HomeMy WebLinkAbout920111.tiff RESOLUTION
RE: APPROVE ACCEPTANCE OF LETTER OF CREDIT - WASTE SERVICES CORPORATION
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, on June 27, 1990, the Board granted to Waste Services Corporation
a Special Review Permit for a solid waste disposal site and facility, and
WHEREAS, on November 14, 1990, as a Condition of Approval of the Special
Review Permit, the Board approved a Financial Assurance Agreement, and
WHEREAS, pursuant to said Financial Assurance Agreement, Waste Services
Corporation has presented to the Board an Irrevocable Letter of Credit Number
38318, drawn on Nationsbank of North Carolina, in the amount of $50,000, and
WHEREAS, the Board deems it advisable to accept said Irrevocable Letter of
Credit.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Irrevocable Letter of Credit Number 38318, drawn on
Nationsbank of North Carolina, in the amount of $50,000, presented by Waste
Services Corporation be, and hereby is, accepted.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 10th day of February, A.D. , 1992.
BOARD OF COUNTY COMMISSIONERS
ATTEST: ��/V �� WELD COUNTY, COLORADO
Weld County Clerk to the Board Geor$e Ken dy, Chairman
44-41/14-A-."-{---/---'
it �/BY: Q T7✓� -A �tii-'
Deputy Clerk to the Boajd\ Cons.a�aance L. Harber , Pro-Tem
APPROV AS TO FORM:
C. W. Kirby
ounty Att rney Gor acy
W. H. ebster
920111
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CLERK
TO THE O/ ,D •
PAGE 1 OF
NATIONSBANK OF NORTH CAROLINA, N. A. ISSUE DATE: 31JAN92
ONE NATIONSBANK PLAZA L/C NUMBER: 38318
LETTER OF CREDIT DEPT. T21-3
CHARLOTTE, NC 28255-0001
APPLICANT:
WASTE SERVICES CORPORATION
6037 77TH AVENUE
GREELEY, CO 80634
}=BENEFICIARY: EXPIRY DATE / PLACE
WELD COUNTY, COLORADO 31JAN93 CHARLOTTE, NE-_
F . O. BOX 758
GREELEY, CO 80632
i tTTN: BOARD OF COUNTY COMMISSIONERS
CUFRRLNLY AMOUNT
.ISD*-.*.** . ..k....F*50, 000. t i0
WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NO. 38316 IN
YOUR FAVOR, AT THE REQUEST AI\ID FOR THE ACCOUNT OF WASTE SERVICES
CORPORATION., 6037 77TH AVENUE, GREELEY, COLORADO 80634, FOR AN
AMOUNT UP TO BUT NOT EXCEEDING US$50, 000. 00 (FIFTY THOUSAND UNITED
STATES DOLLARS) .
FUNDS ARE AVAILABLE UNDER THIS LETTER OF CREDIT AGAINST
PRESENTATION OF;
1 . A SIGHT DRAFT, PURPORTEDLY SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF WELD COUNTY, CO, BEARING REFERENCE TO THIS
LETTER OF CREDIT NO. 38318, AND ?"'
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2. THE FOLLOWING STATEMENT, PURPORTEDLY SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF WELD COUNTY, CO:
" I CERTIFY THAT WELD COUNTY, CO, (THE "COUNTY" ) IS ENTITLED TO
THE AMOUNT OF THIS DRAWING IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF THAT CERTAIN FINANCIAL ASSURANCE AGREEMENT DATED
NOVEMBER 9, 1990, ENTERED INTO BETWEEN THE BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY, COLORADO, AND WASTE SERVICES
CORPORATION.
THE COUNTY HAS SENT WRITTEN NOTIFICATION BY CERTIFIED MAIL OF
ITS INTENTION TO DRAW ON THIS LETTER OF CREDIT TO WASTE SERVICES
CORPORATION, C/0 WASTE MANAGEMENT OF NORTH AMERICA, INC. , 5660
GREENWOOD PLAZA BLVD. , SUITE 424, ENGLEWOOD, COL 80111, ATTN:
REGION VICE PRESIDENT AND GENERAL COUNSEL. WASTE MANAGEMENT OF
NORTH AMERICA, INC. ' S RECEIPT OF SAID NOTIFICATION IS EVIDENCED
BY THE ENCLOSED COPY OF THE SIGNED CERTIFIED MAIL RETURN RECEIPT
AND TEN BUSINESS DAYS HAVE PASSED SINCE WASTEMANAGEMENT
,,OF NORTH AMERICA, INC. ' S RECEIPT OF SAID NOT IF'I CAT I ON. ", AND
3. COPY OF NOTIFICATION OF INTENTION TO DRAW REFERRED TO IN 2.
ABOVE. , AND
4. COPY OF CERTIFIED MAIL RETURN RECEIPT REFERRED TO IN 2. ABOVE. ,
AND
5. THIS ORIGINAL LETTER OF CREDIT.
PARTIAL DRAWINGS ARE PERMITTED.
Please address all inquiries to NCNB National Bank of North Carolina, Letter of Credit
Department, Charlotte, North Carolina 28255; Telex No. 669-959 or 669-965; Answerback:
NONBINTL CHA; SWIFT Address: NCNBUS33CHA.
sc',o1.11
Authorized Signature
ic ' 7
PAGE 2 OF 2
WE HEREBY AGREE WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT, WILL BE DULY
HONORED BY US UPON PRESENTATION AT OUR LETTER OF, CREDIT SECTION AT
ONE NATIONSBANK PLAZA, 121-3 INTERNATIONAL LC DEPT, CHARLOTTE, NC
28255-0001 ON OR BEFORE JANUARY 31, 1993, THE EXPIRATION DATE OF
THIS LETTER OF CREDIT, AS AUTOMATICALLY EXTENDED HEREIN.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE
AUTOMATICALLY EXTENDED FOR A PEROID OF ONE YEAR ON JANUARY 31, 1'303
AND ON EACH SUCCESSIVE EXPIRATION DATE, UNLESS, AT LEAST 6O DAYS
BEFORE THE. THEN CURRENT EXPIRATION DATE, WE NOTIFY BOTH YOU AND
WASTE SERVICES CORPORATION BY CERTIFIED MAIL, RETURN RECEIPT
REITUEST ED, OR HAND DELIVERY, THAT WE HAVE DECIDED NOT TO EXTEND
THIS LETTER, OF CREDIT BEYOND THE THEN CURRENT EXPIRATION DATE.
THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND
PRACTICE FOR DOCUMENTARY CREDITS ( 1983 REVISION) , INTERNATIONAL
CHAMBER [Jr COMMERCE PUBLICATION NO. l+0th.
THIS If:; THE OPERATIVE INSTRUMENT TO EtC ACTED ON.
THIS IE; IRREVOCABLE LETTER OF CREDIT NUMBER 38318 ISSUED ON 31JAN9;
BY NATIONSBANK OF NORTH CAROLINA, N. A. (FORMERLY NCNB NATIONAL DAM;
C)!" NOR] FI LAHULINA) , CHARLOTTE, NORTH CAROLINA 28255 USA.
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Please address all inquiries to NCNB National Bank of North Carolina, Letter of Credit
De rtm nt, Charlotte, North Carolina 28255; Telex No. 669-959 or. 669-965; Answerback:
N NBIN L CHA; SWIFT Address: NCNBUS33CHA.
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