100.2002
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS AND
CLOSURE OF ESCROW ACCOUNT IN CONNECTION WITH CENTRAL
QUEENSBURY QUAKER ROAD SEWER DISTRICT EXT. #6 - EVEREST
ENTERPRISES, INC.
RESOLUTION NO.: 100, 2002
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Daniel Stec
WHEREAS, by Resolution No.: 316.99, the Queensbury Town Board established and
authorized Central Queensbury Quaker Road Sewer District Extension No. 6 and executed a Sewer
Extension Agreement with the Developer, Everest Enterprises, Inc. (Everest), and
WHEREAS, Everest 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 Town Board Resolution No.: 443.99, the Town Board authorized the return
of a portion of escrow funds to Everest and retained the balance of escrow funds as requested by the
Deputy Director of Wastewater (Deputy Director), and
WHEREAS, by Town Board Resolution No.: 218,2000, the Town Board authorized the
return of an additional portion of escrow funds to Everest and retained the balance of escrow funds
again as requested by the Deputy Director of Wastewater (Deputy Director), and
WHEREAS, the Deputy Director has advised that Everest has completed all remaining punch
list items and one year warranty period and therefore recommends that the Town release the balance of
escrow funds held by the Town, plus any interested earned in January 2002, to Everest and close the
escrow account,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of approximately
$2,617 in escrow funds plus any interest earned in January 2002, to Everest Enterprises, LLC, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Comptroller’s
Office to refund the escrow funds, close the escrow account established for Everest Enterprises, LLC,
and take such other and further action as may be necessary to effectuate the terms of this Resolution.
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Duly adopted this 11 day of February, 2002, by the following vote:
AYES : Mr. Brower, Mr. Boor, Mr. Turner, Mr. Stec
NOES : None
ABSENT: Mr. Brewer