HomeMy WebLinkAboutCC 3 RELEASE OF BONDS 02-07-83DATE:
JANUARY 21, 1983
CONSENT
No. 3
2-7-83
nter - C om
TO:
FROM:
SUBJECT:
WILLIAM HUSTON, CITY MANAGER
BOB LEDENDECKER, DIRECTOR OF PUBLIC WORKS/CITY ENGINEER
ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE OF BONDS
RECOMMENDATION:
That the Tustin City Council, at their meeting of February 7, 1983, accept the
public improvements within Tract No. 11291 and authorize the release of all
pertinent bonds.
BACKGROUND:
The developers, Olen Properties Corporation, of Tract No. 11291 which is located
at 1431 Warner-Ave., northerly side and westerly of Red Hill Avenue, has requested
the City's acceptance of the public improvements and release of all pertinent
bonds;
DISCUSSION:
The public improvements in this tract consisted of water mains, drive aprons,
street light installations, and minor storm drain work and has been completed to
the satisfaction of the Engineering and Water Divisions.
The outstanding bonds requiring release are as follows:
Faithful Performance Bond No. 2-177-323 . . . $66,500.00
Labor and Materials Bond No. 2-177-323 . . . 33,250.00
Monumentation Bond No. 2-177-323 ....... 3,000.00
The Subdivision Warranty Bond No. 2-177-323 in the amount of $6,650.00 must remain
in effect for a period of one year after the public improvements have been
accepted.
BOB LEDENDECKER
DIRECTOR OF PUBLIC WORKS/
CITY ENGINEER
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