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Home My WebLink About982108.tiff Gat RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL, LITTLE THOMPSON VALLEY ESTATES - MCCARTY 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, by Resolution dated June 18, 1997, the Board did approve an Improvements Agreement with Little Thompson Valley Estates, % Kevin and Dina McCarty, concerning property described as part of the E% of the SE% of Section 21, Township 4 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, pursuant to said Improvements Agreement, Irrevocable Letter of Credit, #122 with the Pioneer Bank of Longmont, 1610 Hover Street, Longmont, Colorado 80501, in the amount of$62,039, was submitted to Weld County, and WHEREAS, by Resolution March 23, 1998, the Board released said collateral except for 15% retainage in the amount of$4,848 to be held for six months for repairs if needed, and WHEREAS, upon recommendation of Don Carroll, Public Works Department, the Board deems it advisable to release said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the remainder of Irrevocable Letter of Credit#122 with the Pioneer Bank of Longmont, 1610 Hover Street, Longmont, Colorado 80501, in the amount of$4,848, be, and hereby is, cancelled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 2nd day of November, A.D., 1998. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO /01Aril ATTEST: �r �y i�i..� 1�J Q �r�.>J, � � Constance L. Har ert, Chair Weld County Clerk to ��: B /0 j� 1 W. H ebster, ro-Tem BY: Deputy Clerk to the —) /- - eorge ff. Baxter P V TO FORM: Dale K. Hall • County ttorney j/Barbara J. Kirkmeyer 1111111IIIII111111B11111111 �� 111111 �� 11111IIII1111 (-, . PL z, F 982108 2653931 11/16/1998 03:19P Weld County CO PL1041 1 of 1 R 0.00 D 0.00 JR Suki Tsukamoto CLERK TO THE BOARD PHONE (970) 356-4000, EXT.4218 FAX: (970) 352-0242 P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO December 11, 1998 PIONEER BANK OF LONGMONT 1610 HOVER STREET LONGMONT, CO 80501 RE: Irrevocable Letter of Credit#122 Kevin and Dina McCarty S415 Enclosed please find a copy of the Weld County Board of Commissioner's resolution releasing Letter of Credit No. 122, along with the original letter of credit. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227. Sincerely, Kimberlee Schuett Deputy Clerk to the Board cc: file - PL1041 Kevin McCarty BENEFICIARY IONEER IRREVOCABLE BANK'OF LONOMONT BOARD OF COUNTY LETTER OF 1630 Hover Street C0101ISSIONERS OF WELD CO. Longmont,Colorado 80501 CREDIT (303)651-7777 'LENDER" ADDRESS 915 10TH STREET NO.: 122 GREELEY, CO 80631 TELEPHONEND. IDENrrRCATION NO. (970) 356-4000 BORROWER EXPIRATION BATE KEVIN MCCARTY DINA MCCARTY This Letter of Credit shall expire upon the earlier crS of 1. the dose of business on / MAY 24, 1998 / and all drafts and accompanying stateme or documents ADDRESS must be presented to Lender on or that time;or 4026 NIOBE COURT 2. the day that Lender honors a draw nder which the full LOVELAND, CO 80538 amount of this Letter of Credit is dr TUIIENIONENo. manwita wN O. i ;. F/p ' Lender identified above hereby establishes an Irrevocable Letter of Credit in favor of Beneficiary to a sum not exceeding the aggregate amount of SIXTY-TWO THOUSAND THIRTY-NINE AND NO/100 Dollars ($ 62,039.00 ). These funds shall be made available by Benefici 7 s drafts drawn at sight on Lender at its address indicated above(or such other address that Lender may provide Beneficiary with wr en notice of in the future) and accompanied by the signed written statements or documents indicated below. j J WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTE OF/CREDIT AT ON(:E. I Y U UNABLE TO MEET ANY OF ITS REQUIREMENTS,EITHER SINGLY OR TOGETHER,YOU SHOO C NTACT THE A TY I ;MOSw E VOR THIS LETTER OF CREDIT IS BEING ISSUED TO SEE IF THE LETTER OF CREDIT CAN//IE NDED. O ERW SE Y U cL SK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY TRIOTLY TH ITS TE S A.. I . ' 1. DRAFT TERMS AND CONDITIONS -- / ,, \ Lender shall honor the dra ¢submittteq by,['Betheficiary under the following terms an t on(litions: UPON ME.ESENMENT F D(tH(t qr NRVALLEYS CESTATNS HASED YFAILEDUR OTOICIALLY PERFORMSINNED STATEMENT THAT LI TLE lE1 ACCORDANCE $ITH T E' IM?ROVEMENT AGREEMENT., THE LETTER OF CREDIT WILL BE PARTIALLY 1LEA$ED AS,IMPROVEMENTS ARE COMPLETED, SUBJECT TO THE 15Z RESERVE PROVISION IN TIE) IMPROVEMENT AGREEMENT./ / Upon Lenders honor of such drafts and payment the Beneficiary, Lender,once the full amount of credit available under this Letter of Credit has been drawn,shall be fully discharged of its obligations under this Letter of Credit and shall not thereafter be obligated to make any further payments under this Letter of Credit in rasp"(of such demand for payments to Beneficiary or any other person. Beneficiary shall have no recourse against Linder for any amount paid under this Letter of Credit after Lender honors any draft or other document which complies strictly with this Lett r of Credit, and which on its face appears otherwise In order but which is signed, issued,or presented by any party or under the name of/ y party purporting to act for Beneficiary,purporting to claim through Beneficiary,or posing as Beneficiary. By presenting upon Lender or1confirmer,Beneficiary certifies that Beneficiary has not and will not present upon the other,unless and until Beneficiary meets with dishongf. Beneficiary promises to return to Lender and confirmer any funds received by Beneficiary in excess of the Letter of Credit's maxima/drawing amount. 2. USE RESTRICTIONS / / All drafts must be marked'DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. 122 DATED MAY 24, 1997 / '. Only Beneficiary may complete a draft and accompanying statements or documents required by t17is Letter of Credit and make a draw under this Letter of Credit. If checked, a copy of this Letter of Credit must accompany each draft and the amount of each draft shall be marked on the draft. Beneficiary shall ma)'r1'tain possession of Letter of Credit until the full amount of this Letter of Credit has been drawn. Once the full amount is draw�bneficiary shall return the Letter of Credit to Lender. Partial draws are permitted il are not permitted under this Letter of Credit. Lenders honor of a draw shall automatically reduce the am4iunt of credit available under this Letter. / 3. ASSIGNMENT OQA TRANSFER This Letter 9f Credit may be assigned or transferred by Beneficiary upon providing Lender with prior written notice of the assignment or transfer, Ix The right to draw under this Letter of Credit shall be nontransferable,except for. A. A transfer by direct operation of law to the original beneficiary's administrator, executor, bankruptcy trustee, receiver, liquidator, successor,or other representatives at law;and B. The first immediate transfer by such legal representative to a third party after express approval of a governmental body (judicial, administrative,or executive). 4. TRANSFEREE'S REQUIRED DOCUMENTS When the presenter is a legal respresentative under subparagraph 3.A. or a third party under subparagraph 3.B., the documents required for a draw shall include: A. All documents required elsewhere in this Letter of Credit, except that such documents may be in the name of either the original beneficiary or the presenter permitted by paragraph 3; and B. A certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original beneficiary. , LFCD008•FgcmAIIonTochnolog[e,,Inc, (12/17/03) (800)937-3798 MEMORANDUM WIlDTO: Sharyn Frazer, Compliance Officer DATE: October 12, 1998 CFROM: Donald Carroll, Engineering Administrator Olt' COLORADO• SUBJECT: S-415; Little Thompson Valley Estates Final Release of Collateral The one year period for release of collateral has expired and, at the request of the applicant/Planning Services, I made a sight investigation on October 9, 1998. 15% ($4,848..00) of the paving cost was held in the case repairs were needed. I would recommend that the entire total be released as there is no evidence of any needed repairs. In accordance with the Little Thompson Valley resolution, this section of road will be privately maintained. cc: Frank B. Hempen, Jr. Dave Becker Scott Schreiber Matt Fosher Weld County Planning Dept. S-415 plan26 OCT 1 3 in 1998 RE CEI VED MEMORANDUM To: Board of County Commissioners October 26, 1998 Elk From: Scott Ballstadt, Planner II, Dept. of Planning Service COLORADO Subject: Little Thompson Valley Estates request for final release of collateral The Board of County Commissioners approved a resolution on March 23, 1998, releasing all but 150/0 of the letter of credit, leaving$4,848.00, held as collateral through a letter of credit. This amount was to be retained for six (6) months, which has now passed. Staff is requesting that the Board of County Commissioners release the entire total of $4,848.00. The Public Works Department conducted a site investigation on October 9, 1998, and found no evidence of any needed repairs. In accordance with the Little Thompson Valley resolution, this section of road will be privately maintained. p O %Ct. Itvsef n `I • n r ,• O mm v n cow O7: 7C c:J _ 'U-c 111 "J) '4O SERVICE,TEAMWORK,INTEGRITY,QUALITY October 2, 1998 Weld County Planning Office 1400 N. 17h Ave. Greeley, CO 80631 RE: Final release of collateral for Little Thompson Valley Estates To Whom it May Concern: This letter is to request a final release of collateral for the Little Thompson Valley Estates subdivision. On March 23, 1998,the Weld County Commission passed a resolution releasing all but 15%of the letter of credit, leaving $4,848 held as collateral through a letter of credit. That amount was to be retained for 6 months which has now passed. Please send any correspondence to the following address: Kevin and Dina McCarty 2275 Alpine Sky Drive Berthoud, CO 80513 Work# 970-352-1114 Home#970-532-4208 Sincerely, 77-4 A7 Kevin McCarty Hello