@@Commissioner Ferdinandsen moved that the following Resolution be adopted:
BEFORE THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF JEFFERSON
STATE OF COLORADO
Letter of Credit No. S44207 from United Bank of Denver guaranteeing on account of Gov. R. Land Co. the completion of public improvements located in Governor's Ranch Filing No. 4, Phase III Subdivision in the amount of $8,111.00
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 April 3, 1992, formally notify Gov. R. Land Co. that the above-referenced Letter of Credit was due to expire on June 1, 1992, and further directing Gov. R. Land Co. that it was their obligation (1) to either fully complete and have accepted the public improvement located within Governor's Ranch Filing 4, Phase III 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 Gov. R. Land Co. the Jefferson County Attorney did on May 1, 1992, formally notify Gov. R. Land Co. performance guarantee had been received on or before May 12, 1992, 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. S44207; and
WHEREAS, as of this date, May 18, 1992, 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
WHEREAS, it is the unanimous opinion of this Board that Gov. R. Land Co. has not completed land development improvements for Governor's Ranch Filing No. 4, Phase III, Exemption Survey No. 1 and Exemption Survey No. 2 Streets in accordance with the improvements cost estimate submitted to Jefferson County and attached thereto as 'Exhibit A', which is guaranteed by Letter of Credit No. S44207; andWHEREAS, 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 $8,111.00 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. S44207 in the amount of $8,111.00 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 public improvements in the Governor's Ranch Filing 4, Phase III 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 $8,111.00 guaranteed by Letter of Credit No. S44207 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 $8,111.00 pursuant to Irrevocable Letter of Credit No. S44207 on May 22, 1992.
(SEAL) BOARD OF COUNTY COMMISSIONERS
Marjorie E. Clement, Chairman
Commissioner Clement seconded the adoption of the foregoing Resolution. The roll having been called, the vote was as follows:
Commissioner Rich Ferdinandsen AYE
Commissioner John P. Stone ABSENT
Commissioner Marjorie E. Clement, Chairman AYE
The Resolution was adopted by majority vote of the Board of County Commissioners of the County of Jefferson, State of Colorado.
Dated: May 18, 1992