443.99
RESOLUTION AUTHORIZING RELEASE OF PORTION OF ESCROW
FUNDS IN CONNECTION WITH CENTRAL QUEENSBURY QUAKER
ROAD SEWER DISTRICT EXT. #6 - EVEREST ENTERPRISES, INC.
RESOLUTION NO.: 443. 99
INTRODUCED BY: Mr. Douglas Irish
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, by Resolution No.: 316.99, the Town Board of the Town of Queensbury
established, authorized and approved Central Queensbury Quaker Road Sewer District Extension No.
6 and the corresponding Sewer Extension Agreement with the Developer, Everest Enterprises, Inc.,
and
WHEREAS, as part of the Sewer Extension Agreement, Everest Enterprises, Inc., 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, by Memorandum dated December 7, 1999, 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 Sewer Extension Agreement and therefore has recommended that the
Town release the escrow funds (with interest) to Everest Enterprises, LLC minus a sum to be held by
the Town to cover a one-year guarantee, Glens Falls Wastewater Treatment Plant Buy-In Costs and
three punch list items yet to be completed by the Developer,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby authorizes the return
of escrow funds with interest to Everest Enterprises, LLC, which sum shall be the net result of the
$42,900 deposit plus interest, minus the guarantee, buy-in and punch list fees, totaling approximately
$33,500, and
BE IT FURTHER,
RESOLVED, that the Queensbury Town Board hereby authorizes retention of the
approximate $9,400 fund balance, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Controller’s Office
and/or Department of Wastewater to take such other and further actions necessary to effectuate the
terms of this Resolution.
th
Duly adopted this 20 day of December, 1999, by the following vote:
AYES: Mr. Tucker, Mr. Merrill, Mr. Turner, Mr. Irish, Mr. Champagne
NOES: None
ABSENT:None