2005-038RESOLUTION NO. 38 OF 2005
RESOLUTION AUTHORIZING THE SUBSTITUTION OF A LETTER OF
CREDIT FOR A CASH DEPOSIT POSTED IN CONNECTION
WITH THE KEENAN ACRES SUBDIVISION
At a regular meeting of the Town Board of the Town of Wappinger, Dutchess
County, New York, held at Town Hall, 20 Middlebush Road, Wappingers Falls, New
York, on the 2ftliay of 2005, at 7:30 P.M.
The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll
being called, the following were present:
PRESENT: Supervisor - Joseph Ruggiero
Council Members - Robert L. Valdati
Vincent F. Bettina
Joseph P. Paoloni
Maureen McCarthy
ABSENT:
The following Resolution was introduced by Mr_ Val anti and
seconded by Su Prvi am Riiggi am
WHEREAS, the Town of Wappinger has previously accepted a Performance
Agreement secured by a cash deposit posted by Mid Hudson Development Co'rp
. in
connection with the subdivision known as Keenan Acres Subdivision; and
WHEREAS, Mid Hudson Development Corp. has requested that the cash
deposit, originally in the amount of $390,233.00 and now reduced to the sum of
$158,506.00 be replaced by a letter of credit issued by the Rhinebeck Savings Bank on
the account of Mid Hudson Development Corp. and issued in favor of the Town of
Wappinger in the sum of $158,506.00, and
WHEREAS, the form of the Letter of Credit has been approved by the attorney
to the Town of Wappinger,
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The recitations above set forth are incorporated in this Resolution as if
fully set forth and adopted herein.
2. The Town Board of the Town of Wappinger hereby authorizes the
substitution of a Letter of Credit issued by the Rhinebeck Savings Bank bearing LC No.
20503011, a copy of which is attached hereto, drawn on the account of Mid Hudson
Development Corporation and issued in favor of the Town of Wappinger in the aggregate
amount not to exceed $158,506.00 as replacement for the cash deposit posted as security
for the Performance Agreement previously posted by Mid Hudson Development Corp in
connection with Keenan Acres Subdivision.
3. Upon adoption of this Resolution and upon receipt of the original Letter of
Credit above referenced, the Town Supervisor is hereby authorized to release the cash
deposit of equal sum currently being held by the Town of Wappinger to Mid Hudson
Development Corporation.
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, Supervisor Voting Ay
ROBERT L. VALDATI, Councilman Voting Aye
VINCENT F. BETTINA, Councilman Voting Aye
JOSEPH P. PAOLONI, Councilman Voting Aye
MAUREEN MCCARTHY, Councilwoman
Dated: Wappingers Falls, New York
March- 28 , 2005
adopted.
Voting _Aye
The Resolution is hereby duly declared