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RESOLUTION 85- 72 <br />® RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA AUTHORIZING THE RELEASE OF A PORTION OF <br />THE FUNDS HELD UNDER THE TERMS OF AN ESCROW AGREEMENT BETWEEN <br />PETER SABONJOHN, JR., FLORIDA NATIONAL BANK, AND INDIAN RIVER <br />COUNTY TO GUARANTEE THE CONSTRUCTION OF REQUIRED IMPROVEMENTS <br />IN FLORENCE ACRES SUBDIVISION. <br />WHEREAS, Indian River County, (County) Peter G. <br />Sabonjohn, Jr., (Developer) and Florida National Bank (Bank) <br />have entered into a cash deposit and escrow agreement; and <br />WHEREAS, under the terms of said agreement, the Devel- <br />oper has made a written request for disbursement of funds <br />held to guarantee required improvements, and has submitted an <br />engineer's certification of the completed work along with <br />release of lien statements from all contractors and <br />sub -contractors reguarding work performed in the subdivision; <br />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 most of the work performed, <br />and recommends disbursement of a certain portion of the funds <br />held 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 />Funds from the escrow account in the amount of <br />$12,400.00 be disbursed by the Bank to the Devel- <br />oper or to any third party or parties upon which <br />Bank and Developer may agree. Funds in the amount <br />of $4,100.00 shall remain in the escrow account <br />under the terms of the existing agreement. <br />The foregoing resolution was offered by Commissioner <br />Bird who moved its adoption. The motion was <br />seconded by Commissioner Bowman and upon <br />being put to a vote, the vote was as follows: <br />Chairman Patrick B. Lyons Absent <br />Vice -Chairman Don C. Scurlock, Jr. Aye <br />Commissioner Richard N. Bird Aye <br />Commissioner Maggy Bowman Ave <br />Commissioner William C. Wodtke, Jr. Absent <br />The Chairman thereupon declared the resolution duly <br />passed and adopted this 10th day of <br />July , 1985 <br />BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA <br />BY: <br />DnN C. SC[1RL. ,K,. JT). <br />VTCE CHATRMAN <br />Attest: c,_ %Ae-kk CL /tc r f <br />FREDA WRIGHT, Ck <br />STATE OF FLORIDA <br />COUNTY OF INDIAN RIVER <br />