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RESOLUTION
RE: APPROVAL OF IMPROVEMENTS AGREEMENT - ACCORDING TO POLICY
REGARDING COLLATERAL FOR INTERNAL IMPROVEMENTS - LUNDVALL
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, pursuant to Section 11-1 of the Weld County
Subdivision Regulations, the Board has been presented with an
Improvements Agreement according to the policy regarding
collateral for internal improvements, said Improvements Agreement
being between Weld County and Steve S. Lundvall , regarding the
Replat of Lots 1 and 2 , Arrowhead Subdivision, Fourth Filing, and
WHEREAS, after review, the Board deems it advisable to
approve said Improvements Agreement, with the terms and conditions
being as stated in the Agreement, a copy of which is 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 the policy regarding collateral for
improvements between Weld County and Steve S. Lundvall, regarding
the Replat of Lots 1 and 2 , Arrowhead Subdivision, Fourth Filing,
be, and hereby is, approved.
The above and foregoing Resolution was, on motion duly made
and seconded, adopted by the following vote on the 30th day of
December, A.D. , 1985 .
Jj/I� `' BOARD OF COUNTY COMMISSIONERS
T: `ATTES A ...-/W'nc t " WELD COUNTY, COLORADO
Weld County Clerk and Recorder
and Clerk to the Board J cq ine son, C airman
EXCUSED
BY: 6 -?)L Lle &) Gene R. Brantner, Pro-Tem
D puty County Crk
it
APPROVED AS TO FORM: C. . Xi
o•C:?Ir41 . L
County Attorney
Frank ama chi
�L OOe/ � '�e4'ie 851355
IMPROVEMENTS AGREEMENT ACCORDING
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
THIS AGREEMENT, made and entered into this 26t'^ day of November
1985$ by and between the County of Weld, State of Colorado, acting through
its Board of County Commissioners, hereinafter called "County", and
STEVE S LUNDVALL , 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:
LOT ONE (1) AND LOT TWO (2) in BLOCK TFN (10)
Arrowhead Fourth Filing, a subdivision in Weld
County, Colorado
WHEREAS, a final subdivision plat of said property, to be known as
replat of Lot One
has been submitted to the County for approval; and
WHEREAS, Section 11-1 of the Weld County Subdivision Regulations provides
that no final plat shall be approved by the County until the Applicant has
submitted a Subdivision Improvement Agreement guaranteeing the construction of
the public improvements shown on plans, plats and supporting documents of the
subdivision, 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 subdivision improvements listed on Exhibit "A" which is attached
hereto and made a part hereof by this 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.
1.3 Applicant shall furnish drawings and cost estimates for roads within
the subdivision to the County for approval prior to the letting of
any construction contract. Before acceptance of the roads within
the subdivision by the County, Applicant shall furnish one set of
reproducible "as-built" drawings and a final statement of
construction cost 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. All such
rights-of-way and easements used for the construction of roads to be
accepted by the County shall be conveyed to the County and the documents
of conveyance shall be furnished to the County for recording.
3.0 Construction: Applicant shall furnish and install, at its own expense,
the subdivision improvements listed on Exhibit "A" which is attached
hereto and made a part hereof by this reference, according to the
construction schedule set out in Exhibit "B" also attached hereto and
made a part hereof by this 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 subdivision 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 subdivision is proposed, the requirements
and standards of the County shall be adhered to. If both the
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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 The 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 subdivision 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 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 workman's compensation insurance and
-3-
/,
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.
5.0 Acceptance of Streets for Maintenance by the County: Upon compliance
with the following procedures by the Applicant, streets within a
subdivision may be accepted by the County as a part of the County road
system and will be maintained and repaired by the County.
5. 1 If desired by the County, portions of street improvements may be
placed in service when completed according to the schedule shown on
Exhibit "B", but such use and operation shall not constitute an
acceptance of said portions.
5.2 County may, at its option, issue building permits for construction
on lots for which street improvements detailed herein have been
started but not completed as shown on Exhibit "B", and may continue
to issue building permits so long as the progress of work on the
subdivision improvements in that phase of the development is
satisfactory to the County; and all terms of this Agreement have
been faithfully kept by Applicant.
5.3 Upon completion of the construction of streets within a subdivision
and the filing of a Statement of Substantial Compliance, the
applicant(s) may request in writing that the County Engineer inspect
its streets and recommend that the Board of County Commissioners
accept them for partial maintenance by the County. Partial
maintenance consists of all maintenance except for actual repair of
streets, curbs and gutters, and related street improvements.
Not sooner than nine months after acceptance for partial maintenance
of streets, the County Engineer shall, upon request by the
applicant, inspect the subject streets, and notify the applicant(s)
of any deficiencies. The County Engineer shall re-inspect the
streets after notification from the applicant(s) that any
deficiencies have been corrected. If the County Engineer finds that
the streets are constructed according to County standards, he shall
recommend acceptance of streets for full maintenance. Upon a
receipt of a positive unqualified recommendation from the County
Engineer for acceptance of streets within the development, the Board
of County Commissioners shall accept said streets as public
facilities and County property, and shall be responsible for the
full maintenance of said streets including repair.
-4- - - „ .,,
6.0 General Requirements for Collateral:
6. 1 The value of all collateral submitted to Weld County must be
equivalent to 100% of the value of the improvements as shown in this
Agreement. Prior to Final Plat approval, the applicant shall
indicate which of the five types of collateral he prefers to be
utilized to secure the improvements subject to final approval by the
Board of County Commissioners and the execution of this Agreement.
Acceptable collateral shall be submitted and the plat recorded
within six months of the Final Plat approval. If acceptable
collateral has not been submitted within six months then the Final
Plat approval and all preliminary approvals shall automatically
expire. An applicant may request that the County extend the Final
Plat approval provided the cost estimates are updated and the
development plans are revised to comply with all current County
standards, policies and regulations. The improvements shall be
completed within one year after the Final Plat approval (not one
year after acceptable collateral is submitted) unless the
applicant(s) requests that this Agreement be renewed at least thirty
(30) days prior to its expiration and further provides that cost
estimates for the remaining improvements are updated and collateral
is provided in the amount of 100% of the value of the improvements
remaining to be completed. If improvements are not completed and
the agreement not renewed within these time frames, 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.
6.2 The applicant may choose to provide for a phased development by
means of designating portions of a Planned Unit Development,
Subdivision, or Change of Zone, that the applicant wishes to
develop. The applicant would need only to provide collateral for
the improvements in each portion of said Planned Unit Development,
Subdivision, or Change of Zone as he proposes to develop them; the
County will place restrictions on those portions of the Planned Unit
Development, Subdivision, or Change of Zone, which are not covered
by collateral which will prohibit the conveyance of the property or
the issuance of building permits on said portions until collateral
is provided for those portions or until improvements are in place
and approved pursuant to the requirements for a Request for Release
of Collateral.
_S_
6.3 Applicant intends to develop in ^i1' phase(s) in accordance
with Exhibits "A" and "B".
7.0 Improvements Guarantee: The five types of collateral listed below are
acceptable to Weld County subject to final approval by the Board of
County Commissioners.
7. 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:
- The Letter of Credit shall be in an amount equivalent of 100%
of the total value of the improvements as set forth in
Section 6.0 and exhibits "A" and "B".
- 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.
- The applicant may draw from the Letter of Credit in accordance
with the provisions of this policy.
- 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 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.
- The Letter of Credit shall specify that 15% of the total Letter
of Credit amount cannot be drawn upon and will remain available
to Weld County until released by Weld County.
- 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 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)
-6-
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.
7.2 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:
- 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 M.A.I. member of the
American Institute of Real Estate Appraisers indicating that
the value of the property encumbered in its current degree of
development is sufficient to cover 100% of the cost of the
improvements as set forth in the Improvements Agreement plus
all costs of sale of the property.
- 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 M.A.I. member of the
Institute of Real Estate Appraisers indicating that the value
of the property encumbered in its current state of development
is sufficient to cover 100% of the cost of the improvements as
set forth in the Improvements Agreement plus all costs of sale
of the property.
- A title insurance policy insuring that the Trust Deed creates a
valid encumbrance which is senior to all other liens and
encumbrances.
- A building permit hold shall be placed on the encumbered
property.
7.3 Escrow Agreement that provides at least the following:
- The cash in escrow is at least equal to 100% of the amount
specified in the Improvements Agreement.
- The escrow agent guarantees that the escrowed funds will be
used for improvements as specified in the agreement and for no
other purpose and will not release any portion of such funds
without prior approval of the Board.
- The escrow agent will be a Federal or State licensed bank or
financial institution.
-7-
If the County of Weld County determines there is a default of
the Improvements Agreement, the escrow agent, upon request by
the County, shall release any remaining escrowed funds to the
County.
7.4 A surety bond given by a corporate surety authorized to do business
in the State of Colorado in an amount equivalent to 100% of the
value of the improvements as specified in the Improvements
Agreement.
7.5 A cash deposit made with the County equivalent to 100% of the value
of the improvements.
8.0 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:
8. 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.
8.2 Test results must be submitted for all phases of this project as per
Colorado Department of Highway Schedule for minimum materials
sampling, testing and inspections found in CDOH Materials Manual.
8.3 "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.
8.4 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.
8.5 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.
8.6 The requirements in 8.0 thru 8.5 shall be noted on the final
construction plans.
-8-
8.7 Following the submittal of the Statement of Substantial Compliance
and recommendation of acceptance of the streets for partial
maintenance 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.
8.8 The request for release of collateral shall be accompanied by
"Warranty Collateral" in the amount of 10% 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.
8.9 The warranty collateral shall be released to the applicant upon
final acceptance by the Board of County Commissioners for full
maintenance under Section 5.3 herein.
9.0 Public Sites and Open Spaces: When the Board of County Commissioners,
pursuant to a rezoning, subdivision or planned unit development, requires
the dedication, development and/or reservation of areas or sites other
than subdivision streets and utility easements of a character, extent and
location suitable for public use for parks, greenbelts or schools, said
actions shall be secured in accordance with one of the following
alternatives, or as specified in the PUD plan, if any:
9. 1 The required acreage as may be determined according to Section
8-15-B of the Weld County Subdivision Regulations shall be dedicated
to the County or the appropriate school district, for one of the
above purposes. Any area so dedicated shall be approved by the
County or school district, and shall be maintained by the County or
school district.
9.2 The required acreage as determined according to Section 8-15-B of
the Weld County Subdivision Regulations may be reserved through deed
restrictions as open area, the maintenance of which shall be a
specific obligation in the deed of each lot within the subdivision.
9.3 In lieu of land, the County may require a payment to the County in
an amount equal to the market value at the time of final plat
submission of the required acreage as determined according to
Section 8-15-B. Such value shall be determined by a competent land
-9-
appraiser chosen jointly by the Board and the Applicant. The cash
collected shall be deposited in an escrow account to be expended for
parks at a later date.
10.0 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.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
6o-c--%>A1A.D??Loc----
ATTET: /r1t±*
.uf UWeldCounty erk
and Clerk to the Board
BY: fl �
Deputy Canty er
di
DD AS TO FORM:
t Atunty Attorney
APP --- ji„,
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1 n, c LL
BY: d i�/✓-CC
dddd (title)
Subscribed and sworn to before me this 2a4rriday of November , 19 85
My commission expires:
Apri; .7 G w e f(fG2
Notary Public 1770 25th 'Avenue
er
Greeley, Co
-10-
EXHIBIT "A" PHASE I
Name of Subdivision: A c-.rpuohea.d L ' /
Filing: 447 - Re.QIas+ c Lo+ I t , E O kllII / O
Location: C, R . 54 4 1,<0 J0.. -by. •1 Y2 rn;\ 3 SouTk eivek'
P+ t i�i4. 5 c . 27- -r. sN. - R . i6w, y
Intending to be legally bound, the undersigned Applicant hereby agrees to
provide throughout this subdivision and as shown on the subdivision final plat
dated , 19 , recorded on , 19
in Book , Page No. , Reception No. , the following
improvements.
(Leave spaces blank where they do not apply.)
Estimated
Improvements Unit Cost Construction Cost
Street grading 3.140.00
Street base
Street paving 15_7L i.-F. 10,S34_50
Curbs, gutters, and culverts 2,840.00
Sidewalks
Storm Sewer facilities
Retention ponds
Ditch improvements
Sub-surface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals (house conn)
On-site Sewage facilities
On-site Water supply and storage
Water mains
Fire hydrants
Survey & street monuments & boxes
Street lighting
Street name signs
Fencing requirements
Landscaping
Park improvements
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 $ 1A 61a cn
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 improvements shall be completed accor¢4 t th-e-' c 2ructi schedule
set out in Exhibit "B".
S gn ;ire of Applicant
(If corporation, to be signed by President and attested to by Secretary,
together with corporate seal.)
Date: / / - 4j , 19 7S
-11-
EXHIBIT "B" PHASE I
Name of Subdivision: Afro W h e aA 1 1
Filing: q' #h - Re �''//e + O5 L_04 / ioak 1O
Location: ICJ Q S4 C�'�\ OW t e. /2 Y>1; Ie so, u reek.}
f� Miter sec._ 27- T. SN. - h. ,e Lt)_
Intending to be legally bound, the undersigned Applicant hereby agrees to
construct the improvements shown onthe final subdivision plat of
Ar 01.ok2,GLcl Subdivision,
dated , 19 , Recorded on , 19 ,
in Book , Page No. , Reception No. , the following
schedule.
All improvements shall be completed within ' years from the date of
approval of the final plat.
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
Street grading 6-30-86
Street base 6-30-86
Street paving 6-30-86
Curbs, gutters, and culverts 6-30-86
Sidewalks
Storm Sewer facilities
Retention ponds
Ditch improvements
Sub-surface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals (house conn)
On-site Sewage facilities
On-site Water supply and storage
Water mains
Fire hydrants
Survey & street monuments & boxes
Street lighting
Street name signs
Fencing requirements
Landscaping
Park improvements
SUB-TOTAL
The County, at its option, and upon the request by the Applicant, may grant
an extension of time for completion for any particular improvements shown
above, upon a showing by the Applicant tha th esc ca o e met.
Signature of Applicant
(If corporation, to be signed by President and attested to by Secretary,
together with corporate seal.)
Date: / /- Z C7 , 19 8-5-
-12-
,.......... „
rot /'' mEmoRAnDum
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Gloria Dunn
WIII€ To Current Planner Data December 12, 1985 T^
COLORADO From Donald R. Carroll , Administrative Manager
Subject: S-250:85:7 - Steve Lundvall
The Engineering Department has reviewed the improvement agreement
for Arrowhead Fourth Filing Kiowa Drive and find no conflicts
with it.
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SUB-DIVISION BOND " • rt
Bond NoBND 220 17 3 a
KNOW ALL MEN BY THESE PRESENTS, That STEVE S. LUNDVALL LI
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of Greeley, Colorado As
Principal and THE CONTINENTAL INSURANCE COMPANY OF NEW YORK, NEW YORK an OHIO
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0Corporation as Surety are held and firmly bound unto
c0
BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ___
in the penal stun of ___- _ J
c Thirty-Six Thousand Six Hundred Fourteen & 507100 _hxWl -ARS ($ 36 614_50
91
For a period not to exceed Two Years , for which pa)inent well and truly to be made
and performed, we and each of us do hereby bind ourselves , our heirs , executors 0
administrators , successors and assigns , jointly and severally anal firmly by these c
ct presents. et
r
WHEREAS, STEVE S. LUNDVALL Principal. 7
has made application to the County of Weld for a fcnnal rj
plat named Arrowhead Fourth Filing - Replat of Lot 1
nt
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WHEREAS, said plat shown thereon, among ether things , a tract er parcel. of land ;;I
0 named Lot 1 and Lot 2 in Block 10 :a
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WI-IER• S,the above bounden Principal as O.. ier cf the aforesaid tract have agreed ej
to and with the County of Weld co 1
5 Paving Improvements in Replat of Lot 1 and Lot 2, Arrowhead Fourth_Filing. — id
ri
Victwa Drive `'i
in the said tract of land, at its 0".,11expense, said Paving Improvements rl
to be completed in a manner rj
l acceptable to and approved by the County of Weld •
0
911
NOW THEREFORE, the condition of this obligation is such that , if the above ri
plat is finally approved by the County of Weld 0
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and if the said Principal shall in all things do and perform the 0
t1
Paving Improvements ��
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in the manner specified and shall fully and faithfully do and perform each and every y
e matter and thing to be performed by the said Principal according to the terms and c,
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conditions of this bond, and. shall comply with all requirements of the law of the 0
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County of Weld -.
to
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0 SIGNED, STALED AND DATED this _3rd__ tI;ly al _ December-__ i?
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el STEVE S. LUNIIVALL—_—__
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0 By_ _ —
THE CONTINENTAL INSURANCE COMPANY o,
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,,,•, ,- na�z'zizr - ruuu a �r rp• r .77 Crr 117f L..'r 7 r.�1
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- The Continental Insurance Company
80 Maiden Lane, New York, New York 10038
GENERAL POWER OF ATTORNEY
Know all men by these Presents, That THt CONTINENTAL INSURANCE COMPANY has made.
constituted and appointed, and by these presents does make,constitute and appoint
Norman D. Noe or Ronald F. Otto or Gladys L. Conrady
all of Greeley, Colorado, EACH
its true and lawful attorney for it and in its name, place, and stead to execute on behalf of the said Company, as surety,bonds,
undertakings and contracts of suretyship to be given to
all obligees
provided that no bond or undertaking or contract of suretyship executed under this authority shall exceed in amount the
sum of One Million ($1,000,000.) Dollars.
This Power of Attorney is granted and is signed and sealed by facsimile under and by the authority of the following Resolu-
tion adopted by the Board of Directors of the Company on the 1st day of November, 1977.
''RESOLVED. that the Chairman of the Board, the Vice Chairman of the Board, the President, an Execcbive Vice President or a Senior Vice Pres.-
dent or a Vice President of the Company. be and that each or any of them is. authorized to execute Powers of Attorney Qualifying the attorney named in the
given Power of Attorney to execute in behalf of the Company, bonds underiak.ngs and all contracts of suretyship, and that an Assistant Vice President, a
Secretary or an Assistant Secretary be, and that each or any of them hereby is authorized to attest the execution of any such Power of Attorney, and to
attach thereto the seal of the Company
FURTHER RESOLVED.that the signatures of such officers and the seal of the Company may be affixed to any such Power of Attorney or to any
certificate relating thereto by facsimile and any such Power of Attorney or certificate bearing such facsimile signatures or facsimile seal shall be valid
and binding upon the Company when so affixed and in the future with respect to any bond undertaking or contract of suretyship to which it is attach-
ed."
In Witness Whereof, THE CONTINENTAL INSURANCE COMPANY has caused its official seal to be hereunto affixed,
and these presents to be signed by one of its Vice Presidents and attested by one of its Assistant Vice Presidents this 3rd
day of January, 1979.
THE CONTINENTAL INSURANCE COMPANY
Attest:
p By �/J`�//�
(..:27?5..1. c:::" ...c..4 C/:.77")
':.: - I .
T H Stephens.Assistant vice President to L Ford. Vice-President
STATE OF NEW YORK,
COUNTY OF NEW YORK, } 55
On this 3rd day of January. 1979, before me personally came M. L. Ford, to me known, who being by me duly sworn,
did depose and say that he resides in Summit, in the county of Essex. State of New Jersey, at 768 Springfield Avenue; that
he is a Vice President of THE CONTINENTAL INSURANCE COMPANY, the corporation described in and which executed
the above instrument;that he knows the seal of the said corporation; that the seal affixed to the said instrument is such cor-
porate seal; that it was so affixed by order of the Board of Directors of said corporation and that he signed his name there-
to by like order.
M0119,4p":.
.eUPtK' /Pod
ETHEL TARANTO
•...... NOtARY PUBLIC.State of New York
No 24 4663117 Oual.In Kings County
CERTIFICATE Commission Expires March 30 1980
I, the undersigned, an Assistant Secretary of THE CONTINENTAL INSURANCE COMPANY, a New Hampshire corporation,
DO HEREBY CERTIFY that the foregoing and attached Power of Attorney remains in full force and has not been revoked; and
furthermore that the Resolution of the Board of Directors, set forth in the said Power of Attorney, is now in force.
Signed and sealed at the City of New York. Dated the 3rd day of December , 19 85 .
/. � James H Keane.Assistant Secretary
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lele Printed in U 5 A.
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