Laserfiche WebLink
with the work, the accompanying cost estimates and certifications, the Public <br />Works Director shall place a recommendation on the next available County <br />Commission agenda for approval of the disbursement. Approval of any disburse- <br />ment shall be by resolution of the Board of County Commissioners, a certified <br />copy of which shall then be delivered to the Bank. Upon receipt of the certified <br />copy of said resolution, Bank shall make the disbursement described therein <br />directly to Developer or to any third party or parties upon which Bank and <br />Developer may otherwise agree. <br />6. Upon default by developer under the Contract, the County may elect <br />to pursue any of the remedies made available therein. A11'funds remaining in <br />the escrow account at the time default is declared by the County shall be avail- <br />able for use by the County in accordance with the Contract. Said funds shall <br />be disbursed to the County upon receipt by the Bank of a certified copy of a <br />resolution of the Board of County Commissioners stating that Developer has <br />defaulted under the Contract and that said funds are necessary to complete the <br />required improvements. All funds disbursed to County in excess of the final <br />amount determinednecessary by the County to complete the required improvements <br />shall be returned to Developer, its legal representatives, successors or assigns. <br />7. During the term of this escrow arrangement, any interest earned on <br />the funds in the account may be redeposited in the account or paid elsewhere, at <br />the option of the Developer. Interest which is redeposited in the account shall <br />be considered as available to cover any deficiency resulting for which Developer <br />may be liable, in the event of default and recourse by the County under the <br />Contract. <br />-3- <br />107 <br />Mug �� <br />MAR '7 194 <br />