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<br /> <br />tervi[{e <br />Tsta6{ishea 1857 <br /> <br />1880 ']'v[ain Street _ Centervi{{e/:M'JI[ 55038 <br />(651) 429-3232 -:Faz (651) 429-8629 <br /> <br />STATE OF MINNESOTA <br /> <br />COUNTY OF ANOKA <br /> <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION #03 - 023 <br /> <br />A RESOLUTION AUTHORIZING THE TRANSFER OF ESCROW FUNDS FOR <br />THE PHEASANT MARSH PROJECT <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />CENTERVILLE,NUNNESOTA: <br /> <br />WHEREAS, the City ofCenterville is in receipt of the amount of$12,500 from Ground <br />Development Corporation for engineering escrow for the Pheasant Marsh Phase I <br />Development Project; and <br /> <br />WHEREAS, Pheasant Marsh Phase I is substantially complete and bond proceeds from <br />the M.S. 429 process exist in an amount sufficient to cover all remaining obligations; and <br /> <br />WHEREAS, Ground Development Corporation has requested that the escrow be <br />released from Pheasant March Phase I Capital Project Fund and transferred to the <br />Pheasant Marsh Phase II Capital Project Fund to cover the escrow obligation for the <br />Phase II development. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />CENTERVILLE, MINNESOTA that the Finance Director is authorized to transfer the <br />amount of$12,500 from the Pheasant Marsh Phase I Capital Project Fund to the Pheasant <br />Marsh Phase II Capital Project Fund, in accordance with the escrow requirements of the <br />Pheasant Marsh Phase II developer's agreement <br /> <br />PASSED AND ADOPTED by the City ofCenterville this 23rd day of April, 2003. <br /> <br />Mayor, Terry Sweeney <br /> <br />Attest: <br /> <br />City Clerk, Teresa Bender <br />