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s' 10/15/90(WCORD2)LEGAL(WGC/nhm) <br />AVl <br />RESOLUTION NO. 90-_15Z <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, AUTHORIZING THE RELEASE FROM <br />ESCROW OF FUNDS HELD FOR THE WARRANTY OF <br />UTILITY IMPROVEMENTS WITHIN THE <br />WOODBRIDGE ESTATES SUBDIVISION. <br />WHEREAS, by Agreement dated June 6, 1989, Indian <br />River County Is to reimburse the Woodbridge Development <br />Company the full amount of $33,000.00 for the construction <br />of the water main in the intersection of 8th Street and 43rd <br />Avenue; and <br />WHEREAS, the Woodbridge Development Company agreed <br />by virtue of a Cash Deposit and Escrow Agreement dated <br />February 13, 1990 to allow funds owed to the Woodbridge <br />Development Company to be held in escrow as a warranty for <br />subdivision improvements within Woodbridge Estates <br />Subdivision; and <br />WHEREAS, on March 27, 1990 the Board of County <br />Commissioners authorized a reduction in security to <br />$14,843.75 and released that amount of the escrowed funds to <br />the Woodbridge Development Company as partial satisfaction <br />of the $33,000.00 owed Woodbridge Development Company for <br />the construction of a water main in the intersection of 8th <br />Street and 43rd Avenue, and retained the balance in escrow <br />for warranty of utility improvements within the subdivision; <br />and <br />WHEREAS, that Cash Deposit and Escrow Agreement <br />dated February 13, 1990 between Indian River County and <br />Woodbridge Development Company provided for the disbursement <br />of the remaining escrowed funds after the expiration of the <br />warranty period, i.e., October 1, 1990, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF <br />COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that: <br />1. The Developer has requested a release of the <br />balance of the escrowed funds in the amount of $14,843.75. <br />