HomeMy WebLinkAbout911084.tiff A132301841
RESOLUTION
RE: APPROVE SUPPLEMENTAL PERFORMANCE GUARANTEE AGREEMENT AND ACCEPT COLLATERAL
- TIRE MOUNTAIN, INC.
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
pursuant to Colorado statute and the Weld County Home Rule Charter, is vested
ti with the authority of administering the affairs of Weld County, Colorado, and
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V WHEREAS, the Board, by Resolution dated October 3, 1990, approved an
A Amended Certificate of Designation, and an Amended Site Specific Development Plan
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and Amended Use by Special Review Permit for a tire landfill, storage, and
recycling facility, and
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pWHEREAS, the Board has been presented with a Supplemental Performance
W Guarantee Agreement between the County of Weld and Tire Mountain, Inc. ,
v [x commencing September 11, 1991 and ending upon closure of the tire landfill,
” n storage, and recycling facility, with the further terms and conditions being as
stated in said Supplemental Performance Guarantee Agreement, and
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O U WHEREAS, Tire Mountain, Inc. has submitted a Standby Irrevocable Letter of
u� z Credit No. 270, drawn on Affiliated National Bank of Greeley, in the amount of
W $32,500, and
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- 5 WHEREAS, after review, the Board deems it advisable to approve said
CO`" w Supplemental Performance Guarantee Agreement, a copy of which is attached hereto
G. and incorporated herein by reference, and
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U WHEREAS, after review, the Board deems it advisable to accept said
a g collateral, in the amount of $32,500.
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' NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
'y County, Colorado, that the Supplemental Performance Guarantee Agreement between
A N the County of Weld and Tire Mountain, Inc. be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that Standby Irrevocable Letter of
Credit No. 270 be, and hereby is, accepted.
911084
�'1, OL/51,' C=C. nPP, 6H(e3/40)
Page 2
RE: SUPPLEMENTAL PERFORMANCE GUARANTEE - TIRE MOUNTAIN, INC.
The above and foregoing Resolution was, on motion duly made and seconded,
N U adopted by the following vote on the llth day of September, A.D. , 1991.
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N O -BOARD OF COUNTY COMMISSIONERS
U ATTEST: / / oa WELD COUNT , LORADO
o ▪ Weld Cou y rk o t
.-4� Gor . LacyA=man
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O Deputy Clerk Yoffie $oard Ge a Ken edy, Pro-Tem
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d a APPROVED' AS T FORM: ) �
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G'Onstance L. Harbert
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a C unty Attorney f/
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911084
SUPPLEMENTAL PERFORMANCE GUARANTEE AGREEMENT
THIS SUPPLEMENTAL AGREEMENT made and entered into this ��fh
N p day of September, 1991, by and through the County of Weld, State
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0 of Colorado, acting through its Board of County Commissioners,
� . hereinafter called "County" and Tire Mountain , Inc . , Jarrald A.
`n O Jamison and Faye L. Jamison, hereinafter called "Applicant" .
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o r4 WITNESSETH:
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c a WHEREAS , by resolutions approved on October 3 , 1990, the
efrw Applicant received approval for an Amended Certificate of
a Designation ( "CD" ) and an Amended Site Specific Development Plan
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and Amended Use by Special Review Permit ( "USR" ) for a tire
`" a landfill , storage, and recycling facility (Amended Use by Special
Review No. 842) ; and
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.ax SoutheastREAS , the subject property is located in part of the
a N Three ( 3 ) Quarter ( SE} ) of Section Thirty-two ( 32 ) , Township
rn 4 North, Range Sixty-five (65) West of the 6th P.M. , Weld
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2 County, Colorado; and
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WHEREAS , by Resolutions approved on October 3 , 1990 by the
r-+ a County, the Applicant was required to enter into a Supplemental
w Performance Guarantee with the County providing for disposal of
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all existing surface tire stockpiles on the property in
awr., accordance with Colorado State Health Department regulations by
m z May 1, 1993; and
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N WHEREAS , Applicant entered into a Performance Guarantee
a Agreement dated 1989 with County;
y; and
NOW, THEREFORE, in consideration of the foregoing and of
1. rn the acceptance and approval of said Amended Use by Special Review
M N and Amended Certificate of Designation , the parties hereto
rif' promise, covenant and agree as follows:
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1 . 0 Confirmation of Agreement : The Applicant hereby
reconfirms the Performance Guarantee Agreement dated 1989 and Applicant and County understand that this Agreement is
supplemental thereto.
2 . 0 Existing Tire Stockpiles : Applicant estimates that
there were four million tires located upon the surface of the
site . Applicant has completed constructing and filling one cell
which held between 450 ,000 and 480 , 000 tires after leveling and
compacting . Thus , a total of 9 cells ( 4i trenches) will need to
be constructed to hold all existing surface tires.
1 911084
3 . 0 State Health Department Regulations : The State of
Colorado Health Department regulations require that all existing
N o tire stockpiles be disposed of by May 1 , 1993 . In accordance
o cu with those regulations, not less than 2 cells will be constructed
� and filled in 1991 ; another 5 cells will be constructed and
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filled in 1992 with there to be not less than 7 cumulative cells
o constructed and filled by December 31 , 1992 ; and the final 2
O cells (or more if needed) will be constructed and filled by May
0 3 1, 1993 .
� w 4 . 0 Cost Estimates: Based upon experience of Applicant in
a filling the first cell and constructing the first and second cell
o for existing surface tires, it is estimated that each cell costs
w $5 , 500 . 00 to construct and the cost to fill each trench is
N a $1 , 500 . 00 thus , the total cost to construct and fill each trench
•• w is $7,000. 00 or an estimated total expense to construct and fill
� x 9 cells being $ 63 , 000 . 00 . The Applicant has finished
c•1aa construction of 2 cells and filled 1 cell , thus the estimated
cost to complete the construction and filling of remaining cells
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v is $50,500 . 00 .
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"•, w 5 . 0 Reclamation Surcharge : During the term of this
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Agreement , Applicant shall charge a 58 reclamation surcharge
a which shall be assessed upon all tires coming into Applicant' s
.-+ a facility. Applicant shall then pay to the County, on a monthly
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w basis , all sums of money collected pursuant to the reclamation
o z surcharge. Applicant shall provide monthly reports to the County
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oz detailing the number of tires received at Applicant' s facility
during the preceding month . The monthly reclamation surcharge
z shall be deposited with the County not later than 10 days after
z the end of the month giving rise to the payment. Failure to make
the payment within 10 days after the end of each month shall be
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°' cause for the County to schedule a hearing for suspension of the
M Applicant ' s CD for the tire landfill , following notification by
~ the Board to the Applicant of the default and
m w hearing and the allowance of Ten ( 10 ) days ending suspension
frromthedateof
mailing the notification , for the Applicant to fully cure the
default.
5 . 1 Based upon the number of tires Applicant is receiving
at the site , the 5% reclamation surcharge should generate not
less than $4 ,000. 00 in 1991; not less than $10,000. 00 in 1992 and
not less than $4,000 .00 :luring the first four months of 1993 for
a total of $18 , 000 . 00 . These stated sums shall be construed as
being the "minimum" amounts due for the stated time periods.
5 . 2 Based upon the calculations in Paragraph 5 .1 Applicant
guarantees that the County will receive the amounts as stated for
each year to be placed into the reclamation surcharge fund and,
if the fees collected pursuant to the reclamation surcharge are
not adequate to meet the minimum amounts as required the
2
Applicant shall pay to the County the difference between the
minimum amounts required under Paragraph 5.1 and the sum actually
generated by the reclamation surcharge fee. Applicant shall pay
N o said difference, if any, not later than 20 days after the end of
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u each period being not later than January 20, 1992 for the period
.„ . ending December 31, 1991; not later than January 20, 1993 for the
in oo period ending December 31, 1992; and not later than May 20, 1993
A for the period ending April 30 , 1993 .
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0 3 5 . 3 The County shall deposit all funds collected by
Applicant from the reclamation surcharge, plus any sums paid by
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w Applicant to meet the minimum required for the reclamation
surcharge in an
O onsuch account shall ebe retained byst bearing c the taccount and landnadded tor thew account ' s funds . Interest shall be calculated based upon the
v x County Treasurer' s annual return on County held funds .
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r-I x 5 . 4 Applicant shall be required to collect and pay the
x monthly reclamation surcharge until all existing surface tire
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a.N stockpiles have been removed and disposed of in accordance with
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State and County regulations.
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� w 6 . 0 Further Guarantee Sum: To further insure performance
ricHo the Applicant shall deposit with the County the additional sum of
w $ 32 , 500 . 00 . The additional deposit of $ 32 , 500 . 00 plus the
.4. w $18 ,000 . 00 to be generated from the reclamation surcharge fund
CO w totals $50 , 500. 00, the estimated cost of constructing and filling
O1 all cells to dispose of existing surface tires.
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o 7 . 0 Failure to Dispose : In the event Applicant fails to
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o dispose of all existing surface tire stockpiles by May 1 , 1993 in
a accordance with State and County regulations, the County, after
30 days notice to Applicant shall have the right to use the
'fly reclamation surcharge funds and any remaining
q performance
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CO guarantee funds to pay costs associated with any necessary
corrective action . In addition, the County shall have the right
w w to other collateral granted by Applicant under this Agreement .
The election by the County to use collateral to accomplish work
required to be performed by Applicant hereunder shall , in no way,
limit remedies which the County has available to it pursuant to
the Use by Special Review, Certificate of Designation , other
County regulations or State laws.
7 . 1 In the event the reclamation surcharge funds and any
other performance funds on deposit with the County are inadequate
to pay for disposal of all existing surface tire stockpiles, the
County, after 30 days notice to Applicant , shall have the right
to collect 50% of all gross revenues received by Applicant at the
site to pay for all costs associated with any necessary
corrective action . This 50% gross revenue collection shall
remain in effect until all existing surface tire stockpiles are
properly disposed of in accordance with County and State
regulations.
8 . 0 Partial Withdrawal or Reduction : At any time the
Applicant may submit a written request to the County requesting
release of the original performance guarantee amount deposited
by Applicant in the amount of $32,500. 00 as cells are constructed
and/or filled at the rate of $5 , 500 . 00 to be released for each
cell constructed and at the rate of $ 1 , 500 . 00 for each cell
o u filled excluding the 1 cell filled as of this date and the 2
-, . cells constructed as of this date . Funds can only be released
%Do from the $32 , 500 . 00 as deposited herewith by Applicant and no
av funds shall be released from the reclamation surcharge Fund until
all existing surface tires have been disposed of pursuant to all
0 w State and County regulations .
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w 8 . 1 Upon written application by Applicant to withdraw
o funds, the Board shall authorize partial release of funds as is
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o reasonable under the then existing circumstances. County shall
w make a determination on partial withdrawal or reduction within
N a 30 days after receiving the written request for release from
n w Applicant.
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N ua 9 . 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
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z claims of every nature and description caused by, arising from,
mw or on account of said design and construction of improvements,
and pay any and all judgments rendered against the County on an
w account of such suit , action or claim, together with all
r+ o reasonable expenses and attorney fees incurred by County in
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w defending such suit , action or claim whether the liability, loss
o z or damage is caused by, or arises out of the negligence of County
m z or its officers , agents , employees or otherwise except for the
No gc liability, loss, or damage arising from the intentional torts of
a >+ the gross negligence of the County or its employees while action
within the scope of their employment.
ni`-H 10 . 0 No Benefit or Waiver : No portion of this agreement
CO is intended to confer a benefit on any person not a party to this
contract nor constitute a waiver of any privilege or immunity
444 held by the parties to this Agreement or their officers , agents
or employees .
11 . 0 Guaranty Collateral : The types of collateral listed
below are acceptable to Weld County subject to final approval by
the Board of County Commissioners .
11 . 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:
(a) The Letter of Credit shall be in the amount of $32 ,500.00 .
4 �
(b ) The Letter of Credit shall provide for payment upon demand
N o to Weld County if the developer has not performed the obligations
.• r.) specified in this agreement and issuer has been notified of such
default.
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( c ) The applicant may draw from the Letter of Credit in
A accordance with the provisions of this policy.
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( d ) The issuer of the Letter of Credit shall guarantee that at
o w all times the unreleased portion of the Letter of Credit shall be
a equal to a minimum of 1008 of the estimated costs of completing
p the uncompleted portions of the required improvements , based on
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inspections of the development by the issuer.
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( e ) The Letter of Credit shall specify that 158 of the total
x Letter of Credit amount cannot be drawn upon and will remain
w available to Weld County until released by Weld County.
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CT C.) ( f ) The Letter of Credit shall specify that the date of proposed
n z expiration of the Letter of Credit shall be either the date of
w release by Weld County of the final 158 or one year from the date
ri E4 of Site Plan approval , whichever occurs first. Said Letter shall
wstipulate that , in any event , the Letter of Credit shall remain
ri in full force and effect until after the Board has received sixty
w ( 60 ) days written notice from the issuer of the Letter of Credit
co rn of the pending expiration . Said notice shall be sent by
m certified mail to the Clerk to the Board of County Commissioners .
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w z 11 . 2 A surety bond given by a corporate surety authorized
to do business in the State of Colorado in an amount of
CO A. $32 , 500. 00 .
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M CO 11 . 3 A cash deposit or certificate of deposit or savings
r' deposit or some other type of deposit acceptable in form to the
w w County shall be made with the County in the amount of $32,500 .00.
12 . 0 Request for Release of All Collateral: Prior to full
release of the $32,500 . 00 performance guarantee, all funds in the
reclamation surcharge fund and any earned interest, the Applicant
must present a statement of compliance from the Weld County
Health Department stating that all existing surface tire
stockpiles have been disposed of in accordance with the USR
Development Standards.
13 . 0 Review of Collateral : Upon 90 days notice from
County to Applicant, the amount of the performance guarantee sums
shall be reviewed by the County to determine adequacy For both
construction of cells and filling. Should a preliminary finding
be made that additional sums are necessary to guarantee
performance , County shall schedule a hearing before the Weld
County Board of County Commissioners to determine if there has
5
N o been a substantial change in circumstances such that the
HO collateral is insufficient to guarantee performance under this
a agreement. The hearing shall be in the form of a quasi-judicial
03 o hearing with notice and opportunity for public comment and be
o held in accordance with the procedure
Q County Administrative Manual , GeneralAdministration Section ,
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w o "General Procedures for Adjudicatory Type Hearings . "
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a c4 14 . 0 Successors and Assigns : This agreement shall be
a binding upon the heirs , executors , personal representatives ,
o successors and assigns of the applicant , and upon recording by
v xU the County, shall be deemed a covenant running with the land
herein described , and shall be binding upon the successors in
-o ownership of said land.
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w IN WITNESS WHEREOF, the parties hereto have caused this
N w agreement to be executed on the day and year first above written.
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in z BOARD OF COUNTY COMMISSIONERS
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I4 WELD COUNTY, COLORADO:
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ATTEST: Allaan
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CLERK
�TO THE BOARD:
Deputy Clerk to thsr rd
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APPROVED AS T FORM:
County
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APPLICANT:
TIRE MOUNTAIN, INC. C;
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wAffiliated National Bank
Greeley
7th Street 8 9th Avenue
Greeley,Colorado 80631
• 303356.1234
Standby Irrevocable Letter of Credit
No. 270
Date: September 11, 1991
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0 o TO: Weld County
a 915 10th Street
o Greeley, CO 80631
o
o w Gentlemen:
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p We hereby open our Irrevocable Letter of Credit in your favor in
V the amount of Thirty Two Thousand Five Hundred Dollars and no/100
ro a Dollars ( $32 , 500 . 00) available by drafts subject to the following
terms and conditions :
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x , 1 . Drafts All drafts must be drawn on Affiliated National
a Bank-Greeley on or before May 1, 1993, and must bear the
m reference: "DRAWN ON AFFILIATED NATIONAL BANK-GREELEY LETTER OF
mz CREDIT NO. 270, DATED SEPTEMBER 11, 1991 .
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'-' E" 2 . Notation This is a notation letter of credit . Each
W draft must be accompanied by this Letter o£ Credit for
m endorsement by Affiliated National Bank-Greeley of the amount and
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"14 date of each draft and the balance remaining. This Letter of
o z Credit must be surrendered to Affiliated National Bank-Greeley
N z when exhausted.
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V a 3 . Purpose This Letter of Credit is issued for the account
w < of Tire Mountain, Inc . Disbursements will be made under this
£ Letter of Credit to pay for the construction and filling of cells
N N o to hold discarded tires .
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4 . Documents All drafts must be accompanied by the
mr74 following documents :
a . Presentation of this Letter of Credit for notation.
b. Written Statement from Beneficiary that the
applicant has not performed obligations specified in a
written agreement between applicant and Weld County.
5 . Other Terms and Conditions This Letter of Credit shall
not be transferable . This letter of credit is subject to the
Uniform Customs and Practice for Documentary Credits , I . C. C.
Publication No . 290 ( 1974 Revision) . Where not inconsistent with
the foregoing, the Letter of Credit shall be subject to the laws
o£ the State of Colorado and to the Uniform Commercial Code as
adopted therein.
6 . Obligation of Issuer The Affiliated National Bank-
Greeley agrees with the drawers, endorsers, and good faith
^� o holders of drafts drawn under an in compliance with the terms and
o u conditions o£ this Letter of Credit that Affiliated National
on
p Bank-Greeley will duly honor such drafts u
u this office. P presentation to
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THE Affiliated National ank/-�Greeley
w By: Ate;l.� ��r �f,�i�
o Michael R. Bond 1/ `
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U Assistant Vice President
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Irrevocable Documentary Letter of Creu,t ''J' „dated
Affiliated National Bank - Greeley O
(Sank)
822 7th Street, P. 0. Box 1098
(Address)
Greeley, CO 80631
•
Data :'''6'_'-i-13_91 ".,,>,7i1joiecl Confirmation of our Telex dated o.:;:ic;:-cl
gyp• ; -.�+ :,r, r:- '/�tiii:i.ei.i :i,.
Letter of C '�-Credit No.: '270 a?.ect -i,.,:..,.;1,,'c,
;fill! ]F^rl t
m Berte�IClfUy'� �, r •ici, t
s :1.,^!i,it p rr� Applicant•:i.::�. _. .
"m Weld_County r ,,, r Tire Mountain 'Inc:"` �� ' t-
a` 915-; 10th Street ''-'4 4 �:.% 12311 Weld Count Road 41
Greeley, CO 80631 t Hudson, 'C0 806421 t. ,
Altn. ,t,-,.
Advising Bank ...
Letter of Credit Amount: $32,500.00 :;^,1 .•::,.::,,,
E Affiliated National : Bank Bank - Greeley :'-'-- Currency:ir. 8. Oo71ars
822 7th Street, P. ,0. Box 1098 Expiry Date • May 1,, 1993
• Greeley, CO 80631
In •5 Attn:International Operations
_
o (Latest date drafts are to be presented to the drawee or to a negotiating bank)
s We hereby issue in your favor this Letter of Credit available by your draft drawn on us at s i gh t m
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for 100%invoice value;accompanied by the following documents.
O Signed Commercial invoice In triplicate showing L/C number O Certificate of Inspection " • •
a` a Special customs invoice in triplicate Q Export License
iS O Certificate of Origin. O Form A . O Packing List
Q Insurance Policy or Certificate(for 110%of Invoice Value)Covering marine/air and war asks issued or endorsed to our order
� n Full set clean on board ocean Bills of Lading drawn to order of shipper—blank endorsed
O Iuck/RailroadvBill of Grading consigned to: .
ll Alr Waybill showing flight and IJC numbers,
• • umers,consigned to:
g Marked Notify:
1g`` O Other Documents • .
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Ail documents must evidence shipment of
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� O All banking charges,other than ours,are for Beneficiary's account
53 O-D Check one: p C.LF O C&F Q F.O.B. • O Other
q Shipped from To Bills of Lading to be dated no later than
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cp c Partial Shipment Permitted Transhipment Permitted Freight is to be: Insured By
Will O rtes O No • ❑ltes p No p Prepaid 0 Collect ❑Buyer ❑Seller
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-50,1-. Drafts and documents must be presented to negotiating or paying bank no later than days after Bill of Lading date,but within the
,3,o expiry date of the Credit.
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2 z Special Instructions:
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o B 1357 REC 02309841 11/05/92 12 :24 $0 .00 12/012
mo F 1807 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO
_
_ _
-F.z INSTRUCTIONS TO THE ADVISING BANK
"E Please deliver this original to the beneficiary,the co WE HEREBY AGREE WITH THE DRAWERS, ENDORSERS,AND BONA
copy is for your files. All FIDE HOLDERS OF DRAFTS DRAWN UNDER AND IN COMPLIANCE
documents muss be sent to us in one airmail.
WITH THE TERMS OF THIS CREDIT THAT SUCH DRAFTS WILL BE DULY
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`� Very Truly Yours. HONORED UPON PRESENTATION TO THE DRAWEE.DRAFTS MUST BE
Prepared by: .. l'" MARKED AS DRAWN UNDER THIS CREDIT
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gat^cr,.cc�Su na,uie
...--------- m i Chi e lA Yo_• lir 1 uto_tw, )
::'.;8-.1FL-64 (REV. 5-07) IRREVOCABLE DOCUMENTARY LETTER OF CREDIT r+1• j
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of the State o£ Colorado and to the Uniform Commercial Code as
adopted therein.
6 . Obligation o£ Issuer The Affiliated National Bank-
Greeley agrees with the drawers , endorsers , and good faith
holders of drafts drawn under an in compliance with the terms and
conditions of this Letter o£ Credit that Affiliated National
Bank-Greeley will duly honor such drafts upon presentation to
this office .
THE Affiliated National Bank-Greeley
Michael R. Bond
Assistant Vice President
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• MEMORAnDum
WilkTo Keith Schuett, Planning Date August 28, 1992
COLORADO
From John Pickle, Env. Prot. Svcs—,
Subject:
Tire Mountain, Inc. (Amended USR 842)
On August 19, 1992, Trevor Jiricek and myself met with Mr. Jerry Jamison of Tire
Mountain, Inc. , with regard to Mr. Lind's letter of August 11, 1992.
Mr. Jamison went over his plans to meet the May 1, 1993 deadline. He also showed
us around his facility, pointing out remaining tires, filled cells, and location
of future cells.
According to Mr. Jamison, there are 1.2 million tires remaining, which are
covered by the May 1, 1993 deadline. As far as we can tell, this estimate seems
reasonable.
There are plans for 4 (four) more cells to be constructed prior to May 1, 1993.
Each cell should hold approximately 400,000 (four hundred thousand) tires, giving
planned storage for a total of 1.6 million tires. There appears to be space for
these additional cells, and again, as far as we can tell, these estimates seem
to be reasonable.
Seven cells are filled and settling, allowing a little more space for tires
should the need arise. An eighth cell is almost full.
It is not clear to me exactly what Mr. Lind is asking for in his letter. In
addition, Trevor nor I are specialists on the subject of tires; however, I feel
that this letter is a reasonable assessment of the current situation at Tire
Mountain, and that Mr. Jamison's estimates are also reasonable.
If you have any further questions, please contact either Trevor or myself.
iL
U nos,' cnsiill AUG 2 8 1992
Weld Cce tr Planing
9C0T,3
WELD FINANCE- f 0.L uLIN f INQUIRY Siw F.;F.Lt•J WOO I AC01.
ACCOUNT: 22 0001 01 '401_ SF'GA YE:AP: 92 DE=SC: LANDFILL SURCHARGE_
BUDGET: LAST YR PEOUESTE:D APPROVED SUPP ADJUST TOTAL UNEXPENDED
0 0 (! 0 f_
.46
E_NCUMBF;ANCF_S: LA S I Y1:`:Ak YEAR TO DATE LEAD SCHEDULE : 077
0 •,J0 0.00 AC"FEVE/INACTIVE: A
GE=NFkAL LEDGER: L_rAS I , rAR THIS YEW,' F'!..F•lN1`aF_T.J $ PLANNED % r•`:t::•7•l._1AI_.. '..
JAN: 0.00 - 14h0.06 0 8.74 iii** . :**
FEB: 0.00 - B77, 52 0 8„-:,2; *** . **
APR: 0.00 --630.': 0 8.74 **:k: . **
MAY. 0,00 -900. 14 0 8. ._ _ *** . :#*
OUN: 0.00 -117,2.'31 0 L3. _ _ ***. ?F:#:
JUL: 0.00 -897.7E1 0 Et. 4 **T . **
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DEC: -9-:A ;, C1f 1
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wAffiliated National Bank
7th Street at 9th Avenue
Post Office Box 1098
Greeley, Colorado 80632
303.356.1234
Standby Irrevocable Letter of Credit
No . 277
Date: September 8 , 1992
TO: Weld County
915 10th Street
Greeley, CO 80631
Gentlemen:
We hereby open our Irrevocable Letter of Credit in your favor in
the amount of Twenty Thousand Dollars and no/100 Dollars
($20, 000 . 00) available by drafts subject to the following terms
and conditions :
1 . Drafts All drafts must be drawn on Affiliated National
Bank-Greeley on or before May 1, 1993 , and must bear the
reference: "DRAWN ON AFFILIATED NATIONAL BANK-GREELEY LETTER OF
CREDIT N0. 277, DATED SEPTEMBER 8 , 1992 .
2 . Notation This is a notation letter of credit . Each
draft must be accompanied by this Letter of Credit for
endorsement by Affiliated National Bank-Greeley of the amount and
date of each draft and the balance remaining. This Letter of
Credit must be surrendered to Affiliated National Bank-Greeley
when exhausted.
3 . Purpose This Letter of Credit is issued for the account
of Tire Mountain, Inc . Disbursements will be made under this
Letter of Credit to pay for the construction and filling of cells
to hold discarded tires .
4 . Documents All drafts must be accompanied by the
following documents :
a. Presentation o£ this Letter o£ Credit for notation.
b. Written Statement from Beneficiary that the
applicant has not performed obligations specified in a
written agreement between applicant and Weld County.
5 . Other Terms and Conditions This Letter of Credit shall
not be transferable. This letter of credit is subject to the
Uniform Customs and Practice for Documentary Credits , I .C. C.
Publication No . 290 (1974 Revision) . Where not inconsistent with
the foregoing, the Letter of Credit shall be subject to the laws
920C34 34
o£ the State of Colorado and to the Uniform Commercial Code as
adopted therein.
6 . Obligation of Issuer The Affiliated National Bank-
Greeley agrees with the drawers , endorsers, and good faith
holders o£ drafts drawn under an in compliance with the terms and
conditions of this Letter of Credit that Affiliated National
Bank-Greeley will duly honor such drafts upon presentation to
this office .
7 . This Letter of Credit supersedes AFFILIATED NATIONAL
BANK - Greeley' s Letter of Credit #270 and shall only be valid
upon surrender of AFFILIATED NATIONAL BANK - Greeley' s Letter of
Credit #270 .
THE Affi}.4ltewNational Bank-Gr2eeley
�� / //
Ralph/A. Kreitler
Vice President
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D273
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