5/21/1991 - Laserfiche WebLink

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ON MOTION by Commissioner Eggert, SECONDED by Commissioner Bowman, the Board unanimously reconsidered the original motion. Assistant County Attorney Will Collins advised that part of the contract also involves posting of warranty security to insure that what they do construct stays in good shape for the year, before we assume maintenance. If we get a substitute letter of credit it should be one in the amount to cover the warranty agreement as well. Mr. Leuthje assured Mr. Collins that the developer would get the extension for the existing letter of credit to Mr. Davis this week, and the extension would be until July 3, 1991. By then construction would be complete and at that point certification would be accomplished and the warranty would be given to the County. - Attorney Collins advised that if we had an acceptable 30 -day extension to the existing letter of credit, we could carry it through, as long as we had the substitute warranty agreement before the end of that 30 days after certification. We just want to be able to submit the letter of credit if they don't give us the amendment before June 3, 1991. Attorney Collins suggested the motion should be to authorize the Chairman to execute the resolution and necessary instruments to call the letter of credit. We would not mail the letter of credit if we are provided with an amended letter of credit extending it for 30 days. Then we could revisit it later on. ON MOTION by Commissioner Scurlock, SECONDED by Commissioner Eggert, the Board unanimously adopted Resolution 91-63, authorized the Chairman to execute all necessary instruments to call the letter of credit, not mail the letter of credit if provided with an amended letter of credit extending it for 30 days, and revisit it later on, as recommended by the legal Staff. 54 c� RfflK MAY 2 111- 91 L-