HomeMy WebLinkAbout992337.tiff (90(1)'
RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL - GANDER VALLEY
PUD, DOUGLAS MYERS, c/o JAMES S. HILLHOUSE, S#423
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 #971292 dated July 9, 1997, the Board approved an
Improvements Agreement According to Policy Regarding Collateral for Improvements (Private
Road Maintenance) with Douglas Myers, c/o James S. Hillhouse for Gander Valley PUD, and
accepted an Irrevocable Standby Letter of Credit, and
WHEREAS, by Resolution #972268 dated October 15, 1997, the Board did release the
abovementioned Irrevocable Standby Letter of Credit, in the amount of $30,000, and accepted
Irrevocable Standby Letter of Credit No. 1070 in the amount of $2,000.
WHEREAS, on July 16, 1999, the Weld County Departments of Public Works and
Planning Services conducted a visual inspection and hereby recommends release of said
collateral, and
WHEREAS, upon recommendation of the County Attorney's Office, 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 Irrevocable Standby Letter of Credit No. 1070 drawn on Colorado
Business Bank, 1900 Fifteenth Street, Boulder, Colorado 80302, in the amount of $2000.00 be,
and hereby is, canceled and released.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby
is, directed to return said letter of credit to the appropriate issuing party.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 20th day of September, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
I � WELD COUNTY, COLORADO/411141ATTEST: �� 1. i / EXCUSED
�J \ Dale K. Hall, Chair
Weld County Clerk to th_�oa�� � �` ,/ / �'- ,
tsc� 0�6; - . L-17a
�`►� =arbara . Kirkmeyer, Pro-Tem/
BY: ut B Jil: Lid^ �i/ /� y9
Deputy Clerk to the Boa :-
.�� Ge-„,/
orge E axter
APPROVED AS TO F : l/w
M . Geile
� --2,
_,County Attorne 'G tl,/„�r�/
_,County
Glenn\Fead-
111111111111111111 NUMB Ell 992337
2723646 09/30/1999 09:24A Wald County CO PL1165
1 of 1 R 0.00 D 0.00 IA Sukl Tsukamoto
IPCOLORADO
BUSINESS BANK
BOULDER
IRREVOCABLE STANDBY LETTER OF CREDIT
To: Mr. Todd Hodges L/C NO: 1070
Weld County Department of Planning Services EFF DATE: 9/24/97
1400 North 17th Avenue EXPIRATION: 9/24/98
Greeley, CO 80631 AMOUNT: $2.000.00
We hereby establish our Irrevocable Standby Letter of Credit Number 1070 in your favor
for the accourt of Gander Valley, a minor subdivision of Weld County, in the amount not
to exceed Two Thousand Dollars and no/100 U.S. Dollars($2,000.00) available by draft
at sight on us accompanied by certification of the County Administrator, that Gander
Valley failed to complete installation of the improv=.tr its in accordance with the
Improvements Agreement and the issuer has been-notified of such default.
We hereby further agree that: �! „
I 77 )
lk
1. Drafts under and in compliance with i;,,hh�e/\,terms of this kvoe�sle Letter of Credit will
be duly honored if presented at ofin o f6e at 1900 15th ' tre4, Boulder, Colorado
80302, on or before 3:90 P.M Saniber 24 ,199p-o,4any extended expiry date as
indicated below.
2. Funds available wider this .ffe'vocable Letter of edit may be drawn in such amounts
and at such ties as,determirred by W Cdunty,, provided that the amount drawn
shall not excee he aggi egate amount sp tcified herein.
3. We shall have no right, duty, obligation, or ies$onsibility to evaluate the performance
or non performance of the underlying contract between Gander Valley and the
beneficiary of this credit.
4. All drafts must be marked "Drawn under Irrevocable Letter of Credit Number ,
Gander Valley".
This Irrevocable Letter of Credit shall have a FULL AND FINAL EXPIRATION DATE
OF September 24, 1998. Except so far as otherwise stated, this credit is subject to the
Uniform Customs and Practice for Documentary Credits (1993 Revision, International
Chamber of Commerce Publication No. 500).
Sincerely,
L..Z.t..00--art. �•--c-_.Z,c�,.._,_
Elissa Curran
Assistant Vice President
C.3:, -r:: -_
1960 Fifteens n Street, Boulder,Colorado 80302 (303)413-6000 Fax(303)786-9701
Hello