248.96
RESOLUTION AUTHORIZING RELEASE OF IRREVOCABLE LETTER OF CREDIT
TO VALENTE BUILDERS, INC.
RESOLUTION NO.: 248.96
INTRODUCED BY: Mrs. Carol Pulver WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Connie Goedert
WHEREAS, the Town Board of the Town of Queensbury, by
resolution no. 66, 93, accepted the dedication of Brown's Path in
the Maple Row Farms Subdivision, and
WHEREAS, as part of said resolution, the Town Board accepted
an Irrevocable Letter of Credit from First National/Evergreen Bank
in the amount of $32,000 whereby the developer (Valente Builder's
Inc.) secured completion of the final coat of asphalt surface, and
WHEREAS, Paul H. Naylor, Town Highway Superintendent has
advised that he has performed the final inspection of the top coat
of black top on Brown's Path and it does meet with the Town of
Queensbury's specification, and therefore, Mr. Naylor has
recommended the release of the $32,000 Irrevocable Letter of
Credit,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes and directs the release of the Irrevocable Letter of
Credit in the amount of $32,000 to Valente Builders, Inc.
Duly adopted this 3rd day of June, 1996 by the following vote:
AYES : Mrs. Pulver, Mrs. Monahan, Mr. Turner, Mrs. Goedert, Mr.
Champagne
NOES : None
ABSENT : None