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AUG 14 1995 BOOK 61 F��c 761 -7 <br />RESOLUTION 85- 82 <br />RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER <br />COUNTY, FLORIDA AUTHORIZING THE RELEASE OF A PORTION OF THE <br />FUNDS HELD UNDER THE TERMS OF AN ESCROW AGREEMENT BETWEEN SALAMA <br />DEVELOPMENT CORPORATION, UNITED SAVINGS OF AMERICA, AND INDIAN <br />RIVER COUNTY TO GUARANTEE CONSTRUCTION OF REQUIRED IMPROVEMENTS <br />IN ATLANTIS SUBDIVISION. <br />WHEREAS, Indian River County (County), Salama Development <br />Corporation (Developer), and United Savings of America (Bank) <br />have entered into a cash deposit and escrow agreement; and <br />WHEREAS, under the terms of said agreement, the Developer <br />has made a written request for a partial disbursement of funds <br />held to guarantee required improvements, and for retention of <br />remaining funds to secure construction of a dune walkover and <br />site clean-up; and <br />WHEREAS, under the terms of said agreement, the Public <br />Works Director has caused an inspection of the required <br />improvements, is satisfied with the work performed, and <br />recommends disbursement of a certain portion of the funds held <br />in escrow by the Bank. <br />Now, therefore, be it resolved by the Board of County <br />Commissioners of Indian River County, Florida that: <br />The Bank is hereby authorized to disburse funds from the <br />escrow account in the amount of $12,098.08 to the Developer <br />or any third party or parties upon which the Bank and <br />Developer agree. Funds on the amount of $9,890.00 shall <br />remain in the escrow account to secure construction of a <br />dune walkover and site clean-up, under the same terms as <br />the existing agreement. <br />Bird The foregoing resolution was offered by Commissioner <br />who moved its adoption. The <br />motion was seconded by Commissioner Rowman <br />and upon being put to a vote, the vote was as follows: <br />Chairman Patrick B. Lyons AbseTll. <br />Vice -Chairman Don C. Scurlock, Jr. Aye <br />Commissioner Richard N. Bird <br />Commissioner Margaret C. Bowman fiye <br />Commissioner William C. Wodtke, Jr. Lye <br />The Chairman theffyon declared the resolution duly passed an <br />adopted this day of A.uQust , <br />1985 <br />Attest{ <br />F F A WRIGHT, Cler <br />STATt OF FLORIDA <br />COUNTY OF INDIAN RIVER <br />/� .y /1VM <br />BOARD -OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA <br />BY: .2�i. G <br />V0*7__-U. _. _ _7 __._.. _ <br />VICE CKU RM.M - <br />10 <br />