Commissioner Ferdinandsen moved that the following Resolution be adopted:
BEFORE THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF JEFFERSON
WHEREAS, the Board of County Commissioners did, on July 21, 1986, accept Irrevocable Letter of Credit No. S39878 from the United Bank of Denver, N.A. in the amount of $512,115.23 to cover public improvements necessary to serve Lots 118-197 and 269-282 and landscaping improvements for one-half of Tract "A" and all of Tract "C" in the Governor's Ranch Filing No. 4, Phase III Subdivision; and
WHEREAS, the Board of County Commissioners did, on February 29, 1988, accept an Amendment to Letter of Credit No. S39878 from the United Bank of Denver, N.A. in the reduced amount of $61,436.55, with all other terms and conditions remaining unchanged; and
WHEREAS, the Board of County Commissioners did, on October 22, 1990, accept an Amendment to Letter of Credit No. S39878 from the United Bank of Denver, N.A. in the reduced amount of $47,496.80, with all other terms and conditions remaining unchanged; and
WHEREAS, the Jefferson County Planning Department has indicated, by memo dated August 12, 1991, that a reduced amount of $14,164.00 would be necessary for the completion of public and landscaping improvements within said subdivision; and
WHEREAS, the Subdivider has submitted an Amendment to said Letter of Credit No. S39878 from the United Bank of Denver, N.A. dated September 18, 1991, extending the expiry date to June 1, 1992, in the reduced amount of $14,164.00, with all other terms and conditions remaining the same; and
WHEREAS, the County Attorney's Office has reviewed said Amendment to Irrevocable Letter of Credit No. S39878 and has approved the same as to form.NOW, THEREFORE, BE IT RESOLVED that the Amendment to Irrevocable Letter of Credit No. S39878 dated September 18, 1991, from the United Bank of Denver, N.A. extending the expiration date to June 1, 1992, in the reduced amount of $14,164.00, with all other terms and conditions remaining the same, be and hereby is accepted, and the Chairman is authorized to execute the acceptance of said Amendment.
BE IT FURTHER RESOLVED that said Amendment to Irrevocable Letter of Credit No. S39878 from the United Bank of Denver, N.A. be deposited for safekeeping, together with the original Letter of Credit, by the Director of Administrative Services.
BE IT FURTHER RESOLVED that the Director of Administrative Services shall mail the executed copy of the Amendment to Letter of Credit No. S39878 to United Bank of Denver in the attached envelope.
Commissioner Clement seconded the adoption of the foregoing Resolution. The roll having been called, the vote was as follows:
Commissioner Rich Ferdinandsen AYE
Commissioner Marjorie E. Clement AYE
Commissioner John P. Stone, Chairman ABSENT
The Resolution was adopted by majority vote of the Board of County Commissioners of the County of Jefferson, State of Colorado.
Dated: September 30, 1991