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RESOLUTION NO. 2004- 134 <br />WHEREAS, in light of both Hurricanes Frances and Jeanne, the need has arisen <br />to have insurance checks reviewed and handled in a timely manner so as to not <br />frustrate the SHIP participant's ability to schedule contractors for needed repairs; and <br />WHEREAS, in the instance where Indian River County is named other than a <br />senior lender, the Community Development Director or his designee would only <br />endorse insurance checks after a finding that the senior lender will open a proper <br />escrow account, deposit the insurance funds into that escrow account, and disburse the <br />necessary funds to the proper party only after inspections have made determining that <br />the work has been done and/or receipts have been submitted and/or releases obtained. <br />If the senior lender will not set up an escrow account, the Community Development <br />Director for Indian River County will set up such escrow account, deposit said escrow <br />funds into it, and disburse the necessary funds to the proper party only after inspections <br />have made determining that the work has been done and/or receipts have been <br />submitted and/or releases obtained; and <br />WHEREAS, in the instance where Indian River County is named as the senior <br />lender, the Community Development Director for Indian River County will set up such <br />escrow account, deposit said escrow funds into it, and disburse the necessary funds to <br />the proper party only after inspections have made determining that the work has been <br />done and/or receipts have been submitted and/or releases obtained; and <br />WHEREAS, if any SHIP participant objects to having repairs done but merely <br />wants the money, the Community Development Director or his designee will endorse <br />such insurance check only if the SHIP loan will be repaid with the proceeds, <br />2 <br />F:\Attorney\Nancy\DOCS\RES\Reso autho cdd to execute SHIP ins. checks.doc <br />