HomeMy WebLinkAboutC.C. 15 RELEASE BONDS 05-04-92'SENT CALENDAR N0. 15
92
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Inter -Corny'
ATE: APRIL 27, 1992
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS FOR
TRACT NO. 13556
RECOMMENDATIONS:
That the Tustin City Council accept the public improvements within
Tract No. 13556 and authorize the release of the following bonds of
the indicated amounts:
Faithful Performance Bond No. 5241-21-80 ......... $133,000.00
Labor and Materials Bond No. 5241-21-80 ......... 66,500.00
Monumentation Bond No. 5241-21-82 ............... 14,000.00
BACKGROUND:
The subject tract was developed by Donahue Schriber and is located
between El Camino Real, the I-5 Freeway, Jamboree Road and the E1
Modena -Irvine Flood Control Channel. As a condition of approval of
said tract, the developer was required to post the following
improvement bonds:
Faithful Performance Bond No. 5241-21-80 ........ $ 1331000. 00
Labor and Materials Bond No. 5241-21-80 ......... 66,500.00
Subdivision Warranty Bond No. 5241-21-81 ........ 13,300.00
Monumentation Bond No. 5241-21-82 ............... 14,000.00
DISCUSSION:
All public improvements and tract monumentation have been
constructed /installed to the satisfaction of the Public Works
Department and are ready for acceptance by the Tustin City Council.
The Faithful Performance, Labor and Material and Monumentation
Bonds are now ready for release.
The Subdivision Warranty Bond No. 5241-21-81, in the amount of
$13,300.00 must remain in effect for the period of one (1) year
after the City's acceptance of the public improvements.
Robert Ledendecker Jer Otteson
Director of Public Works/ Associate Civil Engineer
City Engineer
RL:JO:ccg:13556