201.2000
RESOLUTION AUTHORIZING RELEASE OF PORTION OF ESCROW
FUNDS CONCERNING QUEENSBURY TECHNICAL PARK SEWER
DISTRICT EXTENSION NO. 2 – AMERADA HESS CORP.
RESOLUTION NO.: 201. 2000
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS, by Resolution No.: 307,98, the Queensbury Town Board established and
authorized Queensbury Technical Park Sewer District Extension No. 2 and executed a Sewer District
Extension Agreement with the Developer, Amerada Hess Corporation (Amerada Hess), and
WHEREAS, Amerada Hess 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.: 70.99, the Town Board authorized the return of
a portion of escrow funds to Amerada Hess and retained the balance of escrow funds as requested by
the Deputy Director of Wastewater (Deputy Director), and
WHEREAS, by Town Board Resolution No.s: 242 and 346 of 1999, the Town Board
authorized the return of additional portions of escrow funds to Amerada Hess, and
WHEREAS, the Deputy Director has advised that the guarantee period (3/1/99 – 3/1/2000)
has been completed and therefore recommends that the Town Board release escrow funds previously
held by the Town to cover the one year guarantee to Amerada Hess, minus the sum of $2,484 plus
interest to be held by the Town to cover Glens Falls Wastewater Treatment Plant Buy-In Costs and a
service fee in the amount of $5.55 (equal to one-half of one-percent of interest earned),
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds
to Amerada Hess Corporation held by the Town with respect to Queensbury Technical Park Sewer
District Extension No. 2, less the sum of $2,484 plus interest to be held and used by the Town to pay
Glens Falls Wastewater Treatment Plant Buy-In Costs and a service fee in the amount of $5.55 (equal
to one-half of one-percent of interest earned), and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Comptroller’s
Office and/or Wastewater Department to take such other and further actions necessary to effectuate
the terms of this Resolution.
st
Duly adopted this 1 day of May, 2000, by the following vote:
AYES : Mr. Brewer, Mr. Martin, Mr. Turner, Mr. Stec, Mr. Brower
NOES : None
ABSENT: None