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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