HomeMy WebLinkAbout930028.tiff AR2317auj
RESOLUTION
RE: APPROVE RELEASE OF COLLATERAL FOR PHASE 2 - HARRISON RESOURCE
CORPORATION/VALLEY VIEW RANCH P.U.D.
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 March 25, 1992, the Board granted Final
Planned Unit Development (P.U.D. ) Plan approval, Planning case number S-319, to
Harrison Resource Corporation, and
WHEREAS, Phase 1 consists of Lots 1, 2, 3, 4, and 5 of Valley View Ranch
P.U.D. ,and Phase 2 consists of Lots 6, 7, 8, 9, 10, and 11 of Valley View Ranch
P.U.D. , and
WHEREAS, by Resolution dated October 7, 1992, Letter of Credit #659, issued
by the First Interstate Bank in the amount of $21,936, was accepted as adequate
warranty collateral for Phase 2 of the Valley View Ranch P.U.D. , and
WHEREAS, the County Engineer has recommended that the Board release said
warranty collateral, and
WHEREAS, after review, the Board deems it advisable to release said
collateral.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Letter of Credit #659, issued by the First Interstate Bank
in the amount of $21,936, be, and hereby is, 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.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following ongg vote on the 4th day of January, A.D. , 1993.
ATTEST: A J BOARD OF COUNTY COMMISSIONERS
///ppp"'777fff WEL COUNTY, COLORADO
Weld County Clerk to the Board CC Q
Constance L. H rber�man
Deputy Clerk to the Board _ W. H. Webster, Pro-T
APPROVED AS 0 FORM: °BaI fly
G oe'o
Arge E. xt
County Attorney D le K. a 1 /- • 2. e/ice ens -
Barbara J. Kirkmeye O
B 1366 REC 02317809 01/11/93 15: 25 $0 .00 1/001 PL0847
F 1655 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO 930028
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TO Board of Weld County Commission is December 28, IJ92
COLORADO From Drew Scheltinga
1i
sobjectValley View Ranch PUD Phase II Collateral S-319
I have inspected the Phase II improvements in Valey View Ranch PUD as outlined
in our improvements agreement with Harrison Resource Corporation. The
utilities have been installed and the street construction is complete. The
road is a gravel surface and will not be maintained by Weld County. Therefore,
the one year warranty period is not applicable.
The collateral for the Phase II improvements in the amount of $24,502.00 may
be released.
DS/pds:mcomm.pds
cc: Lee Morrison, Assistant County Attorney
Lanell Swanson, Planning
Clerk to the Board
Craig Harrison, Harrison Resource Corp.
Subdivision File - Valley View Ranch S-319
930028
First Interstate Bank /W.
i 9 3
of Fort Collins, N.A.
First P.O.Collins,x 578
Fort C , CO 80522 1`
.3 Interstate (303) 482-4861 f �� ,
Bank C,t 0A�
76 b &s k
March 27, 1992 Si- e_. A Qct
. C&-Ptc c1 6"
County of Weld, State of Colorado
Department of Planning Services
915 10th Street
Greeley, CO 80631
Re: Letter of Credit No. 659
Dear Sirs:
We hereby establish, at the request and for the account of Harrison
Resource Corporation in your favor, our Irrevocable Letter of
Credit No. 659 in the amount of $21,936. 00, effective immediately
and expiring at the close of banking business on April 15, 1993,
unless automatically renewed as herein provided, at our office at
205 West Oak Street, Fort Collins, Colorado 80521.
This Letter of Credit is intended for the Valley View Ranch project
for the assurance of the completion of the Improvements Agreement
dated March 30, 1992. Funds under this Letter of Credit are
available to you for one or more drawings prior to the close of
business on April 15, 1993 against sight drafts in an aggregate
cumulative amount not to exceed $21,936. 00, dated the date of
presentment, drawn on our office referred to above, referring
thereon to the number of this Letter of Credit and accompanied by
your written certificate signed by you and acknowledged as therein
provided in the form of Exhibit A hereto.
Presentation of such draft and certificate shall be made at our
office referred to above.
Upon the earlier of (i) our honoring your draft(s ) totaling
$21, 936 . 00 in the aggregate presented on or before this Letter of
Credit expires pursuant to the terms herein, or (ii) the surrender
to us by you of this Letter of Credit for cancellation, this Letter
of Credit shall automatically terminate.
This Letter of Credit is not transferable.
This Letter of Credit sets forth in full our undertaking, and such
undertaking shall not in any way be modified, amended, amplified or
limited by reference to any document, instrument or agreement
referred to herein, except only the certificate and draft(s)
referred to herein; and any such reference shall not be deemed to
incorporate herein by reference any document, instrument or
agreement except for such certificate and drafts.
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This Letter of Credit shall be governed by the Uniform Commercial
Code -- Letters of Credit as enacted in the State of Colorado.
This Letter of Credit is issued subject to the Uniform Customs and
Practice for Documentary Credits, 1983 revision, ICC Publication
No. 400 ( 1984) excluding Articles 45 and 54 (regarding installment
drawings and transfer) therefore and except to the extent that
other articles there may by inconsistent with the UCC or the terms
of the Letter of Credit.
This Letter of Credit is automatically renewable for a period of
one year on April 15, 1993 unless at least 60 days prior to the
expiration date First Interstate Bank of Fort Collins, N.A.
notifies you by certified mail that the Bank does not intend to
renew this Letter of Credit beyond its expiration date.
271
Ed Wilkins
Assistant Vice President
Commercial Loan Department
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