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RESOLUTION
RE: APPROVE RELEASE OF LETTER OF CREDIT IN THE AMOUNT OF $45,000.00 FOR SEKICH
BUSINESS PARK
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, the Board did, by Resolution dated August 20, 1986, approve a Road
O Improvements and Maintenance Agreement between Weld County and Fred M. Sekich and
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o U Nick Sekich, Jr. , and Sekich Business Park, and
0
"a U WHEREAS, the Board was presented with Irrevocable Letter of Credit 110207
O in the amount of $45, 000.00, drawn on IntraWest Bank of Greeley as collateral
4 concerning said Agreement, and
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• WHEREAS, said Letter of Credit 110207 has been replaced with Irrevocable
g W Stand-by Letter of Credit 111181 in the amount of $47,025.00, drawn on United Bank
• of Greeley, and
O
U WHEREAS, the Board deems it advisable to release Letter of Credit 110207
W
• w drawn on IntraWest Bank of Greeley, and to accept Letter of Credit 111181 drawn
w on United Bank of Greeley as collateral for said Road Improvements and
o x Maintenance Agreement concerning Sekich Business Park.
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v a NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
U County, Colorado, that Irrevocable Letter of Credit 110207 in the amount of
o r $45, 000.00, drawn on IntraWest Bank of Greeley be, and hereby is, released.
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� a BE IT FURTHER RESOLVED that Irrevocable Stand-by Letter of Credit 111181 in
W the amount of $47,025.00, drawn on United Bank of Greeley be, and hereby is,
accepted as collateral for said Road Improvements and Maintenance Agreement,
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dated August 20, 1986, concerning Sekich Business Park.
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oZ
M 2 The above and foregoing Resolution was, on motion duly made and seconded,
No adopted by the following vote on the 15th day of July, A.D. , 1991.
C.)
BOARD OF COUNTY COMMISSIONERS
ATTEST: MatWELD COU TY CO RADO
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M 'd' Weld County Clerk to the Board
W A
' Go o E. L hairman
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By: ( ci r) �f
Deputy Cl rke Board Geor�, Proro` Tem
APPROVED AS TO FORM: 5� F1
Constance L. Harbert
CCo' n"Ly Attorney C.
u C. W. Kirby
C t'_yrt<7 O2a2LK7:67C)
W. H. Webster
910596
P 07
UMwd Bank o1 Gndey Na' d Association
1025 Nlnln Avenue
P.O.S0(1058
Greeley.Colorado B0632
Telephone:(303O56-1000
SS United Bank
IRREVOCABLE STAND-BY LETTER OF CREDIT
OUR LETTER OF CREDIT NUMBER: 1181
DATE OF ISSUANCE: FEBRUARY 17, 1988
BENEFICIARY: WELD COUNTY BOARD OF COMMISSIONERS
GENTLEMEN:
AT THE REQUEST OF : FRED M. SEKICH AKA FREDERICK M. SEKICH
NICK SEKICH, JR.
DONNA L. SEKICH
KAREN S. SEKICH
P.O. BOX 508
LONGMONT, COLORADO 80501
AND FOR THE ACCOUNT OF: FRED M. SEKICH AKA FREDERICK M. SEKICH, NICK SEKICH, JR.,
DONNA L. SEKICH, KAREN S. SEKICH
WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 1181 WHICH IS
AVAILABLE BY PAYMENT AGAINST BENEFICIARY'S DRAFT AT SIGHT, DRAW ON UNITED BANK
OF GREELEY NATIONAL ASSOCIATION.
THIS CREDIT IS FOR AN AGGREGATE AMOUNT NOT TO EXCEED A TOTAL OF U.S. DOLLARS
$47,025.00. THE DRAFT SUBMITTED MUST BE ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
1. THIS LETTER OF CREDIT
2. A WRITTEN STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED SIGNER OF WELD COUNTY
BOARD OF COMMISSIONERS STATING THAT SEKICH BUSINESS PARK, OR FREDERICK M. AND NICK
SEKICH, JR., HAVE FAILED TO MEET CERTAIN TERMS AND CONDITIONS OF THE FR
AD
IMPROVEMENTS AND MAINTENANCE AGREEMENT BETWEEN SEKICH BUSINESS PARK, FREDERICK M.
AND NICK SEKICH, JR., AND THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, ON
BEHALF OF THE COUNTY OF WELD, STATE OF COLORADO. FAILURE TO COMPLY MAY INCLUDE
BUT NOT BE LIMITED TO: r of(a) thirtyure(30)odaysvide a prior to thement for a expirations of thisnLettersof 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.
(b) a failure to provide maintenance or payment in lieu thereof or a
failure to provide dust abatement for Weld County Road 9`M as
specified in the Agreement.
(c) a failure to provide the appropriate share of expenses for
improvements to Weld County Road 911.
UP TO $22,500.00 OF THIS LETTER OF CREDIT MAY BE RELEASED TO THE BENEFICIARY UPON
PRESENTATION OF A STATEMENT SIGNED BY THE CHAIRMAN OF THE BOARD OF COUNTY COMMISSIONERS
AND ATTESTED TO BY THE CLERK TO THE BOARD STATING THAT DEVELOPER HAS A CURRENT
OBLIGATION TO PAY A SHARE OF IMPROVEMENT EXPENSES UNDER PARAGRAPH 8 OF THE ROAD
IMPROVEMENTS AND MAINTENANCE AGREEMENT WHEN ACCOMPANIED BY A STATEMENT FROM
SEKICH BUSINESS PARK, FREDERICK M. SEKICH AND NICK SEKICH, JR., REQUESTING THAT
THE BENEFICIARY DRAW UPON THESE FUNDS.
EXPIRES AT OUR COUNTERS AT 3:00 P.M. MOUNTAIN STANDARD TIME DECEMBER 31, 1988.
PARTIAL DRAWS ARE NOT PERMITTED. _
DRAFT MUST BE MARKED "DRAWN UNDER UNITED BANK OF GREELEY NATIONAL ASSOCIATION
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 1181 DATED FEBRUARY 17, 1988".
WE HEREBY AGREE TO HONOR THE DRAFT DRAWN IN COMPLIANCE WITH THE TERMS OF THIS
CREDIT IF DULY PRESENTED (TOGETHER WITH THE DOCUMENTS AS SPECIFIED) AT THIS
OFFICE ON OR BEFORE THE EXPIRATION DATE.
THIS CREDIT IS ISSUED SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1983 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 400,
TO THE EXTENT THAT IT DOES NOT CONFLICT WITH ARTICLE 5 OF THE UNIFORM COMMERCIAL
CODE FOR THE STATE OF COLORADO.
UNITED BANK OF GREEELEY NATIONAL ASSOCIATION
BY: / e --
L. MOSER, CE PRESIDENT
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