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•4 <br />40 <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 />Aird The foregoing resolution was offered by Commissioner <br />who moved its adoption. The <br />motion was seconded by Commissioner Rowman r <br />and upon being put to a vote, the vote was as follows: <br />Chairman Patrick B. Lyons AbSOP1 <br />Vice -Chairman Don C. Scurlock, Jr. Aye <br />Commissioner Richard N. Bird Avc <br />Commissioner Margaret C. Bowman �•�' <br />Commissioner William C. Wodtke, Jr. <br />The Chairman thefftyon declared the resolution duly passed an <br />adopted this day of <br />1985 <br />BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA <br />BY: <br />M)N?; , <br />VTC1 CTIATPr4A r <br />Attest; <br />SFR A WRIGHT, Cler <br />STATE OF FLORIDA <br />COUNTY OF INDIAN RIVER <br />