58R-4420
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RESOLUTION NO. 4420
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM AUTHORIZING THE DEPOSIT IN ESCROW
WITH CALIFORNIA FEDERAL SAVINGS AND LOAli
ASSOCIATION~ 5680 WILSHIRE BOULEVARD~ LOS
ANGELES 36~ CALIFORNIA~ BY NU'l'WOOD PROPERTIES
NO. 2~ INC. OF FUNDS REQUIRED FOR THE F1JRNISH-
ING~ INSTALLATION AND COMPLETION OF ALL IM-
PROVEMENTS REQUIRED BY THE CITY OF ANAHEIM IN
TRACT NO. 3347; AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE AN AGREEMENT FOR AND ON
BEHALF OF THE CITY OF ANAHEIM.
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WHEREAS~ Nutwood Properties No. 2~ Inc.~ a Corporation,
has submitted to the City Council of the City of Anaheim a Tract
Map for Tract No. 3347 and has requested the City Council to
finally approve said Tract Map; and
WHEREAS~ said Nutwood Properties No. 2~ 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. 3347~ as required by the City of Anaheim, acting
by and through the City Engineer and the Superintendent of the
Light~ Power and Water Department~ and in accordance with the pro-
visions of the Anaheim Municipal Code and ordinances of the City,
all in accordance with the specifications of the City Engineer and
the Superintendent of Light~ Power and Water of the City ofAnaheim~
said improvements to be completed on or before twelve (12) months
from the 18th day of March ~ 1958; 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~Nutwood
Properties No. 2~ Inc. desires to deposit with the California
Federal Savings and Loan Association~ 5680 Wilshire Boulevard~
Los Angeles 36~ California~ as escrow 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 perform-
ance of all work for the installation and completion of said im-
provements~ as a guarantee that said NutwoodProperties No. 2~ 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
$46,500.00; and
WHEREAS, the City Council finds that if said sum is
deposited with said California Federal Savings and Loan Association
and all claims for labor and materials are a.pprov'edby the City ,
Engineer or the Superintendent of the Light~ Power and Water Depart-
ment and paid directly to the person, firm or corporation perform-
ing such labor or furnishing such materials by said California
Federal Savings and Loan Association~ and that ten (10%) per cent
of said deposit is held until thirty-five (5) days after the
filing of notice of completion of said work and improvements, that
the City of Anaheim will be adequately protected in the matter.
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NOW, THEREFORE, BE IT RESOLVED by the City CoUncil of the
City of Anaheim that said Nutwood Properties No. 2,'I~c. be, and it
is hereby, authorized to deposit the sum of $46,500.00, lawful
money of the United States, with California Federal Savings and
Loan Association, as escrow agent, as secUrity for the payment of
the cost of all labor, materials and equipment in making the street
improvements and the sewer and water improvements, and all engineer-
ing, inside of Tract No. 3347, and that the money deposited by said
Nutwood Properties No. 2~ Inc. with the CalifOrnia Federal Savings
and Loan Association, 56~0 Wilshire Boulevard, Los Angeles 36,
California, as escrow agent, as security for the furnishing and
payment 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, Nutwood Properties No.2, Inc., and California
Federal Savings and Loan Association to make progress payments to
pay for materials furnished and labor performed in the making and
completion 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 California Federal Savings and Loan Association t6the
person, firm or corporation furnishing such materials or performing
such labor, upon written itemized statements showing the furnishing
of such materials or the performance of such labor, approved by the
City Engineer for labor and materials furnished for street and sewer
improvements, and approved by the Superintendent of the Light, Power
and Water Department for water mains and'lines, and by Douglas
Edwards of Nutwood Properties No.2, Inc.
AND 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 with Nutwood
Properties No.2, Inc. and California Federal Savings and Loan '
Association, 5680 Wilshire Boulevard, Los Angeles 36, California,
in a form approved by the City Attorney, incorporating the pro-
visions 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 performance of said agreement~ That said agree-
ment shall be dated the 18th day of krcQ. , 1958.
THE FOREGOING RESOLUTION is approved and signed by me
18th day of ....... , 1958.
this
ATTEST:
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STATE OF CALIFORNIA)
COUNTY OF ORAN~ ) s s.
'CITY OF ANAHEIM )
I, DENE M. WILLIAMS, City' Clerk of the City of Anaheim,
do hereby certify that the foregoing Resolution was introduced
and adopted at an adjourneti regular meeting provided by law of
the City Council of the City of Anaheim, held on the 18th day
of March, 1958, by the following vote: .
AYES:
NOES:
ABSENT:
COUNCILMEN:
COUNCILMEN:
COUNCILMEN:
Coons; Fry, Schutte and Wisser
None
Pearson
AND I FURTHER CERTIFY that the Mayor Pro Tem of the City
of Anaheim approved and signed said Resolution on the 18th day
of, March, 1958.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City of Anaheim this 18th day of March,
1958.
iL~ ");y- V-~.e..~~
CITY CLERK OF THE CITY OF ANAHEIM'
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(SEAL)
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lJ..~y, '
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