Irrevocable Letter of Credit#3305708-6001
from Vectra Bank of Colorado, 301 First Street, Kersey, CO 80644, in the amount of
$13,000.00.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that Irrevocable Letter of Credit#000107 from Centennial Bank of the
West, 2700 47th Avenue, Greeley, Colorado 80634, in the amount of$13,000.00, be, and
hereby is, canceled and released.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby
is, directed to return said collateral to the appropriate issuing party.
BE IT FURTHER RESOLVED, that Irrevocable Letter of Credit#3305708-6001 from
Vectra Bank of Colorado, 301 First Street, Kersey, CO 80644, in the amount of$13,000.00 be,
and hereby is, accepted.
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CANCEL COLLATERAL - FAITH TABERNACLE CHURCH (USR#1217)
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The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 21st day of February, A.D., 2001.
BOARD OF CO NTY COMMISSIONERS
Mill ��,�` WELD CC'OU , COLORADO
ATTEST: A � A27/ E��Cc/� O:° ��. J. He, hair
Weld County Clerk to the :� (. trot
CUSED DATE OF SIGNING (AYE)
u.�
,+. r 4tlenn Vaad, Pro-Tem
BY:
Deputy Clerk to the Boar. �' • i It l <VT 1 ee
WillierkeC
APP V AST F M: ��Jlljj, &si
David E. Long
ounty Atto ney ��
Robert D. Masden
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VECTRABACOLNK
DO
Banking wherever,whenever you like
1RRREVOCABLE LETTER OF CREDIT#3305708-6001
• January 26.2001
•
Weld County Planning and Zoning
1555 N. 17th Avenue
P.O. Box 1948
Greeley, Co 80631
Re: Completion of Improvements, Faith Tabernacle Church. Inc.
Dear Sirs:
Vectra Bank Colorado. 301 First Street, Kersey. Co 80644. hereby authorizes you to draw on us for the
account of Faith Tabernacle Church,Inc..up to an aggregate amount of THIRTEEN THOUSAND AND
NO/100 DOLLARS(813,000.00),such amount not available except by your drafts at sight,and
accompanied by certification by the Weld County Planning and Zoning that Faith Tabernacle Church, Inc.
failed to complete the installation of improvements for the Faith Tabernacle Church. Inc., Weld County
Colorado, in accordance with the Improvement Agreement for Faith Tabernacle Church, Inc. Filing dated
.2001, by and between Weld County and Faith Tabernacle Church. Inc..a Colorado
Non-Profit Corporation.
We hereby further agree that:
(a) Drafts drawn under,and in compliance with the terms of this Irrevocable Letter of Credit will
be duly honored if presented at our office at 301 First Street,Kersey, Co 80644,on or before
January 26.2002,upon which date this Letter of Credit shall expire,
(b) Funds available under this Irrevocable Letter of Credit may be drawn in such amounts,and
at such times,as determined by the County Planning and Zoning, in his/her sole discretion.
provided that the amount drawn shall not exceed the aggregate amount specified herein.
(c) We shall have no right,duty, obligation, or responsibility to evaluate the performance. or
non-performance, of the underlying contract between Faith Tabernacle Church. Inc.and the
holder of this Letter of Credit.
(d) This Letter of Credit will be reduced to 15%of the face amount($1.950.00)upon acceptance
by Weld County of the public improvements required by the Improvement Agreement
referred to above.
(c) The amount of any draft drawn hereunder must be endorsed on the reverse side hereof. All
drafts must be marked"Drawn under Irrevocable Letter of Credit#3305708-6001. Faith
Tabernacle Church. Inc." and be accompanied by this original Letter of Credit.
Cr
14 V:i 301 First Street•P.O.Box 558•Kersey,Colorado 80644-0558
ttrert
970-356.2265 Member FDIC
Irrevocable Letter of Credit#3305708-6001
Weld County Planning and Zoning/Faith Tabernacle Church, Inc.
January 26,2001
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(I) This 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.
This Credit is issued subject to the uniform customs and practice for documentary credits(1993 Revision),
International Chamber of Commerce Publication No. 500.
Dated this 261'day of January, 2001
Vectra Bank Colorado
BY:
Ray Takala
Vice President/Team Leader
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