HomeMy WebLinkAboutResolution 1258T - 7
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FiREM; I it- Dy i(cur-) I Ut I' 1�' I N
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ca f Pni 11 t ( 1 T
I n t c r a a I on r i i e. i m u i i le held r4t'7cur1tk
devo1opment, ociruemenl-n to duv(1lfj1)v1.�, A)ull 11�1 pf�jotion
o
after tho end of the f-itlendtir (111al-'ev i T, whi,—, t �-,evrcv ha F1 N, r- n
aatiafaotory fulf illtnumt Of UiL tvi-nn L: -F thL
Aoreament, an datermined by thu Coul-Wil,
NOW, THrRFroRF,nY ii, rrsoi,vi,�D that the Council of 010
City of Mounda View ammonds the last two paractraphs of
RelioluLiu,ii No. 777 1(-, ro'-1:
All Develaiment Acireement neqotiable seovArity depailits
aball be deposited by tho Clerk ill P.Eild account. Tnterest
m-arned on the Occount in accordance wihh normal savinqs
sha-11 be _a i
account procedures ot the Banx. All interest earnea Ohall be
distributed accoruing to and in Oie name propnrtion an in the
principa) amount of each Development Acireement security depnxited
theraiht I ___
upon wiKfactory fulfillment of the termo of '110 14VOLOPMOnt
AvToema-nt, an detorminead by the Council, tho Vounc4J shAll
a�thnriAe remittance to the developer of tho Uponited iscurity*
and - - any . intereat unrned and PaYALPle 0411 bO*PRiu As 800h as
�practicvble after the end of tne ' alendar quartur in which such
%a tiara tor- fii1fillmont of the 'k%rms of tMA !)vvcjopmerjt Agreement
S b= det'e'r"minod by tho Cumnoil and thc ailiarte-* Oter whif-h
the bank credits inLuKu-ZL on the deponit, The, TruaLauror shall
atibmit an estimate of Interest acclutid tharenn anti be authorized
to max* the appropriate withdrawals from the savinivi account
And outiMt to thG Council for p,qnrent.
Adopted thia
ATTESTt
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V1 I E RE P.. i C-tu, t. tl.'m t 1-t f iiiiu ni r-1; 1- t'Y dlt.poa i Il- s a ra F. ii d a
i r t h a f o v i -n c �; : i ull i (,I r u 'I I i c r f i ; I y I u ,; -P- I ' ; 111,- 1 v iriiitrumajits I a nd
WHEREAP, I the counc4l ai2knnw1edqv.q thal- !:uLh veourity deposits
ary Submitted hy in onod falt!-, t.c. aLisuvv th(_-iv t-omplibnee-
wjt�j thm- termn rJ thoir roFapf-f-tiva Develf-irtrivant A-1rur-ments, and
MIEPWAS, Ow Counril lovii-on to prn%'iclu ac'aquiita safokeelling
o-1 propur nccnlinfln�j r" uuWh dopu-Its anti to ocurur. irt77r
Lheraun, and
W111-:11CAS, tho cnuncil noknowledgus that such dupomita mAy be
reclaim -ad by A develn"or After faithful completion of the respartiva
NOV, TJILRR�FiGM, HE RESOLVED th-At thd C"T"eil O&e t
Y
of Mound;, Vivw duou horuby ofitablibh the Development Eficrow ru d
fnr thi purpose of safakamping and protpqrly Accounting for all
4opoqits that are submitted tr avotro Devislopment Agreements.
Tht Cauncil authorizes the Firmt State Bank of Now Brighton to
upo a savings accuunt In th-ft nama of this Ptr*40 and her*Lv
4ppropriates one do]-laL (61-00) -to inalhLain said account.
All Developmout Aqrei-fflont -.1&qOtiAb1FA scuurity depos4.ts shvil
be dapavited by thc' Clerk in 3aid 'ja
tiarned-on the -account in necordance with normal cavings account
procedurox of the Pank. All interert cnrnCd r'all be dintributed
nucurdiny Lu and in ih- 11ome proportloti de, in the princip4e amount
of each Development Agreement, oecarity doposited t'hervih. Any
interest earned and pavable to a &t_vL-1opGr shall be paid after the
last quarter in which the Dawt. credits interest on the depcsit.)
Upon natinfactory ft.1fillmunt of the torma of the Developmert,
Atmatowant, ins cluturniinod by t1V3 Council, the Council shall a%ithOtize*
remittance Lu vilu -1 tho dopossited security. The
Cl�ilh Ij-,all r1r 4.,-trrr.,!t -irrrnnA thrronn. -ind
L
be Outhori7ed to ni-��ikv thr nppropriato withdrawaln fro -In the anvings
account and suhPot to tho Council for pa,, mant.
-1 djy of Novu;nbcr, 19'.'6.
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