HomeMy WebLinkAbout88-437 - Resolutions RESOLUTION NO. 88-437
A RESOLUTION OF T~E CITY COUNCIL OF T~E CITY OF
CUCA~NGA, CALIFORNIA, APPROVING A PARTIAL RELEASE OF THE
IMPROVEMENT SECURITY FOR T~ACT 12870 (VICTORIA BASIN A~D
ETi~ANDA STOR~ DRAIN)
~HEREAS, the developer, AAH Irrves~ents, A CaIifornia General
Partnership, of Tract 12870 submitted an agreement and security for
construction of the Victoria Basin and the Etiwanda Storm Drain and the City
Council accepted said agreeuent and security on April 6, 1988~ and
I~IEREAS, the City has awarded a contract for the construction of the
Etiwanda Storm Drain: and
~EREAS, said security guaranteeing the construction of the Etiwanda
Storm Drain is no longer required by the City~ and
THEREFORE, the developer is requestln8 t.he release of the surer7
pertaining to the Etiwanda Storm Drain only, as follows=
ORIGINAL BOND REDUCTION REMINDER
Faithful Performance $822,000 $602,000 $220,000
Labor and Material $411,000 $301.000 $110,000
NOW, ~ERE~ORE, BE IT RESOLVED by the City Council of the City of
Rancho Cuc~monga. California, that said Bond emoun~s are hereby reduced by the
above-mentioned amounts and the City Clerk iS authorized to send a cogy of this
resolution to the suret-y company.
PASSED, API~OVED, and ADOPTED this 6th day of July, 1988.
AYES: BROWN, BUQUET, STOUT, KING, ~IGHT
NOES: NONE
ABSENT ~ NONE~ ~~
Dennis L. Stout, Mayor
Resolution No. 88-437
Page 2
ATTEST~
B~verly A./Authelet, City Clerk
I, BEVERL! A. AU~HELET, CITY ~K of the City of Rancho
Cuc~onga, ~lifornia, ~ here~ certi~ that the fore~ing Resolution was
~s~d, ap~ed, and a~pted ~ the City ~uncil of the City of ~ncho
Cuc~onta, ~lifomia, at a re~lar meetln8 of said City ~uncll held on the
6th day of July, 1988.
Executed this 7th day of July, 1988 at Rancho Cucamonga, California.
Beverly A./Authelet, City Clerk