HomeMy WebLinkAboutCC 12 RELEASE OF BONDS 02-20-90DATE:
TO:
FROM:
SUBJECT:
FEBRUARY 14, 1990
WILLIAM HUSTON, CITY MANAGER
PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE
OF BONDS FOR TRACT NO. 13053
CONSENT CALENDAR NO. 12
2-20-90
Inter - Com
RECOMMENDATION:
That the Tustin City Council accept the public improvements within Tract No.
13053 and authorize the release of the following bonds of the indicated
amounts:
Faithful Performance Bond No.1253 $888,200.00
Labor and Materials Bond No. 1253 $444,100.00
Monumentation Bond No. 1254 $ 18,000.00
BACKGROUND:
The subject Tract was developed by the J.M. Peters Co. and is located southerly
of Irvine Blvd. and westerly of Tustin Ranch Road. Public improvements within
the Tract development consisted of street paving, curb and gutter, sidewalk,
storm drains, utilities and street lighting. As a condition of approval of
said tract the developer was required to post the following improvement bonds:
Faithful Performance Bond No. 1253 $888,200.00
Labor and Materials Bond No. 1253 $444,100.00
Subdivision Warrant Bond No. 1253A $ 88,820.00
Monumentation Bond No. 1254 $ 18,000.-00
DISCUSSION:
All public improvements and tract monumentation has 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
the Monumentation bonds are now ready for release.
The Subdivision Warranty Bond No. 1253A in the amount of $88,820.00 must remain
in effect for the period of one(1) year after the City's acceptance of the
public improvements.
Bob Ledendecker
Director Public Works/City Engineer