242.99
RESOLUTION AUTHORIZING RELEASE OF A PORTION OF ESCROW
FUNDS IN CONNECTION WITH QUEENSBURY TECHNICAL PARK
SEWER DISTRICT EXTENSION NO. 2
RESOLUTION NO.: 242, 1999
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Pliney Tucker
WHEREAS, the Town Board of the Town of Queensbury, by Resolution No.: 307,98,
established, authorized and approved the Queensbury Technical Park Sewer District Extension No. 2
to the Queensbury Technical Park Sewer District, and
WHEREAS, at this time, the Town Board also authorized and executed an Agreement with
the Developer, Amerada Hess Corporation, concerning the Sewer District Extension, and
WHEREAS, as part of the Agreement, Amerada Hess Corporation 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 Corporation (Developer) and retained the balance of
escrow funds as requested by the Deputy Director of Wastewater, and
WHEREAS, the Town’s Deputy Director of Wastewater has advised the Town Board in his
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Memorandum dated July 9, 1999, that Amerada Hess Corporation has satisfactorily addressed
outstanding punch list items except for stabilization and reseeding of the trench area, and therefore has
recommended that the Town release $9,000 in escrow funds to Amerada Hess Corporation, with the
remaining sum of approximately $5,484 to be held by the Town to cover the one-year guarantee, Glens
Falls Wastewater Treatment Plant Buy-In Costs and the costs for additional top dressing of the trench
area,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby authorizes the return
of $9,000 in escrow funds to Amerada Hess Corporation, which sum shall be the net result of the
$14,484 plus interest held in escrow, minus the guarantee, buy-in and costs for top dressing of the
trench area as designated on the Deputy Director of Wastewater’s Memorandum to the Town Board
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dated July 9, 1999 presented at this meeting, and
BE IT FURTHER,
RESOLVED, that the Queensbury Town Board hereby authorizes retention of the fund
balance described above, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Controller’s Office
and/or Department of Wastewater to take such other and further actions necessary to effectuate the
terms of this Resolution.
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Duly adopted this 19 day of July, 1999, by the following vote:
AYES : Mr. Irish, Mr. Tucker, Mr. Merrill, Mr. Turner, Mr. Champagne
NOES : None
ABSENT: None