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2007-1652007-165 Resolution Authorizing Release of Letter of Credit (Carmel Heights 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 August 27th, 2007. The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll being called, the following were present: PRESENT: Supervisor - Joseph Ruggiero Councilmembers - William H. Beale Vincent F. Bettina Joseph P. Paoloni (arrived at 7:38 PM) Maureen McCarthy ABSENT: The following Resolution was introduced by Councilwoman McCarthy and seconded by Councilman Bettina. WHEREAS, the Town Board had previously accepted, by Resolution 2006-167, all of the improvements made in connection with the Carmel Heights Subdivision, including the detention pond, which detention pond was completed to the satisfaction of the Town Highway Superintendent, Graham Foster and the Engineer to the Town, Joseph E. Paggi, Jr., P.E.; and WHEREAS, the Town Board had also previously accepted a Maintenance Agreement secured by a Letter of Credit issued by the Bank of New York in the sum of Seven Thousand Seven Hundred Dollars ($7,700.00), Serial No. 3330001507, in the favor of the Town of Wappinger, to secure the developer's obligations to guarantee the quality and workmanship of the construction of the detention pond for a period of one year; and WHEREAS, the Maintenance Agreement previously accepted required that the developer guarantee that the detention pond would be free from defects in materials and workmanship for a period of one year; and WHEREAS, the Town of Wappinger Highway Superintendent, Graham Foster, and Joseph E. Paggi, Jr., P.E., Engineer to the Town, have inspected the detention pond and have found that there are no deficiencies thereby recommending release of the aforementioned security, by letter dated May 9th, 2007, which letter is attached hereto as Exhibit "1 ". 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 acknowledges that the detention pond has been inspected by the Town Highway Superintendent, Graham Foster and the Engineer to the Town, Joseph E. Paggi, Jr., P.E., and that their inspection revealed that there were no deficiencies in the detention pond and that a period of one year has elapsed since the acceptance of the Maintenance Agreement secured by Letter of Credit. j 3. Based upon the inspection by Graham Foster and Joseph E. Paggi, Jr., they have '✓ recommended that the Maintenance Agreement secured by Letter of Credit be released. 4. Supervisor Joseph Ruggiero is hereby authorized to return the Letter of Credit security issued by the Bank of New York in the sum of Seven Thousand Seven Hundred Dollars ($7,700.00), Serial No. 3330001507, in favor of the Town of Wappinger. The foregoing was put to a vote which resulted as follows: JOSEPH RUGGIERO, SUPERVISOR Voting: AYE WILLIAM H. BEALE, COUNCILMAN Voting: AYE VINCENT F. BETTINA, COUNCILMAN Voting: AYE JOSEPH P. PAOLONI, COUNCILMAN Voting: AYE MAUREEN McCARTHY, COUNCILWOMAN Voting: AYE Dated: Wappingers Falls, New York 8/27/2007 The Resolution is hereby duly declared adopted. Qac. HN C. NfASTERSON, TOWN CLERK