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RESOLUTION NO. 777 <br />® CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />ESTABLISHING DEVELOPMENT ESCROW FUND <br />WHEREAS, the Council requires that a security deposit be <br />made with all Development Agreements, and <br />WHEREAS, from time to time such security deposits are made <br />in the form of cash or other fully negotiable instruments, and <br />WHEREAS, the Council acknowledges that such security deposits <br />are submitted by developers in good faith to assure their compliance <br />with the terms of their respective Development Agreements, and <br />WHEREAS, the Council desires to provide adequate safekeeping <br />and proper accounting of such deposits and to accrue interest <br />thereon, and <br />WHEREAS, the Council acknowledges that such deposits may be <br />reclaimed by a developer after faithful completion of the respective <br />Development Agreement, <br />NOW, THEREFORE, BE IT RESOLVED that the Council of the City <br />of Mounds View does hereby establish the Development Escrow Fund <br />for the purpose of safekeeping and properly accounting for all <br />deposits that are submitted to secure Development Agreements. <br />The Council authorizes the First State Bank of New Brighton to <br />open a savings account in the name of this FUND and hereby <br />appropriates one dollar ($1.00) to maintain said account. <br />All Development Agreement negotiable security deposits shall <br />be deposited by the Clerk in said account. Interest shall be <br />earned on the account in accordance with normal savings account <br />procedures of the Bank. All interest earned shall be distributed <br />according to and in the same proportion as is the principal amount <br />of each Development Agreement security deposited therein. Any <br />interest earned and payable to a developer shall be paid after the <br />last quarter in which the Bank credits interest on the deposit. <br />Upon satisfactory fulfillment of the terms of the Development <br />Agreement, as determined by the Council, the Council shall authorize <br />remittance to the developer of the deposited security. The <br />Clerk shall submit an estimate of interest accrued thereon and <br />be authorized to make the appropriate withdrawals from the savings <br />account and Submit to the Council fpr naumon� <br />• Adopted this 22nd day of November, 1976. <br />ATTEST: <br />l <br />Mav <br />(SEAL) <br />Clerk -A ministrator <br />• <br />