170.96
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS
RESOLUTION NO.: 170, 96
INTRODUCED BY: Mrs. Carol Pulver
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, the Town Board of the Town of Queensbury, by
resolution no. 395, 95, indicated its acceptance of the sanitary
sewer system, manholes, and necessary or desirable components and
appurtenances, installed by Wal-Mart Stores concerning the Central
Queensbury Quaker Road Sewer District Extension, Route 9 Sewer
District Extension, and
WHEREAS, the Town Board of the Town of Queensbury, at the time
of acceptance, also authorized the release of certain escrow funds
previously retained by the Town as part of the agreement concerning
construction of the sanitary sewer system, with the exception of a
certain sum to be kept for a period of one year, ($90,000.), and
WHEREAS, Wal-Mart is requesting that the $90,000. plus
interest monies held in escrow be returned as the one year
guarantee period has expired, and
WHEREAS, Michael Shaw, Deputy Waste Water Superintendent, in
his memo dated March 25, 1996, a copy of which has been presented
at this meeting, has recommended the release of the escrow funds
held by the Town, plus interest earned on the funds, but minus
various fees,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes the return of the sum of $74,677.22 to Wal-Mart, which
sum is the net result of the $90,000. deposit plus interest, but
minus the service charge, buy-in, guarantee, and oustanding punch
list fees.
Duly adopted this 1st day of April, 1996, by the following
vote:
AYES: Mrs. Pulver, Mrs. Monahan, Mr. Turner, Mrs. Goedert, Mr.
Champagne
NOES: None
ABSENT:None