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• �� Resolution 81-138
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�-:;� RESOLUTION OF TAE BOARD OF COUNTY
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g COMISISSIONERS OF PITKIN COUNTY, COLORADO
PLEDGING CERTAIN SUMS HELD SY FIRST WESTERN �
MORTGAGE CORPORATION TO SECURE A LOAN TO '
JAY R. KUHNE `
WHEREAS, the Board of County Commissioners did, by agreement '
dated December 16, 1981, place the sum of Three Iiundred Thousand
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($300,000.00) Dollars in escrow with the First Western Mortgage �
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� Corporation (hereinafter "First Western")to guaranty the performance
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• by the County of certain undertakings all as specified in said '
agreement, and ;;
WHEREAS, First Western has or may agree to lend to Jay R. _
Thousand ;
Kuhne the sum of (approximately) Three Aundred Thirty Two/($332,000) �
t Dollars to be applied to the issuance of certain single family
�� mortgage revenue bonds for the sale of low and middle income �
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�E, units within the Silverking Apartments, Phase II, and ,
� �� WHEREAS, First Western may be reluctant to lend to Kuhne ��
f; �
� this amount without surety or collateral, and
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WHEREAS, it is in the public interest to consummate the �
issuance of the bonds all as described in separate agreements �4
and resolutions entered into and adopted by this Board, �
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NOW, THEREFORE, BE IT RESOLVED by the Board of County Com-
missioners of Pitkin County, Colorado, that it does hereby '
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� � �� pledge the sum of Three Hundred Thousand ($300,000.00) Dollars
held by First Western Mortgage as security for the payment by k`
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Jay R. Kuhne of a loan by First Western to him for the purposes
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q hereinabove specified.
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BE IT FURTHER RESOLVED that this commitment shall run �
until the acquisition of Phase II of the Silverking Apartments by �
the Pitkin County Housing Authority, or thirty days from the
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- ,
date of this resolution, whichever shall first occur.
APPROVED by the Board of County Commissioners of Pitkin �; �
County, Colorado, at a special meeting held December 29, 1981. `.•`.
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• AT T: ��[ , THE BOARD OF COUNTY COMMISSIONERS �
�� `�V� OF PITRIN COUNTY, COLORADO � '�'
Deputy, Pitkin County By ����'�E� k
Clerk and Recorder "Ro er�ild, C�irman
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