HomeMy WebLinkAboutORDINANCE 08-760 0
ORDINANCE NO.8-76
AN ORDINANCE AMENDING SECTIONS 16.36.030 2
AND 16.36.060 OF THE MUNICIPAL CODE OF
THE TOWN OF ESTES PARK,COLORADO,RELATING
TO IMPROVEMENT GUARANTEES.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN
OF ESTES PARK,COLORADO:
Section 1.Sections 16.36.030 2 and 16.36.060 of the
Municipal Code of the Town of Estes Park,Colorado,are hereby
amended to read as follows:
16.36.030 2.A deposit of cash or other collateral,
acceptable to the town,in an amount not less than the town’s
estimate of the cost of complete installation of all improve
ments required by Section 16.28.180,16.28.220 through
16.28.270,16.36.090 and 16.36.100 in the area established
as provided in Section 16.36.020,and a guarantee of all
workmanship and materials with the town clerk,or with any
bank or trust company in the state of Colorado.Such deposit
shall be subject to an escrow agreement whereby the holder of
such cash or collateral shall pay all or any portion thereof,
including interest earned thereon,to the town upon demand as
may be required to complete the installation of such improve
ments within the time and in the manner required by the Estes
Park Municipal Code.
16.36.060 Approval of bonds,collateral and escrow
agreements.All surety bonds,collateral in lieu of cash and
escrow agreements shall be approved as to form and sufficiency
by the town attorney.Surety bonds shall be deemed sufficient
if executed by a corporate surety licensed to do business in
the state of Colorado and countersigned by a resident agent of
such corporate surety.Collateral in lieu of cash shall be
deemed sufficient if acceptable to the town,negotiable and
of a present market value in excess of the amount of the town’s
estimate.
o
Section 2.The board of trustees of the town of
Estes Park,Colorado,herewith finds,determines and desig
nates that this ordinance is necessary for the immediate
preservation of the public peace,health and safety,for
improvement guarantees affect the public peace,health and
safety;and whereas,in the opinion of the board of trustees,
an emergency exists,this ordinance shall take effect and
be in force after its final passage,adoption and the ap
proval and signature of the mayor.
PASSED BY THE BOARD OF TRUSTEES AND SIGNED THIS /2A
DAY OF y 1976.
I
Mayo1
TOWN OF ESTESPARK,COLORADO
(SEAL)
ATTEST:
Town Clerk
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