HomeMy WebLinkAbout910433.tiff AR23D9787
RESOLUTION
RE: APPROVE RELEASE OF IRREVOCABLE LETTER OF CREDIT IN AMOUNT OF
$30, 188.85 FOR THE DEL CAMINO CENTER PARTNERSHIP AND AUTHORIZE
CHAIRMAN TO SIGN
NO
o U WHEREAS, the Board of County Commissioners of Weld County, Colorado,
pursuant to Colorado statute and the Weld County Home Rule Charter, is
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U vested with the authority of administering the affairs of Weld County,
q Colorado, and
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WHEREAS, the Board did, by Resolution dated July 31, 1989, approve an
Improvements Agreement with The Del Camino Center Partnership concerning
U property described as Del Camino Center P.U.D. , Filing No. 1, located in
a the NW/4 of Section 14, Township 2 North, Range 68 West of the 6th P.M. in
d Weld County, Colorado, and
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U WHEREAS, the Board did, by Resolution dated December 4, 1989,
Ls, z release a Letter of Credit in the amount of $201,259.00, in exchange for
o H an Irrevocable Letter of Credit Number 1065 with the FirstBank of South
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Longmont, N.A. , in the amount of $30, 188.85, and
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WHEREAS, Drew Scheltinga, Weld County Engineer, has conducted a
o z visual inspection and recommends release of said collateral.
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a NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners
✓ of Weld County, Colorado, that the Irrevocable Letter of Credit for the
ill O Del Camino Center Partnership in the amount of $30, 188.85 with the
M-i � FirstBank of South Longmont, N.A. concerning certain road improvements and
M W maintenance, be, and hereby is, canceled and released.
BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby
is, authorized to sign said Irrevocable Letter of Credit for cancellation
and release of same.
O 14 a 5 910433
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RE: RELEASE AND CANCEL - THE DEL CAMINO CENTER PARTNERSHIP
C•1
The above and foregoing Resolution was, on motion duly made and
seconded, adopted by the following vote on the 20th day of May, A.D. ,
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[aBOARD OF COUNTY COMMISSIONERS
a r WELD COUNTY, COLORADO
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�. [W 240`EOunty Clretk to the Board EXCUSED DATE OF SIGNING - (AYE)
o T ` Gordon E. Lacy, Chairman
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W g�k EXCUSED DATE OF SIGNING - (AYE)
1O a Deputterk to the Board Geor e Kennedy, Pro-Tem
a a APPROVED AS FORM:
�" Constance L. Har e t
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n Z H County Attorney C. eKirt4.41/
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910433
f-` BAN(
OF SOUTH LONGMONT ..= FLORIDA AND MAIN PO.80X 1499 LONGMONT,COLORADO 80501 303-772-3000
IRREVOCABLE LETTER OF CREDIT
Date: 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.
Sincerely,
Witliam B. Shoemaker
President
WBS/mw
crf.
910 43Li
MAY 20, 1991
RE: IRREVOCABLE LETTER OF CREDIT #1065
FIRSTBANK OF SOUTH LONGMONT, N.A.
DATED DECEMBER 1, 1989
$30,188.85
THE ATTACHED LETTER OF CREDIT IS HEREBY RELEASED AND CANCELLED.
WELD COUNTY, COLORADO
BOARD OF COUNTY COMMISSIONERS
BY:
G L HAIRMAN
ATTTEST• /at
WELD COUNTY CLERK TO THE BOARD
BY:
DEPUTY CL KVI-4a1-2
HE BOARD
910433
o MEMORAnDum
WilkBoard of County Commissioners February 6 , 1991
To Date ,�'
Rod Allison, Principal Planner/
COLORADO From ��!(
Release of "Warranty Collateral" for Del Camino Center PUD
Subject:
In accordance with Section 8. 1 of the Improvements Agreement According Policy
Regarding Collateral For Improvements, the Department of Planning Services' staff
recommends the release of the letter of credit (warranty collateral) for the
account of Del Camino Center Partnership in the amount of $30,188.85.
The Board approved the release of a letter of credit in the amount of $201,259.00
in exchange for the "warranty collateral" on December 4, 1989.
attachment
910433
(ii_iiT MEMORAnDum
Rod Allison, Planning DamFebruary ] l, 1991
Wilk To
COLORADO From Donald Carroll. Administrative Manager icst
J
Subject: Del Camino Center Partnerhip
At your request, I reinventoried "Specialty Way", a 24' wide asphalt drive
extending to the east from the park entrance at the Frontage Road, with a
90' diameter graveled cul-de-sac.
The warranty and maintenance period of one year hss expired. The
inventory showed no additional repairs needed. The warranty may be
released on this section of asphalt.
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DC/mw:mwmdel
cc: Cnnunissioner Harbert
Subdivision File - Del Camino Center Partnership
.10433
*IBM<
OF SOUTH LONGMONT 4w= FLORIDA AND MAIN P O BOX 1499 LONGMONT,COLORADO 80501 303 772-3000
December 7, 1990
Weld County
P.O. Box 459
Greeley, CO 80632
RE: ,.I.etter of Credit #1065
Del Camino Center Partnership
Gentlemen:
Our records indicate the above referenced letter of credit has expired.
In order to close our files with respect to this, we would appreciate
you returning the original letter of credit in the envelope provided.
If you have any questions, please do not hesitate to contact us.
Sincerely,a...St—
a
David A. Sarton
Assistant Vice President
DAS/mw
crf.
encl.
910433
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