HomeMy WebLinkAbout910491.tiff RESOLUTION
RE: APPROVE ACCEPTANCE OF LETTERS OF CREDIT - ANTELOPE HILLS, PUD, C/0 DUANE
KUNKEL
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, a Site Specific Development Plan and Planned Unit Development Plan
for an eight-lot residential subdivision was approved by the Board, by Resolution
dated April 10, 1991, for Antelope Hills, PUD, and
WHEREAS, Condition of Approval 111 requires a subdivision improvements
agreement and a landscaping improvements agreement be executed and collateral for
said improvements be accepted by the Board of County Commissioners, and
WHEREAS, the Board has entered into a Subdivision Improvements Agreement
and a Landscaping Improvements Agreement with Duane Kunkel, both dated May 29,
1991, and
WHEREAS, Irrevocable Letters of Credit 710104002001 and #0104002002 have
been received from the Bank of Windsor, in the amount of $31,462.00 and
$27,637. 76, respectively, to meet said requirement.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that Irrevocable Letters of Credit 1!0104002001 and 110104002002
from the Bank of Windsor, submitted by Duane Kunkel be, and hereby are, accepted.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 10th day of June, A.D. , 1991.
BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, C LORADO
r
Weld County Clerk to the Board
f Gordo airman
By: /7 ` N
Deputy Clerk to the Board_-- c Geo e Kenne y, Pro Tem --�
APPRg1LE6 AS TO FORM: 197.�7-7-"Occ-e �fl“-e-
�_ Constance L. Harbert
! 44--z_
County Attor ay C. W. Kir y
W. H. Webster
910491
p�or rI 'tau �v
rnJ
1-19
i
April 15 , 1991
IRREVOCABLE LETTER OF CREDIT
Weld County Board of Commissioners
915 10th Street
Greeley , Colorado 80631
Gentlemen :
By order of and for the account of Duane Kunkel , 957 Hemlock Dr . ,
Windsor , Colorado 80550, we hereby establish our irrevocable
Letter of Credit No.O/le40,0 .W in your favor for the principal
amount not exceeding the sum of THIRTY ONE THOUSAND FOUR HUNDRED
SIXTY TWO AND 00/ 100ths U. S . DOLLARS (U .S. $31 , 462 . 00) available
by one or more drafts at sight on us . This Letter is effective
April 17 , 1991 and expires at the office of The Bank of Windsor ,
Windsor , Colorado, no later than 3 :00 p.m. , Greeley time on April
10 . 1992.
. . . p 4-17-`ii
From time to time the applicant may make application with the
County Commissioners to reduce said collateral balance in
accordance with Article 9 and Exhibit A of the agreement between
the County and the applicant .
Each draft so drawn must be marked "Drawn under the Bank of
Windsor , Windsor , Colorado 80550 , Letter of Credit0/63/6 Wand be
accompanied by a statement signed by the Chairman of the Board of
County Commissioners of Weld County , Colorado , certifying that
Antelope Hills , or Duane Kunkel , have failed to meet certain
terms and conditions of the improvements agreement between
Antelope Hills P . U . D . , and the Board of County Commissioners of
Weld County , on behalf of the County of Weld , State of Colorado .
Failure to comply may include by not be limited to:
( a ) A failure to provide a commitment for a subsequent
Letter of Credit thirty ( 30 ) days prior to the
expiration of this Letter of Credit in an amount equal
to the current value of the letter plus any increase
in the Consumer Price Index over the preceding twelve
( 1 ) month_ , It the improvements have not been
conhpleted .
910491
-� ,-N
( b) A failure to construct the internal street in
accordance with Weld County standards .
( c ) A failure to construct the water services in accordance
with North Weld County Water District standards .
Up to $26, 742 .70 of this Letter of Credit may be released to the
applicant upon presentation of statements in accordance to
Article 9 and the schedule of values in Exhibit A , signed by the
Chairman of the Board of County Commissioners and attested to by
the Clerk to the Board .
The balance of $4719 . 30 being 15% of the total agreement will be
released at such time as the applicant has completed the
improvement and completed the requirements of Article 9 of the
improvements agreement .
This Letter of Credit sets forth in full the terms of our
undertaking and such undertaking shall not in any way be
modified ; amended or amplified by reference to any document or
instrument referred not specifically referred to within this
Document . This Letter of Credit relates directly and only to the
improvements agreement between the County and the Applicant .
Such reference shall be deemed to incorporate herein by
reference.
We hereby agree with the drawers , endorsers , and bonafide holders
of drafts drawn under and in compliance with the terms of this
credit , that such drafts will be duly honored upon presentation
to the drawee.
Very truly yours ,
THE BANK OF WINDSOR
WINDSOR , COLORADO
i�
BY • 1 �
010491
April 15 , 1991
IRREVOCABLE LETTER OF CREDIT
FOR
LANDSCAPE IMPROVEMENTS AGREEMENT
Weld County Board of Commissioners
915 10th Street
Greeley , Colorado 80631
Gentlemen :
By order of and for the account of Duane Kunkel , 957 Hemlock Dr . ,
Windsor , Colorado 80550 , we hereby establish our irrevocable
Letter of Credit No .64n±2D.9OGW in your favor for the principal
amount not exceeding the sum of TWENTY SEVEN THOUSAND SIX HUNDRED
THIRTY SEVEN AND 76/100ths U.S . DOLLARS (U.S . $27 , 637 . 76 )
available by one or more drafts at sight on us. This Letter is
effective April 17 , 1991 and expires at the office of The Bank of
Windsor , Windsor , Colorado, no later than 3 :00 p.m. , Greeley time
on April 10. 1992.
t • 1 cre-, - v-/7 ` /
From time to time the applicant may make application with the
County Commissioners to reduce said collateral balance in
accordance with Article band Exhibit A of the agreement between
the County and the applicant for each completed Lot .
Each draft so drawn must be marked "Drawn under the Bank of
Windsor , Windsor , Colorado 80550 , Letter of Creditc3/by009/W and be
accompanied by a statement signed by the Chairman of the Board of
County Commissioners of Weld County , Colorado , certifying that
Antelope Hills , or Duane Kunkel , have failed to meet certain
terms and conditions of the improvements agreement between
Antelope Hills P . U . D . , and the Board of County Commissioners of
Weld County . on behalf of the County of Weld , State of Coloraco .
Failure to comply may include by not be limited to :
91€ 401
( a ) A failure to provide a commitment for a subsequent
Letter of Credit thirty (30) days prior to the
expiration of this Letter of Credit in an amount equal
to the current value of the letter plus any increase
in the Consumer Price Index over the preceding twelve
( 12) months , if the improvements have not been
completed .
( b ) Failure to complete landscaping work including sod or
seed planting , irrigation , installation tree and shrub
planting , as outlined in Exhibit A.
( c ) Failure to complete the landscaping package within nine
months after issuance of a certificate of occupancy ,
or within an additional three months if approved by
the Association .
The value of each individual Lot ' s landscape improvement may be
released to the applicant upon presentation of statements in
accordance to Article b and the schedule of values in Exhibit A ,
signed by the Chairman of the Board of County Commissioners and
attested to by the Clerk to the Board .
This Letter of Credit sets forth in full the terms of our
undertaking and such undertaking shall not in any way be
modified ; amended or amplified by reference to any document or
instrument referred not specifically referred to within this
Document . This Letter of Credit relates directly and only to the
improvements agreement between the County and the Applicant .
Such reference shall be deemed to incorporate herein by
reference .
We hereby agree with the drawers, endorsers , and bonafide holders
of drafts drawn under and in compliance with the terms of this
credit , that such drafts will be duly honored upon presentation
to the drawee .
Very truly yours,
THE BANK OF WINDSOR
WINDSOR, COLORADO 21L-31-✓ p
/ 910
O+k*"
Hello