2014-04-07_GENERAL DOCUMENTS - M2008080

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inflation rate based on the "Colorado Construction Cost Index Report" as published by the Colorado Department of Transportation. 7.6 Acceptable collateral shall be submitted prior to commencement of Site Preparation, as herein defined. No grading or building permits shall be issued for sand and gravel mining, processing operations improvements, or other site related activities, on the property and no Site Preparation shall commence until collateral is provided in the amount of One- Elundred percent (100 %) of the value of the improvements to be completed, and the development plans are revised to comply with all current County standards, policies and regulations. The improvements shall be completed within the time schedule set forth in Exhibit "B" hereto. If improvements are not completed within these time frames, the County, at its discretion, may make demand on all or a portion of the site collateral and take steps to see that the improvements are made. "Site Preparation" shall mean earthwork grading or performance of work, or construction or installation of improvements related to Applicant's planned sand and gravel mining and processing or related operations pursuant to USR -1687 that require a grading or building permit from the County pursuant to the Weld County Code. 7.7 Collateral may be in the form of an irrevocable letter of credit (LOC) in an amount equivalent to (100 %) of the total value of the improvements set forth in the Improvements Agreement; the LOC shall be subject to the requirements of Weld County Code Section 2 -3 -30 B. The Property Owner shall utilize only a County approved form when obtaining a LOC: (IRREVOCABLE STANDBY LETTER OF CREDIT FOR BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO). A copy of said form shall be provided to Applicant upon request. 7.8 Collateral may be in the form of a surety bond given by a corporate surety authorized to do business in the State of Colorado in an amount equivalent to one - hundred percent (100 1/o) of the value of the improvements set forth in the Improvements Agreement. The surety bond shall conform to and be subject to the requirements of Weld County Code Section 2 -3 -30 BA. 7.9 Collateral may be in the form of a cash deposit made with the Board in an amount equivalent to one - hundred percent (100 %) of the value of the improvements set forth in the Improvements Agreement. 7.10 The Board of County Commissioners of Weld County reserves the right to reject collateral which is deemed inappropriate or insufficient, which may be either as collateral in the form of a letter of credit offered by a banking institution which does not have at least a "three star" rating given by Bauer Financial, or as collateral in the form of a performance bond offered by an insurance company which does not have at least a B+ rating given by A.M. Best. The Board further reserves the right to require Property Owner to obtain replacement collateral if the rating of the financial institution providing said collateral drops below the levels stated above. 11 11111111111111111111111111111111111 IN MIN 11111111 HIM III IN 3791261 09/09/2011 11:42A Weld County, CO 11 of 17 R 0.00 D 0.00 Steve Morena Clerk A Recorder