395.95
RESOLUTION ACCEPTING DEDICATION OF SANITARY SEWER MAINS &
MANHOLES CONCERNING CENTRAL QUEENSBURY QUAKER ROAD SEWER
DISTRICT EXTENSION, ROUTE 9 SEWER DISTRICT EXTENSION
RESOLUTION NO.: 395, 95
INTRODUCED BY: Mrs. Carol Pulver
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, Michael O. Shaw, Director of the Town of Queensbury
Waste Water Department has advised that Wal Mart Stores, in
accordance with an Agreement reached with the Town of Queensbury,
and resolution no. 440. 94, installed a sanitary sewer system,
manholes, and necessary or desirable components and appurtenances
thereof, and
WHEREAS, in accordance with said Agreement, Wal Mart Stores
has agreed to grant and release to the Town of Queensbury all
right, title, and interest in and to said sanitary sewer system and
components and appurtenances thereof, and
WHEREAS, Mr. Shaw has indicated that the sewer system is now
complete, with the exception of certain items delineated on his
Memo/Punch List to Fred Champagne, Supervisor, dated July 6, 1995,
and has recommended that the monies held in escrow in the amount of
$90,000 be retained as assurance that such work will be performed,
and
WHEREAS, the aforesaid Agreement also provides for the amount
of 2% or $1,000. whichever is greater, to be kept in the escrow
fund for a period of one year,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
indicates its acceptance of the grant and release of all right,
title, and interest in said sanitary sewer system and components
and appurtenances thereof, with the understanding that the
developer has the clear, legal right and title to make such
conveyance of title, and
BE IT FURTHER,
RESOLVED, that the Town Board of the Town of Queensbury hereby
retains the $90,000 in escrow until such time that each item on the
Punch List referred to hereinabove is satisfactorily addressed, and
that at the time the items have been satisfactorily addressed, the
Town Board of the Town of Queensbury will then release the escrow
funds previously retained by the Town, to the extent that all
escrow funds held in accordance with the Agreement between the Town
of Queensbury and Wal Mart Stores be released with the exception of
1) the sum of 2% or $1,000., whichever is greater, be kept for a
period of one year, and 2) the sum of one-half of one percent of
the interest earned on the escrow fund since the day of deposit as
a service charge.
Duly adopted this 10th day of July, 1995 by the following
vote:
AYES: Mrs. Pulver, Mr. Turner, Mr. Caimano, Mr. Champagne
NOES: None
ABSENT:Mrs. Monahan