HomeMy WebLinkAboutCC 11 RELEASE OF BONDS 10-21-91CONSENT CALENDAR NO. 11
LN
10-21-91
AGE N-� , l
Intor- Coin`s
ATE: OCTOBER 15, 1991
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: ACCEPTANCE OF PUBLIC IMPROVEMZNTS AND RELEASE OF BONDS FOR
TRACT NO. 13746
RECOMMENDATIONS:
That the Tustin City Council accept the public improvements within
Tract No. 13746 and authorize the release of the following bonds of
the indicated amounts:
Faithful Performance Bond No. 085891 $455,000.00
Labor and Material Bond No. 085891 227,500.00
Monumentation Bond No. 085892 10,000.00
BACKGROUND:
The subject Tract was developed by Akins Communities and is located
between Irvine Boulevard, Keller Drive, Robinson Drive and Jamboree
Road. As a condition of approval of said Tract, the developer was
required to post the following improvement bonds:
Faithful Performance Bond No. 085891 $455,000.00
Labor and Material Bond No. 085891 227,500.00
Subdivision Warranty Bond No. 085891 45,500.00
Monumentation Bond No. 085892 10,000.00
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 Materials and Monumentation
Bonds are now ready for release.
The Subdivision Warranty Bond No. 085891 in the amount of
$45,500.00 must remain in effect for the period of one (1) year
after the City's acceptance of the public improvements.
Robert Ledendecker
Director of Public Works/City Engineer
RL:ccg:13746