@@Commissioner Stone moved that the following Resolution be adopted:
BEFORE THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF JEFFERSON
Standby Letter of Credit No. 5334 from Colorado National Bank - Evergreen, guaranteeing on account of Hiwan Service Corporation, the completion of public improvements located in the Hiwan Fairway Two Subdivision in the amount of $8,228.00
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 10, 1992, formally notify Hiwan Service Corporation that the above-referenced Standby Letter of Credit was due to expire on June 11, 1992, and further directing that it was their obligation (1) to either fully complete and have accepted the public improvement located within Hiwan Fairway Two 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 Hiwan Service Corporation, the Jefferson County Attorney did on May 11, 1992, formally notify Hiwan Service Corporation that unless an acceptable performance guarantee had been received on or before May 26, 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. 5334 and its Amendments; and
WHEREAS, as of this date, June 1, 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 Hiwan Service Corporation has failed complete the improvements listed on the attached Exhibit "A", which was guaranteed by Letter of Credit No. 5334, and that such improvements are unsatisfactory; 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 $8,228.00, 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 Standby Letter of Credit No. 5334 in the amount of $8,228.00, 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 Hiwan Fairway Two 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 $8,228.00, guaranteed by Letter of Credit No. 5334 from Colorado National Bank - Evergreen.
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 $8,228.00, pursuant to Irrevocable Standby Letter of Credit No. 5334 on June 5, 1992, 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.
Commissioner Clement seconded the adoption of the foregoing Resolution. The roll having been called, the vote was as follows:
Commissioner John P. Stone AYE
Commissioner Rich Ferdinandsen 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: June 1, 1992