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~ • III IIIIIIIIIIIIIIII <br />T~~~ 999 <br />PAxCEI., 1'1.AU1?O, HULTIN & SPAANSTRA <br />A PARTNERSHIP INCLUDING A PROFESSIONAL CORPORATION <br />ATTORNEYS AT LAW <br />SUITE ]600 <br />IBOI CALIFORNU STREET ~,(_~ ~• .. ~ ~ ~ ~~ <br />DENVER, COLORADO 80202 C ^v- <br />TELEPNONE (]O]) 292~6A00 <br />DEAN R. MASSEY TELECOPIERt]O]129~~30a0 NOV 2 ~' 1983 <br />November 24, 1985 MINED LAND <br />RECLAMATION DIVISION <br />David Berry Hand Delivered <br />Colorado Mined Reclamation Division <br />1313 Sherman, Suite 423 <br />Denver, CO 80203 <br />Re: Release of Financial Warranty/Certificate of Deposit <br />Glass Livestock Permit M-81-022 <br />pear Mr. Berry: <br />On November 21, 1986, the above referenced permit was <br />transferred from the Glass Livestock Company to Connell <br />Resources Inc. We understand that upon your approval of the <br />performance and financial warranties submitted by Connell <br />Resources, you will release the existing financial warranty for <br />the property and return it to the previous operators. As you <br />will recall, the existing financial warranty for the property <br />consisted of a $7,500.00 letter of credit issued by University <br />National Bank and a $2,500.00 certificate of deposit originally <br />submitted by Glass Livestock Company prior to the original <br />permit issuance in 1981. This letter is written to inform you <br />as to the ultimate disposition of the released financial <br />warranties. <br />The $7,500.00 letter of credit and financial warranty was <br />submitted by University D'ational Bank of behalf of the receiver <br />of the property on May 28, 1986, in response to the Poard's <br />order approving a "reclamation only" permit and increasing a <br />financial warranty to $10,000. Upon release of this $7,500 <br />component of the financial warranty, please forward the <br />original copies of same to my attention at this office and I <br />will make the necessary arrangements to return the documents to <br />bank officials. <br />V7ith respect to the $2,500.00 certificate of deposit, it is <br />our belief that this document should be returned to University <br />National Bank as well. As you are aware, the GL Gravel Pit was <br />a subject of a judicial foreclosure against John Glass and <br />