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HomeMy WebLinkAbout1990-157s' 10/15/90(WCORD2)LEGAL(WGC/nhm) AVl RESOLUTION NO. 90-_15Z A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE RELEASE FROM ESCROW OF FUNDS HELD FOR THE WARRANTY OF UTILITY IMPROVEMENTS WITHIN THE WOODBRIDGE ESTATES SUBDIVISION. WHEREAS, by Agreement dated June 6, 1989, Indian River County Is to reimburse the Woodbridge Development Company the full amount of $33,000.00 for the construction of the water main in the intersection of 8th Street and 43rd Avenue; and WHEREAS, the Woodbridge Development Company agreed by virtue of a Cash Deposit and Escrow Agreement dated February 13, 1990 to allow funds owed to the Woodbridge Development Company to be held in escrow as a warranty for subdivision improvements within Woodbridge Estates Subdivision; and WHEREAS, on March 27, 1990 the Board of County Commissioners authorized a reduction in security to $14,843.75 and released that amount of the escrowed funds to the Woodbridge Development Company as partial satisfaction of the $33,000.00 owed Woodbridge Development Company for the construction of a water main in the intersection of 8th Street and 43rd Avenue, and retained the balance in escrow for warranty of utility improvements within the subdivision; and WHEREAS, that Cash Deposit and Escrow Agreement dated February 13, 1990 between Indian River County and Woodbridge Development Company provided for the disbursement of the remaining escrowed funds after the expiration of the warranty period, i.e., October 1, 1990, NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that: 1. The Developer has requested a release of the balance of the escrowed funds in the amount of $14,843.75. RESOLUTION NO. 90- 157 2. The Indian River County Utilities Department has caused an inspection of the work to be performed and the work has been determined to be satisfactory. 3. The Utilities Director of Indian River County has recommended the disbursement of $14,843.75, the balance of funds held in escrow for the subdivision utility Improvements. 4. The Clerk to the Board is directed to provide a certified copy of this Resolution to the County Office of Management and Budget, and upon receipt of said Resolution, the Office of Management and Budget shall make the disbursement of the escrowed balance of $14,843.75 to the Woodbridge Development Company, c/o J. Thomas Schlitt, Receiver pursuant to Order of Circuit Court Judge L.B. Vocelle, in Case No. 90 -0212 -CA -17. The foregoing Resolution was offered by Commissioner _-Scurlock , and seconded by Corrmissioner Wheeler as follows: and upon being put to a vote, the vote was Chairman Carolyn K. Eggert Vie_ Vice Chairman Richard N. Bird Absent Commissioner Margaret C. Bowman Aye_ Commissioner Don C. Scurlock Aye_ Commissioner Cary C. Wheeler Aye_ Whereupon the Chairman declared the motion duly passed this 23 _ day of October, 1990. BOARD OF COUNTY COMMISSIONERS INDIAN RIVER COUNTY, FLORIDA By �aroTy IZ-. €`gg ,-,C— man ATTEST: By^ wt .•..ton'�r- 2 Indira River Gn AQOroved Date Admin. 6:1 i--QU Legal _ru-J W6L /D-/L�7a ©udgei Deo t. J1 Risk Mgr.