409.96
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS
RESOLUTION NO.: 409, 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, the Town Board of the Town of Queensbury, by
resolution no. 170, 96 authorized the return of the sum of
$74,677.22 to Wal-Mart, which sum was the net result of the $90,000
deposit plus interest, but minus the service charge, buy-in,
guarantee, and outstanding punch list fees, and
WHEREAS, the items on the outstanding punch list have been
satisfactorily addressed and the one-year guarantee has been
completed, and
WHEREAS, the amount to be refunded is $4,200 plus interest
(one-year guarantee $1,800 plus $2,400 outstanding punch list), and
WHEREAS, Wal-Mart is requesting that this sum of $4,200 plus
interest held in escrow be returned, and
WHEREAS, Michael Shaw, Deputy Waste Water Superintendent, in
his memo dated September 17, 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 the buy-in fee to the Glens Falls Wastewater Treatment
Plant in the amount of $14,107.20,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes the return of the sum of $4,200 plus interest at the
time of refund to Wal-Mart in accordance with the above.
Duly adopted this 7th day of October, 1996, by the following
vote:
AYES: Mrs. Monahan, Mr. Turner, Mrs. Goedert, Mrs. Pulver, Mr.
Champagne
NOES: None
ABSENT:None