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HomeMy WebLinkAbout2003-028 r w v � . RESOLUTION NO. 2003- 028 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE COUNTY ADMINISTRATOR TO EXECUTE CERTAIN CASH DEPOSIT AND ESCROW AGREEMENTS ON BEHALF OF THE BOARD OF COUNTY COMMISSIONERS. WHEREAS, developers in effectuating the development of properties within Indian River County are required to provide financial security in the form of a Letter of Credit, Performance Bond, or cash for a period of one (1) year to support the maintenance of any utilities dedicated to the County; and WHEREAS, when the developer tenders cash, the County holds these funds in escrow for a period of one (1) year by entering into a Cash Deposit and Escrow Agreement ("Agreement') with the developer in substantially the form attached hereto as Exhibit "A" and incorporated herein in its entirety by this reference; and WHEREAS, it is in the best interests of developers and the County to be able to handle this matter expeditiously; and WHEREAS, Section 101.05 of The Code of Indian River County, Florida, allows the Board of County Commissioners ("Board") to authorize the County Administrator, or his designee, to sign the Agreement on behalf of the Board; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that the Board hereby authorizes the County Administrator, or his designee, to execute the Agreement on its behalf, provided that it is in substantially the form attached as Exhibit "A" and contains the signatures of the County Attorney and the Director or Assistant Director of the Department of Utility Services. The resolution was moved for adoption by Commissioner Adams , and the motion was seconded by Commissioner Neuberger , and, upon being put to a vote, the vote was as follows: Chairman Kenneth R. Macht Aye Vice Chairman Carohine D Ginn Aye Commissioner`Arthur=R: Nelaberger Aye CommisslonerThomas B. Lowther Aye t 3 .CommisslonerrFran t Adams Aye tt ,j`tYI O��'YIY The hair 9rnanl .thereupondeclared the resolution duly passed P assed and adopted this 11th day of March, 2003 r E_ - INDIAN RIVER COUNTY by its B r of Cou ty mmissioners Atter . Barton, Cl rk . i By enneth R. Macht, Chairman Lj Deputy,Oerk-;,�.. APPROVED AS TO fiORM AN GAL SUFFlCI CY ASSISTANT'BOUNTY ATTO NEY Exhibit "A" CASH DEPOSIT AND ESCROW AGREEMENT Re: (project name) THIS CASH DEPOSIT AND ESCROW AGREEMENT (Agreement) is entered into this day of , 2003, by and between (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County): WITNESSETH : WHEREAS, Developer is effectuating a development of certain property within Indian River County and is required to provide financial surety for a one-year period for the maintenance of the Utility improvements as set out in the Easement and Bill of Sale attached hereto as Exhibit "A" and incorporated herein by this reference in its entirety (Easement and Bill of Sale). NOW, THEREFORE, in consideration of the agreements, promises, and covenants set forth herein, and other good and valuable considerations, the parties hereto agree as follows: 1. The Developer has tendered to the County Budget Office (Escrow Agent) the sum of $ , the receipt whereof is hereby acknowledged, which sum shall be held in escrow by the Escrow Agent, subject to the terms, conditions and covenants of this Agreement as assurance that Developer shall perform in all respects the obligations set forth in the Easement and Bill of Sale. 2. Upon completion of the maintenance period specified in the Easement and Bill of Sale, the Developer may obtain a disbursement from the escrow account by making a written request to Indian River County through the County's Director of Utility Services (Director). The request shall specify the amount of disbursement, and shall be accompanied by a sealed engineer's certificate that the work for which disbursement is requested remains in satisfactory condition in accordance with the most recent set of plans and specifications approved and on file with the County. 3. Within seven (7) working days after receipt of a disbursement request, the Director shall cause an inspection of the work for which payment is sought. If the Director is satisfied in all respects with the work and certifications, the Director shall approve the disbursement. Approval of any disbursement shall be in writing delivered to the Escrow Agent. Upon receipt of the written approval of the disbursement, the Escrow Agent shall make the disbursement described therein directly to the party requesting it, at the address specified in the request for disbursement. 1 I L 4. Upon defect in the improvements warranteed under the Easement and Bill 3 of Sale, the County may utilize any and all funds of Developer remaining in the escrow at the time default is declared by the County. Such funds shall be disbursed to the County upon receipt by the Escrow Agent of a written statement from the Utilities Director that Developer has defaulted under the Easement and Bill of Sale and that such funds are necessary to repair the improvements. All funds disbursed to County in excess of the final amount determined necessary by the County to repair the improvements shall be returned to Developer, its legal representatives, successors or assigns, at the end of the guaranty period. 5. Any interest earned during the term of escrow shall be disbursed to Developer at the end of escrow less administrative expenses. 6. The funds deposited hereunder exist solely for the protection, use and benefit of the County and shall not be construed or intended in any way, expressly or impliedly, to benefit or secure payment to any contractor, subcontractor, laborer, materialman, architect, engineer, attorney or any other party providing labor, material, supplies, or services for construction of the required improvements, or to benefit any lot purchaser, while such funds remain subject to this Agreement. The County shall not be liable to any of the aforementioned parties for claims against the Developer or contractor relating to the required improvements. 7. This Agreement, together with the Easement and Bill of Sale referenced herein, is the full and complete understanding of the parties and shall not be construed or amplified by reference to any prior agreement, discussion, or understanding, except as specifically mentioned herein. This Agreement shall not be assigned without the express written approval of the County. Any amendment, deletion, modification, extension, or revision hereof or hereto shall be in writing, and executed by authorized representatives of each party. IN WITNESS WHEREOF, the parties hereto have set their hands and seals. The effective date of this Agreement shall be the date of approval by the Board of County Commissioners of Indian River County, Florida. Developer: Date: By: INDIAN RIVER COUNTY by its Board of County Commissioners Approved by: By: James E. Chandler County Attorney County Administrator under authority of Resolution No. 2003- 028 Department of Utility Services Date 2