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of <br />r -j <br />RESOLUTION 85-88 <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 <br />BEINDORF AND ASSOCIATES, INC., THE FIRST BANKERS OF INDIAN RIVER <br />REQUIREDD INDIAN IMPROVEMENTS IN GUNTY TO OLD SUGAR MILL THE STATES CONSTRUCTION <br />TIUNITTHREE <br />SUBDIVISION. <br />WHEREAS, Indian River County (County), Beindorf and <br />• Associates, Inc. (developer), and THE FIRST BANKERS of Indian <br />River County (Bank) have entered into a cash deposit and escrow <br />agreement; and <br />WHEREAS, under the terms of said agreement, the Developer <br />has made a written request for disbursement of funds held to <br />guarantee required improvements, and has submitted an engineer's <br />certification that all required improvements have been <br />constructed and are complete; and <br />WHEREAS, under the terms of said agreement, the Public <br />Works Director has caused an inspection of the required <br />improvements and is satisfied that all required improvements <br />have been completed, and recommends a disbursement of a certain <br />portion of the funds 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 $90,000,00 <br />be disbursed by Bank to Developer or to any third party or <br />parties upon which Bank and Developer may agree. Funds in <br />the amount of $25,000.00 shall remain in the escrow account <br />under the terms of the existing agreement and until a <br />maintenance bond is submitted pursuant to section 8(b) of <br />the subdivision and platting ordinance. <br />The foregoing resolution was offered by Commissioner <br />Scurlock who moved its adoption. The motion was <br />seconded by Commissioner Wndtke , and upon being <br />put to a vote, the vote was as follows: <br />Chairman Patrick B. Lyons Aye <br />Vice -Chairman Don C. Scurlock, Jr. Aye <br />Commissioner Richard N. Bird Aye <br />Commissioner Margaret C. Bowman Aye <br />Commissioner William C. Wodtke, Jr. Aye <br />The Chairman therimn declared the <br />resolution1985y passed <br />and adopted this 11 tt day ofSeptember <br />BOARD COUNTY COMMISSIONERS <br />OF I I RIVER COUNTY, FLORIDA <br />. ATRICK B. LYON <br />CHAIRMAN <br />I <br />Attest:_. <br />FREDA WRIGHT, Cl <br />S'I�ATE QF -FLORIDA ,e <br />COUNT$ OF INDIAN RIVER <br />