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59R-5336 ;-- RESOLUTION NO. 5336 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM AUTHORIZING THE DEPOSIT IN ESCROW WITH FIRST FEDERAL SAVINGS &. LOAN ASSOCIATION OF ALHAMBRA, ALHAMBRA, CALIFORNIA BY TYEE-PARK ESTATES, INC. OF FUNDS REQUIRED FOR FURNISHING, INSTALLATION AND COMPLETION OF ALL IMPROVEMENTS REQUIRED BY THE CITY OF .ANAHEIM IN TRACT NO. 337l; AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT FOR AND ON BEHALF OF THE CITY OF ANAHEIM. WHEREAS, Tyee-Park Estates, Inc., a California Corpo- ration, has ~ubmitted to the City Council of the City of Anaheim a Tract Map for Tract No. 3371 and has requested the City Council to finally approve said Tract Map; and - WHEREAS, said Tyee-Park Estates, Inc. has agreed to furnish or cause to be furnished and to pay for all labor, materials and equipment, and perform or cause to be performed and pay for all work to make and complete all street improvements and sewer and water mains and lines and all engineering required inside of said Tract No. 3371, as required by the City of Anaheim, acting by and through the City Engineer and the Utilities Director, and in accordance with the provisions of the Anaheim Municipal Code and ordinances of the City, all in accordance with the speci- fications of the City Engineer and the Utilities Director of the City of Anaheim, said improvements to be completed on or before nine (9) months from the 7th day of July, 1959; and WHEREAS, in lieu of the posting with the City of Anaheim of a surety bond or a deposit as required by Section 11612 of the Business and Professions Code of the State of California, Tyee-Park Estates, Inc. desires to deposit with the First Federal Savings & Loan Association of Alhambra, Alhambra, California, as escro~ agent, cash, in lawful money of the United States, in an amount estimated to be necessary to pay for the cost of all labor, materials and equipment and the performance of all work for the installation and completion of said improvements, as a guarantee that said Tyee-Park Estates, Inc. will make or cause to be made and completed said improvements as required by the City of Anaheim, and pay the cost thereof; and WHEREAS, the City Council finds that the estimated cost of said street, sewer and water improvements is the sum of $166,750.00; and WHEREAS, the City Council finds that if said sum is deposited with said First Federal Savings & Loan Association of Alhambra and all claims for labor and materia~are approved by Tyee-Park Estates, Inc. and paid directly to the person, firm or corporation performing such labor or furnishing such materials by said First Federal Savings & Loan Association of Alhambra, and no progress payments are made until the City Engineer has certified to the percentage of completion of work on said improvements, and that 15% of said deposit is held until thirty-five (35) days after the filing of notice of completion of said work and im- provements, or in the event of failure to file a notice of com- pletion, until ninety (90) days after certification of completion by the City Engineer, that the City of Anaheim will be adequately protected in the matter. -1- ;_. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Anaheim that said Tyee-Park Estates, Inc. be, aad it is hereby, authorized to deposit the sum of $166,750.00, lawful money of the United States, with First Federal Savings & Loan Association of Alhambra, as escrow agent, as security for the payment of the cost of all labor, materials and equipment in making the street improvements and the se~er and water improve- ments, and all engineering, inside of Tract No. 3371, and that the money deposited by said Tyee-Park Estates, Inc. with the First Federal Savings & Loan Association of Alhambra, Alhambra, Cali- fornia, as escrow agent, as security for the furnishing and pay- ment of all labor, materials and equipment required for the making, installation and completion of said improvements, may be used from and after the execution of an agreement by and between the City of Anaheim, Tyee-Park Estates, Inc. and First Federal Savings & Loan Association of Alhambra to make progress payments to pay for materials furnished and labor performed in the making and com- pletion of said improvements, such progress payments to be made as follows: Progress payments shall be made not oftener than twice monthly, and in the manner herein provided. That all such progress payments shall be made directly by said First Federal Savings & Loan Association of Alhambra to the person, firm or corporation furnishing such materials or performing such labor, upon written itemized statements sho~ing the furnishing of such materials or the performance of such labor, approved by Tyee-Park Estates, Inc. or its authorized agent; but no progress payments shall be made until the City Engineer has certified to the percentage of completion of work on the improve- ments, and said progress payments shall be limited to 85% of the amount of the deposit which is represented by the percentage of improvements which have been completed and certified as completed by the City Engineer. BE IT FURTHER RESOLVED that the Mayor and the City Clerk be, and they are hereby, authorized to enter into and execute an agreement for and on behalf of the City of Anaheim ~ith Tyee-Park Estates, Inc. and First Federal Savings & Loan Association of Alhambra, Alhambra, California, in a form approved by the City Attorney, incorporating the provisions of this resolution and providing for payment of said deposit to the City of Anaheim, or so much thereof as may be necessary to reimburse the City, in the event of default by said above named corporation in the per- formance of said agreement. That said agreement shall be dated the 7th day of JUly, 1959. THE FOREGOING RESOLUTION is approved and signed by me this 7th day of July, 1959. ,.....-.... MA4c~~ ATTEST: ~ ~.. ,: L~dF -. ~EI" -2- ,- STATE OF CAUFORNIA}' COUNTY OF ORANGE ss. CITY OF ANAHEIM I, DENE M. WILUAMS, City Clerk of the City of Anaheim, do hereby certify that the foregoing Resolution No. 5336 was introduced and adopted at a n adj oUI'ned regular meeting provided by law, of the City Council of the City of Anaheim, held on the 7th day of July, 1959, by the following vote of the members thereof: AYES: COUNCILMEN: Borden, Fry, Pearson and Schutte NOES: COUNCILMEN: None ABSENT: COUNCILMEN: Coons AND I FURTHER CERTIFY that the Mayor of the City of Anaheim ap- proved and signed said Resolution No 5336 on the 7th day of July, 1959 IN WIlNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim this 7th day of July, 1959 ~ )n- )~;. u~ CITY CLERK OF THE CITY OF ANAHEIM (SEAL) /'---",