DATE: September 6, 2022
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: Release of Security for Undergrounding Utilities along Millerton Road between Sky Harbour and Winchell Cove Roads to Table Mountain Rancheria
RECOMMENDED ACTION:
TITLE
1. Approve and authorize Chairman to execute the Amendment to Escrow Agreement, amending the April 2, 2020 Escrow Agreement with Wells Fargo Bank, N.A. and Table Mountain Rancheria, providing a mechanism to release the $1,000,000.00 security (along with any interest) held in escrow by Wells Fargo Bank, N.A. and required under Security Agreement No. 09-615, between the County and Table Mountain Rancheria, for the now-completed undergrounding of utilities along Millerton Road between Sky Harbour Road and Winchell Cove Road; and
2. Following approval of Recommended Action No. 1, authorize each of the County officers specified in Exhibit B-3 to the recommended Amendment to Escrow Agreement to provide notice under Section 1.6 of the April 2, 2022, Escrow Agreement, as amended by the recommended Amendment to Escrow Agreement, to Wells Fargo Bank, N.A. and Table Mountain Rancheria authorizing Wells Fargo Bank, N.A. to release the above-described $1,000,000.00 security; and
3. Approve and authorize Chairman to execute the attached Reconveyance of the Deed of Trust, reconveying to Table Mountain Rancheria the County's deed of trust (Document No. 98114187) recorded on August 14, 1998, as to four parcels along Millerton Road between Sky Harbour Road and Winchell Cove Road.
REPORT
Approval of the Recommended Actions Nos. 1 and 2 will provide a mechanism to release Table Mountain Rancheria (TMR) from security obligations arising under Security Agreement No. 09-615 ("Agreement") and will authorize the release of the security in the amount of $1,000,000.00 ("Security") by Wells Fargo Bank, N.A. ("Wells Fargo") to TMR. Wells Fargo held the Security for the benefit of the...
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