320.2000
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS IN
CONNECTION WITH CENTRAL QUEENSBURY QUAKER ROAD SEWER
DISTRICT EXTENSION #5 - STEWART’S ICE CREAM CO. INC. -
AND CLOSURE OF ESCROW ACCOUNT
RESOLUTION NO.: 320. 2000
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS, by Resolution No.: 100,99, the Queensbury Town Board established, authorized
and approved Extension No. 5 to the Central Queensbury Quaker Road Sewer District, and
WHEREAS, by Resolution No.: 131, 1999, the Town Board authorized and executed an
Agreement with the Developer, Stewart’s Ice Cream Co., Inc. (Stewart’s) concerning the Sewer
District Extension and as part of the Agreement, Stewart’s 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.: 241,99, the Town Board authorized the return
of a portion of escrow funds to Stewart’s and retained the balance of escrow funds to cover a one-year
guarantee and Glens Falls Wastewater Treatment Plant Buy-In Costs as requested by the Town’s
Deputy Director of Wastewater (Deputy Director), and
WHEREAS, by Memorandum dated July 21, 2000, the Deputy Director has advised that the
one-year warranty period has expired and therefore recommends that the Town 1) release the escrow
funds (with interest) to Stewart’s minus $745.50 to cover the future buy-in costs to the Glens Falls
Wastewater Treatment Plant, and 2) close the escrow account,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds
with interest held by the Town to Stewart’s Ice Cream Co., Inc., minus $745.50 to hold to pay the
buy-in costs to the Glens Falls Wastewater Treatment Plant when an agreement is finalized, 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 Stewart’s Ice Cream Co.,
Inc., 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 7 day of August, 2000, by the following vote:
AYES : Mr. Brewer, Mr. Martin, Mr. Turner, Mr. Stec, Mr. Brower
NOES : None
ABSENT: None