HomeMy WebLinkAbout06-365 - Resolutions RESOLUTION NO. 06-365
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA APPROVING
IRREVOCABLE STANDBY LETTER OF CREDIT AS SECURITY
FOR PARCEL 16926 AND RELEASING THE CASH DEPOSIT
SECURITY PREVIOUSLY ACCEPTED BY CITY COUNCIL ON
NOVEMBER 1, 2006
WHEREAS, the City Council of the City of Rancho Cucamonga, California did
consider an Irrevocable Standby Letter of Credit as Security, submitted by Cal Development,
LLC, as developers, for the improvement of public right-of-way adjacent to the real property
specifically described therein, and generally located on the north side of Fourth Street between
Buffalo Avenue and Richmond Place and release of the previously approved Cash Deposit
Security for Cal Development, LLC.
WHEREAS, an Improvement Agreement is secured and accompanied by good
and sufficient Improvement Security, which is identified in said Improvement Agreement.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA HEREBY RESOLVES that said Irrevocable Standby Letter of Credit as Security
submitted by Cal Development, LLC are hereby approved and the previously approved Cash
Deposit Security from Cal Development, LLC are released.
Please see the following page
for formal adoption,certification and signatures
Resolution No. 06-365
Page 2 of 2
PASSED, APPROVED, AND ADOPTED this 15" day of November 2006.
AYES: Alexander, Gutierrez, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
cGl
William J. Alexan Tayor
ATTEST:
A.A:�a—
bebra
J. da s, CMC, City Clerk
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed, approved and
adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting
of said City Council held on the 15'" day of November 2006.
Executed this 16`" day of November 2006, at Rancho Cucamonga, California.
Debra J. Ad s, CMC, City Clerk