040.92
RESOLUTION ACCEPTING CASH BOND
RESOLUTION NO. 40, 1992
INTRODUCED BY: Mrs. Betty Monahan WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Michel Brandt
RESOLVED, that the Town Board of the Town of Queensbury after
considering the contract currently awarded to Corinth Construction
Corp. for the re-roofing of the maintenance building at the
Queensbury Water Treatment Plant hereby determines that it would be
appropriate to accept a cash bond with an indemnity agreement from
the Contractor instead of requiring the standard performance bond
and hereby directs that upon receipt of a cash bond in the full
amount of the contract that the same will be deposited in an escrow
account or similar account where it is isolated and interest earned
on that money will be credited toward that fund and as the job
progresses portions of that money as to be determined in the future
by the Town Board will be refunded to the contractor.
Duly adopted this 6th day of January, 1992, by the following vote:
AYES: Mr. Caimano, Mr. Tucker, Mrs. Monahan, Mrs. Goetz, Mr. Brandt
NOES: None
ABSENT: None