Resolution #17-03: Correction to the Amount of Escrow Funds to Be Released to Vernon Valley Investors, LLC

Date of Adoption: January 19, 2017

WHEREAS, Vernon Valley Investors has posted escrow funds for the professional services related to the connection to the sewer in total of $14,000.00 beginning on June 4, 2014; and

WHEREAS, the connection to the sewer project is complete and all invoices to professionals have been paid; and

WHEREAS, Vernon Valley Investors has requested release of escrow funds; and

WHEREAS, the authority engineer, L. Ceren Aralp, has no objection to the authority releasing the escrow funds; and

WHEREAS the Vernon Township Municipal Utilities Authority approved the release of escrow funds on December 22, 2016 in Resolution 16-51; however the amount to be released in the resolution was in error, it should have been $1,656.72.

NOW THEREFORE, BE IT RESOLVED by the board of commissioners of the Vernon Township Municipal Utilities Authority hereby rescind Resolution 16-51 and approve Resolution 16-5x directing the CFO to refund to Valley View Investors, LLC the amount in escrow of $1,656.72.