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58R-4868 - RESOLUTION NO. 4368 ,-. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM AUTHORIZING THE DEPOSIT IN ESCROW WITH FIRST FEDERAiL SAVINGS AND LOAN ASSOCIATION OF ALHAMBRA, 1 WEST BAY STATE STREET, ALHAMBRA, CALIFORNIA, BY WILLIAM MOSES, SHELDON S. SINGER, JOHN S. SPENCER, DAVID MOCABEE AND ROBERT A. HOSKINS, THE DEVELOPERS OF TRACT NO. 3303, OF FUNDS REQUIRED FOR THE FURNISHING, IBSTALLATION AND COMPLETION OF ALL IMPROVE- MENTS REQUIRED BY THE CITY OF ANAHEIM IN SAID TRACT NO. 3303; AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN AGREEMENT FOR AND ON BEHALF OF THE CrTY OF ANAHEIM. WHEREAS, William Moses, Sheldon S. Singer, John S. Spencer, David Mocabee and Robert A. Hoskins have submitted to the City Council of the City of Anaheim a Tract Map for Tract No. 3303 and have requested the City Council to finally approve said Tract Map; and WHEREAS, the said Developers have 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. 3303, as required by the City of Anaheim, acting by and through the City Engineer and the Superintendent of the Light, Water and Power Department, and in accordance with the provisions of the Anaheim Municipal Code and ordinances of the City, all in accordance with the specifications of the City Engineer and the Superintendent of the Light, Water and Power Department of the City of Anaheim, said improvements to be completed on or before twelve (12) months from the 18th day of November, 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, the said Developers desire to deposit with First Federal Savings and Loan Association of Alhambra, I Wsst Bay State Street, Alhambra, 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 equip- ment and the performance of all work for the installation and completion of said improvements, as a guarantee that said William Moses, Sheldon S. Singer, John S. Spencer, David Mooabee and Robert A. Hoskins 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 1hirty-six Thousand Five Hundred Dollars ($36,500.00); and WHEREAS, the City Council findsthat if said sum i8 -1- - .-", deposited with said First Federal Savings and Loan Association of Alhambra and all claims for labor and materials are approved by the City Engineer or the Superintendent of the Light. Water and Power Department and paid direotly to the person. firm or oorporation performing such labor or fUrnishing suoh materials by said First Federal Savings and Loan Assooiation of Alhambra. and that fifteen (15) per oent of said deposit is held until thirty-five (35) days after the filing of notioe of completion of said work and improvements, that the City of Anaheim will be adequately protected in the matter. NOW, THEREFORE. BE IT RESOLVED by the City Council of the City of Anaheim that said William Moses, Sheldon S. Singer. John S. Spencer. David Mocabee and Robert A. Hoskins be. and they are hereby authorized to deposit the sum of Thirty-six Thousand Five Hundred Dollars ($36.500.00) lawful money of the United States. with First Federal Savings and Loan Association of Alhambra. as esorow agent, as security for the payment of the oost of all labor. materials and equipment in making the street improvements and the sewer and water improvements, and all engi- neering inside of Traot No. 3303, and that the money deposited by the said Developers with the First Federal Savings and Loan Association of Alhambra. 1 West Bay State Street. Alhambra, Calif- ornia. 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, William Moses, Sheldon S. Singer, John S. Spencer, David Mocabee and Robert A. Hoskins and First Federal Savings and Loan Association of Alhambra to make progress payments to pay for mater- ials 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 First Federal Savings and Loan Association of Alhambra to the person, firm or corporation furnishing such materials or per- forming 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. approved by the Superintendent of the Light. Water and Power Department for water mains and lines. and by Chip Chasin for the said Developers. 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 William Moses. Sheldon S. Singer. John S. Spencer. David Mocabee and Robert A. Hoskins and First Federal Savings and Loan Association of Alhambra, 1 West Bay State Street. 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 neeessary to reimburse the -~ -2- - /, , City in the event of default by said William Moses, Sheldon S. Singer, John S. Spencer, David Mocabee and Robert A. Hoskins in the performance of said agreement. That said agreement shall be dated the 18th day of November, 1958. THE FOREGOING RESOLUTION is approved and signed by me this 18th day of November, 1958. ~~~~M ATTEST: ~7?m~~ STATE OF CALIFORNIA ) COUNTY OF ORANGE ) 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 adjourned regular meeting provided by law of the City Council of the City of Anaheim, held on the 18th day of November, 1958, by the following vote: AYES: NOES: COUNCILMEN: Pearson, Jry, SchuUe and Ceons COUNCILMEN: None ABSENT: COUNCILMEN: Bi)rden AND I FURTHER CERTIFY that the Mayor of the City of Anaheim approved and signed said resolution on the 18th day of November, 1958. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim this 18th day of November, 1958. M-mR~mE~~ ( SEAL ) ,..-... . -<- -'