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RESOLUTION NO. 1720 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION <br />SECURITYAMENDING <br />FOR 7280RESOLUTION <br />SILVERNO. <br />LAKE713 R0ADAUTHORIZING <br />RELEASE OF <br />INTEREST <br />WHEREAS, Resolution No. 777, Establishing a Development <br />Escrow Fund, states that all security deposits made in connection <br />with development agreements which are paid in the^ forma ofhcash nnn shall <br />ii <br />be deposited in an interest bearing =u. jO - <br />satisfactory fulfillment of the terms of the development agreement, <br />as determined by the Council, payment of the security deposit plus <br />interest accrued thereon shall be made; and <br />WHEREAS, Mr. Mezzenga's deposit was placed in the Develop- <br />ment Escrow Fund and the monies in the Development Escrow Fund <br />have been deposited in a savings account at the First State Bank <br />of New Brighton; and <br />WHEREAS, as of December 31, 1983 interest on Mr. Mezzenga's <br />deposit of $1,000.00 amounts to $433.74; and <br />WHEREAS, Mr. Mezzenga will be entitled to additional interest <br />for the period of January 1, 1984 until the release of his security <br />which was authorized by the Council on February 13, 1884; and <br />WHEREAS, Resolution No. 1713, authorizing release of security <br />did not authorize said release with interest. <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of <br />the City of Mounds View hereby amends Resolution No. 1713 and <br />authorizes the release of security for 7280 Silver Lake Road with <br />interest. <br />ATTEST: <br />(SEAL) <br />Adopted this 27th day of February, 1984. <br />Mayor <br />Clerk -Administrator <br />