HomeMy WebLinkAboutORD 440 (1969) 1 ORDINANCE NO, 440
Z AN ORDINANCE OF THE CITY OF TUSTIN, CALIFORNIA, '
AMENDING THE CITY CODE RELATIVE TO SUBDIVISION BONDS,
'4 -The City of Tustin, Cali=fornia, does hereby ordain that
S subsection (b) and subsection (d) of Section 18-27 of the Tustin '
'6 City Code is hereby amended to read as follows:
q b) The Subdivider'shall also file, with the aforesaid
: Agreement, to assure his .full and faithful perform-
8 .ance thereof, a bo.nd for such sum as the City Engineer
shall deem sufficient to cover the cost of such im-
.... ~ ..... -provements '-and' inspection, 'Such bond 'shall'-be executad
by a surety company authorized to transact such busi-
.... 10 ......... hess in the _state of california, and must be satis-
factory to and be approved by the City Attorney as to
11 form and by the City Council as to sufficiency,
12 In lieu of such bond, the subdivider may deposit with
the City EnginEer cash in the amount fixed as aforesa .d
13 by the City Engineer,
14 d) No' extension of time, progress payments from cash'
.... ~eposits or release .of surety bond or cash deposits
15 shall be made, except upon certification by the City
Engineer that the work covered'thereby has been
16 satisfactorily completed, and upon approval of the Ci,ty
Council. When any portion of an improvement has
.i7 actually been completed, the City Engineer may, at his
discretion, authorize .a reduction in the required
18 amounts of such bonds or a partial withdrawal of fund~
· not to exceed seventy-five percent (75%) of the
19 estimated cost of such completed job, In no event shall
the remaining balance of bonds or deposits retained be
20 less than twenty-five percent (25%) of the original
amount of such bonds or deposits or the sum of Five
21 Thousand Dollars ($5,000), whichever is greater,
"22 ......... PASSED"AND ADOPTED at a regular meeting of the City
~3 Council of the City of Tustin, California, held on the 22nd day of July, 1969.
.
27 ATTEST:
29 ITY CLE
32 JGR: 1~"; :"
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STATE OF CALIFORNIA)
COUNTY OF ORANGE ) SS
CITY OF TUSTIN ) I .
RUTH C. POE; City Clerk and ex-o££icio CIerk o£ the City CounCil o£ the
City o£.Tuscin, Cali'£ornia, do6s'~he~eby certify ~haC the whole number of
the members of the Ci~y Council of ~the City~ of Tustin is five; that ~he
ab'ove and foregoing Ordinance No. \4'40 was duly and regularly introduced'
and read at a regular meeting of t~e Ci~ Council held on the 7th'
day o~ July 1969, an~ was given its second reading and duly
~ssed ~nd adop~ed'a~ a-~egular me~ing held on~ the 22nd day' oE July
1969, by ~he ~ollowi~g vote:
A~S: CO~CI~N~- c~o, ~cK,. c. ~L~R, m~TE~, L.
NOES: C0~CI~N NO~
~SEE: CO~CI~N
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