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RESOLUTION 85-129 <br />RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER <br />COUNTY, FLORIDA AUTHORIZING THE RELEASE OF A PORTION OF THE <br />REMAINING FUNDS HELD UNDER THE TERMS OF AN ESCROW AGREEMENT <br />BETWEEN SALAMA DEVELOPMENT CORPORATION, UNITED SAVINGS OF <br />AMERICA, AND INDIAN RIVER COUNTY. <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 the completion of the dune walkover; <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 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 $9,016.00 to the Developer <br />or any third party or parties upon which the Bank and <br />Developer agree. Funds in the amount of $874.00 shall <br />remain in the escrow account to secure completion of the <br />dune walkover and site clean-up, under the same terms as <br />the existing agreement. <br />The foregoing resolution was offered by Commissioner <br />Scurlock who moved its adoption. The <br />motion was seconded by Commissioner Bowman , and <br />upon being 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. Absent <br />The Chairman thereupon declared the resolution duly passed and <br />adopted this 6th day of November _ <br />1985. <br />BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA <br />BY:C <br />DaN C. SCURLOCk , ;J <br />VICE CHAIRMAN . <br />ATTEST: <br />BY: <br />FREDWRIGHT- ', CLE <br />