Commissioner Clement moved that the following Resolution be adopted:

BEFORE THE BOARD OF COUNTY COMMISSIONERS

OF THE COUNTY OF JEFFERSON

STATE OF COLORADO

RESOLUTION NO. CC91-196

WHEREAS, pursuant to the duly adopted policy relating to the collection and enforcement of performance guarantees, the Jefferson County Department of Highways and Transportation did in writing dated January 2, 1991, formally notify Sanford Group, Inc., c/o Governor's Ranch Land Company that the above-referenced Letter of Credit was due to expire on March 1, 1991, and further directing Sanford Group, Inc. that it was their obligation (1) to either fully complete and have accepted the landscaping improvement located within Governor's Ranch Filing No. 5 Subdivision, or (2) to submit a new Letter of Credit to cover the remaining cost to complete the same including cost increase due to inflation; and

WHEREAS, after no response was received from Sanford Group, Inc., the Jefferson County Attorney did on February 1, 1991, formally notify Sanford Group, Inc., c/o Governor's Ranch Land Company and United Bank of Denver that unless an acceptable performance guarantee had been received on or before February 12, 1991, that he would submit a formal resolution to this Board authorizing the County Attorney's office to take immediate steps to make demand for payment on the aforementioned Letter of Credit No. S42644 and its Amendments; and

WHEREAS, as of this date, February 19, 1991, no such substituted letter of credit or other acceptable performance guarantee has been tendered to either this Board or the Jefferson County Attorney's office; and

CC91-196

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WHEREAS, it is the unanimous opinion of this Board and this is a written statement signed by an official of the Board of County Commissioners, Jefferson County, stating that "The Greenbelt Improvements in Governors Ranch, Filing 5, Phase I have not been completed" and such improvements are guaranteed by Letter of Credit No. S42644; and

WHEREAS, it is the unanimous opinion of the Board of County Commissioners of Jefferson County that immediate action must be taken to exercise its rights under said Letter of Credit or to obtain an acceptable substituted Irrevocable Letter of Credit, or other acceptable performance guarantee, in an amount of $48,145.90 and that such action is in the best interest of the health, safety, morals, convenience, order, prosperity and welfare of the citizens of Jefferson County.

NOW, THEREFORE, BE IT RESOLVED that the Board of County Commissioners of the County of Jefferson and State of Colorado, do hereby by these presence make, constitute and appoint Patrick R. Mahan, County Attorney, or Gay B. Ummel, Assistant County Attorney, or Claire Levy, Assistant County Attorney, or Carolyn D.C. Justice, Assistant County Attorney, County of Jefferson, State of Colorado, true and lawful attorney-in-fact for the Board of County Commissioners of the County of Jefferson, State of Colorado, in its name, place and stead to appear and make demand for immediate payment of Irrevocable Letter of Credit No. S42644 in the amount of $48,145.90 and to take all steps necessary or convenient for the collection of said Letter of Credit, or at his or her discretion to review and accept in this Board's name, place and stead a substituted performance guarantee in the form of a Letter of Credit or other acceptable performance guarantee as shall be necessary to cover remaining landscaping improvements in the Governor's Ranch Filing No. 5 Subdivision.

BE IT FURTHER RESOLVED that the Chairman is hereby authorized to execute on behalf of the Board of County Commissioners a draft demanding payment of the $48,145.90 guaranteed by Letter of Credit No. S42644 from United Bank of Denver.

BE IT FURTHER RESOLVED that the Jefferson County Attorney, Patrick R. Mahan, or the Assistant County Attorney, Gay B. Ummel, Claire Levy, or Carolyn D.C. Justice is hereby and herewith directed to make such demand for payment for said $48,145.90, pursuant to Irrevocable Letter of Credit No. S42644 on February 22, 1991, unless a substituted performance guarantee has been received and approved as stated above on or before that date, and, if said substituted performance guarantee has been so received and approved, then the Director of Administrative Services is hereby authorized to return to the developer the above-referenced Letter of Credit.

BOARD OF COUNTY COMMISSIONERS,

JEFFERSON COUNTY

BY:__________________________________

John P. Stone, Chairman

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Commissioner Stone seconded the adoption of the foregoing Resolution. The roll having been called, the vote was as follows:

Commissioner Marjorie E. Clement AYE

Commissioner Rich Ferdinandsen ABSENT

Commissioner John P. Stone, Chairman AYE

The Resolution was adopted by majority vote of the Board of County Commissioners of the County of Jefferson, State of Colorado.

Dated: February 19, 1991