HomeMy WebLinkAbout10 RELEASE OF BONDS 07-03-95AGEN >
NO. 10
7-3-95
]ATE-
JULY 3, 1995
Inter-Corn
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJEC~ ACCEPTANCE OF II~PROVEM~NTS AND AUTHORIZATION FOR THE RELEASE
OF IHPROVEHENTS BONDS FOR TRACT NO. 13701
RECO14~ENDATION
That the Tustin City Council accept the public improvements for Tract
No. 13701 and authorize the City Clerk's Office to release the Faithful
Performance, Labor and Materials and Monumentation Bonds for said Tract.
FISCAL IMPACT
None.
BACKGROUND
Lyon Co_mm_unities/Akins Associates, the developers of the subject Tract
was required to post the following bonds to satisfy the Conditions of
Approval for the Final Map:
Faithful Performance Bond No. 11132776169 ........... $196,900.00
Labor and Materials Bond No. 11132776169., .......... $ 98,450.00
Monumentation Bond No. 11132776177 .................. $ 20,000.00
Subdivision Warranty Bond No. 11132776169 ........... $ 19,690.00
DISCUSSION
The Developer has completed the public improvements that were a
requirement of the Conditions of 'Approval for Tract. No. 13701. The
Public Works Department accepts the completed public improvements and
agrees to the release of the following bonds:
Faithful Performance Bond No. 11132776169 ........... $196,900.00
Labor and Materials Bond No. 11132776169 ............ $ 98,450.00
Monumentation Bond No. 11132776177 .................. $ 20,000.00
The Subdivision Warranty Bond is to remain in effect for one year from
the date of acceptance, at which time it is to be released by the City
Clerk's office.
Director of Public Works/City Engineer
Junior Civil Engineer
~- TDS:WEH:ccg:trlYIOIw
BROWNING AVENUE
EVENING'SIDE DR.
20'~I
2051
1022
RANCHWO00 RD. RD.
t~ TUSTIN R, f ROAD
PRoJEcT LOCATION,