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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 />