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RESOLUTION
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O
O RE: APPROVE RELEASE OF LETTER OF CREDIT IN AMOUNT OF $201, 259.00
V IN EXCHANGE FOR LETTER OF CREDIT IN AMOUNT OF $30, 188 .85 FOR
q DEL CAMINO CENTER PARTNERSHIP AND AUTHORIZE CHAIRMAN TO SIGN
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o x WHEREAS, the Board of County Commissioners of Weld County,
"kw Colorado, pursuant to Colorado statute and the Weld County Home
W Rule Charter, is vested with the authority of administering the
U affairs of Weld County, Colorado, and
WHEREAS, the Board did, by Resolution dated July 31 , 1989,
approve an Improvements Agreement with Del Camino Center Partners
x concerning property described as Del Camino Center P.U.D. , Filing
N a Number 1 , located in the NW* of Section 14, Township 2 North,
o, c; Range 68 West of the 6th P.M. , Weld County, Colorado, and
H WHEREAS , pursuant to said Agreement, a Letter of Credit from
H FirstBank of South Longmont in the amount of $201 , 259 .00 was
r a submitted to Weld County, and
ON
WHEREAS, Del Camino Center Partnership has requested that the
w Board release said Letter of Credit and has submitted a new Letter
o z of Credit from FirstBank of South Longmont in the amount of
N $30, 188 .85 , and
u a WHEREAS, the Board deems it advisable to release the Letter
z of Credit for the following reason:
Ln 1 . Donald Carroll, Administrative Manager of the Weld
County Engineering Department, has reviewed the test
results from Empire Laboratories on the fill material,
w w
and in accordance with ASTM D 698-76 , finds no conflict
with the road construction.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado, that the Letter of Credit,
in the amount of $201, 259.00 , from the FirstBank of South Longmont
concerning certain improvements for Del Camino Center Partnership,
be, and hereby is, released subject to approval by the County
Attorney' s staff of a new Letter of Credit in the amount of
$30, 188. 85.
BE IT FURTHER RESOLVED by the Board that the Chairman be, and
hereby is , authorized to sign said Letter of Credit for release of
same, in exchange for the above stated Letter of Credit.
7�0��J- gK? i� �, I/-/ f'��;.� 891271
Page 2
RE: RELEASE LETTER OF CREDIT - DEL CAMINO CENTER PARTNERSHIP
o The above and foregoing Resolution was , on motion duly made
° U and seconded, adopted by the following vote on the 4th day of
N o December, A.D. , 1989.
U
q (,r � BOARD OF COUNTY COMMISSIONERS
o W ATTEST: ct/t,dlp, ) WELD COUNTY, COLORADO
o a Weld County erk and Recorder ; )
6'1 and Clerk to the Board C. Kirby, Ch irman
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,(, b7Wnf dq 1 ? Al Gen R. Bran ner, Pro-Tem
eputy County erk
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c' a APPROVED AS TO FORM: ons ance L. Harbert
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7 Ge rge enn d
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H E County Attorney
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891271
tl_BAN(
OF SOUTH LONGMONT ...t. : o:.:':, .vND MAIN L, box i4,,, LVNb NUN- • AO s_r;' 3 ._ ,
IRREVOCABLE LETTER OF CREDIT
Date: July 27, lA89
Amount: $201,259..00
Number: 1064 \\
Expiration: Novembe 11 1990
Weld County V
P. 0. Box 459
Greeley, CO 80632 A)
Gentlemen: A j
We hereby open our Irrevocable Letter of Cr t iA your favor by your
drafts drawn at sight on FirstBank of South dnt, N. A. , 600 Florida
Avenue, Longmont , Colorado, for any sum or su ` p to the aggregate amount
of $201,259.00 for the account of Del Camino enter Partnership, a Colorado
General Partnership, 203 South Main Street, L gmont , Colorado, 80501 . ,
.
Any draft must hear upon its face th clause "Drawn under Letter of Credit,
No. 1064 dated July 27, 1989, of Fir. t)3lank of South Longmont ; N "
Payment will only be made to the ex that Del Camino Center I tnership, ,
a Colorado General Partnership has diled to meet their ob i olio ac,dording
to the terms of their agreement ti you. N
1 Il ,\ • 11 , -
The amount of an\ draft wlr\clq (j, negotiated pursuant to his credit ,
together with the date of egtiation, must be endorsed c the reverse side
of the Letter f redit .
I /
This Letter of Cr dit is�fstibject to the Uniform Customs and Practice for
Documentary Cr i 198,8 Revision, The International Chamber of Commerce
Publication d0.
We hereby agree at drafts drawn under and in compliance with the terms
of the Letter of redit will be duly honored if presented to FirstBank of
South Longmont, N. A. on or before November 1, 1990.
Sinc.erel ' ,
n
(Wt-11 a Shoemaker
President
WBS/mk
crf
891271
tlBANC
OF SOUTH LONGMONT &Z."' FLORIDA AND MAIN P O BOX 1499, LONGMONT.COLORADO 80501 303772-3000
IRREVOCABLE LETTER OF CREDIT
Tate: December 1, 1989
Amount: $30, 188.85
Number: 1065
Expiration: December 1, 1990
Weld County
P.O. Box 459
Greeley,, CO 80632
Gentlemen:
We hereby open our Irrevocable Letter of Credit in your favor by your
drafts drawn at sight on FirstBank of South Longmont, N.A. , 600 Florida
Avenue, Longmont, Colorado, for any sum or sums up to the aggregate amount
of $30, 188.85 for the account of Del Camino Center Partnership, a Colorado
General Partnership, 203 South Main Street, Longmont, Colorado 80501.
Any draft must bear upon its face the clause "Drawn under Letter of Credit
No. 1065 dated December 1 , 1989, of FirstBank of South Longmont, N.A."
Payment will only be made to the extent that Del Camino Center Partnership,
a Colorado General Partnership has failed to meet their obligation according
to the terms of their agreement with you.
The amount of any draft which is negotiated pursuant to this credit,
together with the date of negotiation, must be endorsed on the reverse side
of the Letter of Credit.
This Letter of Credit is subject to the Uniform Customs and Practice for
Documentary Credits, 1983 Revision, The International Chamber of Commerce
Publication No. 400.
We hereby agree that drafts drawn under and in compliance with the terms
of the Letter of Credit will be duly honored if presented to FirstBank of
South Longmont, N.A. on or before December 1, 1990.
Sincer y,
Wi iam B. Shoemaker
President
WBS/mw
crf.
77
891271
- BAN(
OF SOUTH LONGMONT A FLORIDA AND MAIN P O BOX 1499 LONGMONT,COLORADO 80501 303-772-3000
December 1, 1989
Weld County
P.O. Box 459
Greeley, Colorado 80532
Gentlemen:
Enclosed in our irrevocable Letter of Credit #1065 for the account of
Del Camino Center Partnership, a Colorado General Partnership.
It is our understanding that the specific development improvements
for the project have been completed and you will release the Letter of
Credit #1064 in the amount of $201,259.00 in exchange for a letter
of credit in the amount of $30,188.85.
Upon acceptance of this Letter of Credit #1065, please return to
FirstBank of South Longmont, N.A. Letter of Credit #1064.
Thank you for your assistance. Please do not hesitate to contact us
if you have any questions.
Sincerely,
avid A. arton
Assistant Cashier
DAS/mw
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encl.
891271
sie mEmoRAnDum
CTo Board of County Commissioners Date November 30, 1989
COLORADO From Rod Allison /11-14-
V
Subject: Letter of Credit for the Del Camino Center PUD
The Department of Planning Services' staff recommends the letter of credit
in the amount of $201,259 for the Del Camino Center PUD be released.
The staff recommends that a letter of credit in the amount of $30,188.85 be
accepted. This amount is equal to 15% of the total letter of credit and is
eligible for release on August 2, 1990.
RA:rg
81271
oo mEmoRAnDum
wineTo Roerd Date Deremher 6 . 1989
COLORADO From Lee D_ Morrison, Assistant County Attorney
Subject: RP1Pace of Letter of Credit - Del Camino
Del Camino Partnership has requested a release of its Letter of
Credit in the amount of $201 ,259. 00, and has supplied a Letter of
Credit (#1065) in the amount of $30 , 188 .85 , dated December 1 ,
1989, to provide warranty collateral for a period of one year for
the recently completed public improvements.
I have reviewed the form of Letter of Credit #1065 , and find it
acceptable.
891271
td, r,(Lh‘D mEmoRAnDum
wiDe Rod Allison, Planning November 29, 1989
To
Date
COLORADO Donald Carroll, Administrative Manager �y��
From 14X '
Del Camino Center - Release Letter of Credit
Subject:
I have reviewed the test results from Empire Laboratories on the fill
material and in accordance with ASTM D 698-78. I find no conflict with
the road construction. Therefore, you may release the Letter of Credit.
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 also 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 plat approval,
whichever occurs first.
1� II
N0V 2 9 1989 ''L
IB Cb. ila s ufjglw
DC/mw:mwdcc
cc: Commissioner Lacy
Subdivision File - Del Camino Center
891271
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