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7.E. FOUNTAIN TOWERS, L.L. C. - BILL OF SALE OF UTILITY FACILITIES/ <br />CASH BOND - CASH DEPOSIT AND ESCROW AGREEMENT <br />The Board reviewed a Memorandum of March 13, 2002: <br />Paul G. Bangel, County Attorney' <br />William G Collins II, Deputy County Attorney* <br />Manan E Fell.: ssistant County Attorney <br />*Board Certified, City, County and Local Government Lau <br />MEMORANDUM <br />TO: The Board of County Commissioners <br />FROM: tit,William G. Collins II — Deputy County Attorney <br />DATE: March 13, 2002 <br />S UBJECT: Fountain Towers, L.L.C. — Bill of Sale of Utility Facilities/ Cash <br />Bond <br />Fountain Towers, L.L.C. has completed required utility facilities for its site in <br />S ebastian and h is transferred the utility facilities to Indian River County via an <br />E asement and Bill of Sale. Indian River County Code requires a maintenance <br />bond in the amount of 25% of the required Improvements to be in place for a 1 - <br />year period. A cash bond in the amount of $8,000.00 for the 1 -year maintenance <br />period has been posted with Indian River County. Presented for your <br />consideration and approval is a Cash Deposit and Escrow Agreement <br />associated with the cash bond, which sets forth the conditions of the cash <br />deposit and the terms of its return. <br />RECOMMENDATION: <br />Approve the Cash Deposit and Escrow Agreement and authorize the Chairman <br />to execute same. <br />APRIL 16, 2002 <br />-14- <br />