428.2007
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS
IN CONNECTION WITH NOBLE WAY IN KING’S COURT SUBDIVISION
RESOLUTION NO.: 428, 2007
INTRODUCED BY: Mr. John Strough
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Roger Boor
WHEREAS, by Resolution No.: 54,2005 the Queensbury Town Board authorized the
dedication of Noble Way in the King’s Court Subdivision, such acceptance conditioned on the Town’s
receipt of $26,680 cash escrow from The BH Group, Inc. (Developer), and
WHEREAS, the Developer provided the Town with the required $26,680 and entered into an
Escrow Agreement with the Town, and
WHEREAS, as required by the Escrow Agreement, the Town deposited the $26,680 in an
interest bearing account, and
WHEREAS, the Town’s Highway Superintendent has advised the Town Board that the
Developer has completed to the Highway Superintendent’s satisfaction the top coat of the road and has
requested that the monies held by the Town be released, and
WHEREAS, the Town Board wishes to therefore authorize the refund of funds currently held
in escrow to the Developer as set forth in the Escrow Agreement,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds
toThe BH Group, Inc., in connection with the dedication ofNoble Way in the King’s Court
Subdivision, which sum shall be the amount of $26,680 plus any earned interest, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Fiscal Manager to
take such other and further action necessary to effectuate the terms of this Resolution.
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Duly adopted this 24 day of September, 2007, by the following vote:
AYES: Mr. Boor, Mr. Sanford, Mr. Strough, Mr. Brewer, Mr. Stec
NOES: None
ABSENT:None