070.99
RESOLUTION AUTHORIZING RELEASE OF A PORTION OF ESCROW
FUNDS IN CONNECTION WITH QUEENSBURY TECHNICAL PARK
SEWER DISTRICT EXTENSION NO. 2
RESOLUTION NO.: 70.99
INTRODUCED BY: MR. THEODORE TURNER
WHO MOVED FOR ITS ADOPTION
SECONDED BY: MR. RICHARD MERRILL
WHEREAS, the Town Board of the Town of Queensbury, by Resolution No.: 307,98,
established, authorized and approved the Queensbury Technical Park Sewer District Extension No. 2
to the Queensbury Technical Park Sewer District, and
WHEREAS, at this time, the Town Board also authorized and executed an Agreement with
the Developer, Amerada Hess Corporation, concerning the Sewer District Extension, and
WHEREAS, as part of the Agreement, Amerada Hess Corporation agreed to deposit funds in
escrow with the Town to cover costs related to construction of the sewer facilities, engineering and
other related expenses, and
WHEREAS, the Town’s Deputy Director of Wastewater has advised the Town Board that the
Sewer District Extension was constructed and inspected in accordance with the Agreement between
the Town and Amerada Hess Corporation and therefore has recommended that the Town release the
escrow funds (with interest) to Amerada Hess Corporation minus a sum to be held by the Town to
cover a one-year guarantee, Glens Falls Wastewater Treatment Plant Buy-In Costs, and four (4) items
th
listed on a punch list generated by the Town on December 18, 1998 and given to the Project
Engineer,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby authorizes the return
of escrow funds with interest to Amerada Hess Corporation, which sum shall be the net result of the
$28,664 deposit plus interest, minus the guarantee, buy-in and outstanding punch list fees as designated
on the Deputy Director of Wastewater’s Memo to the Town Board dated February 11, 1999 and
attached to this Resolution, and
BE IT FURTHER,
RESOLVED, that the Queensbury Town Board hereby authorizes retention of the fund
balance described above, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Comptroller’s
Office and/or Department of Wastewater to take such other and further actions necessary to effectuate
the terms of this Resolution.
st
Duly adopted this 1 day of March, 1999, by the following vote:
AYES : Mr. Irish, Mr. Tucker, Mr. Merrill, Mr. Turner, Mr. Champagne
NOES : None
ABSENT: None