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57R-4175 - RESOLUTION NO. 4175 r- A RESOLD'I'ION OF 'rHE CITY COUNCIL OF THE CITY OF AlirAriEnl AUTHORIZING THE DEPOSIT IN ESOROVI UITH iJALIF'DRlJIA FEDEHAL SAVINGS Ai\TD LOAN ASSOCIATION, 5680 WILSHIRE BOULEV&~D, LOS ~~GELES 36, OALIFORNIA, BY NU~vOOD PROPERTIES NO. 2, INC. OF FUNDS REQUIRED FOR ~HE FURNISH- lNG, INfJ'rALLATIOlJ AIm COI1PLETIOl~ OF ALL 1M- PROVE~lliNTS REQUIRED BY THE CITY OF k~AHEIN IN TRACI' NO. 2712; AND AUrrHORIZING 'THE I,LAYOR Al'1"D CITY JL~1K TO EXECUTE Ai1 AGREEMENT FOR AND ON BEHA:~F OF IdE OITY OF ANAl-i"EH'I. v!HL~li:AS, Nutwood Properties No.2, Inc., a Corporation, has submitted to the City Council of the City of Anaheim a Tract 148P for Trp,ct No. 2712 and .b.as requested the City Council to finally approve said Tra.ct ha.p; and HHEREAS, said Nut'l'lood Properties No.2, Inc. has agreed to furnish or C2use to be furnished and to pay for all labor, materials and equipment, and perform or cause to be performed and pey for all worlr to ma.ke ancl complete Ell street improvements and sewer 8.nd 'l'rater mains and lines and 2.11 engineering required inside of said Tre.ct No. 2712, e8 required by the City of Anaheim, acting by and through the 8i ty Engineer [O\.nd the Superintendent of the Lii{ht, Vlater end POiver Dep8rtl,~ent, and in accordance with the pro- visions of the Anaheim l~unicip81 ~ode and ordinances of the City, all. in 2ccordence \ITith the specifications of the City Engineer and the Superintendent of Light, ".rater ~wd PO'l';er of the Oity of Anaheim, said i~)rovements to be co~pleted on or before twelve (12) months from the 22nd day of October, 1957; and ':!HEREAS, 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 Oalifornia Fed. eral 2a.vings 8.nd Loan Associe.tion, 5680 Vrilshire Boulevard, Los Anceles 36, California, as escrow agent, cash, in lawful money of the United ,States, in an amount estime.ted to be necessary to pay for the cost of' all labor, iDe.terials and equipment and the perform- ance of all work for the installation and completion of said im- provements, as 2 guarantee that said Nutwood Properties No.2, Inc. will ma-'k:e or cause to be made and completed said improvements as required by the Oi ty of Anaheim, and pay the cost thereof; and HHEREAS, the 01 ty Gouncil finds that the estimated cost of s8.id street, sew'er and water improvements is the sum of $42,500.00; an (1 .r- ~i'HEREAS, the City Council finds that if said sum is deposited with said California Federal Savings and Loan Association and all claims for labor Emd Elaterials are approved by the Oi ty Engineer or the Superintendent of the Light, Water and Power 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 (3.5) 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. -1- ... - r NOH, THEREFORE, BE IT RESOLVED by the City Council of the Oity of Anaheir:! that said Nutwooo. Properties No.2, Inc. be, and it is hereby, authorized to deposit the sum of $42,500.00, lawful money of the United States , with C[;tlifornia Federal Savings and Loan Association, 8.S escrow a.g'ent, as security .for the payment of the cost of all labor, materials and equipment in making the street imDrovements and the sewer and water improvements, and all engineer- ing, inside of Tract No. 2712, and that the money deposited by said Nutwood Properties No.2, Inc. with the California Federal Sa,vings and Loan Association, 5680 Wilshire Boulevard, Los Angeles 36, CFlifornia, 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 e.fter the execution of an agreement by and between the Oi ty of Ana.heim, 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 to the person, firm or corporation furnishing such materials or performing such labor, upon written itemized statements showing the furnishing of such materiels or the performance of such labor, approved by the Ci ty Engineer for labor and materials furnished for street and sewer improvements, and approved by the Superintendent of the Light, Water and Power Department for water mains and lines, and by Douglas Edwards of Nutwood Properties No.2, Inc. AND BE IT FURTHER RESOLVED that the I.layor 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 Oi ty 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 performa,nce of said agreement. That said agreement shall be dated the 22nd day of October, 1957. THE FOREGOING RESOLUTION is approved and signed by me this 22nd day of October, 1957. - ., " /'.' //6'" ~~~ IvrAYOR 6-'?~' CITTo: MW1EI'M r ~zr: ~ CITY~RtbF -, c..---. _ It/L~ THE CITY OF ANAHEIM -2- - STAT~ OF CALIFOlUlIA) COUftY OF OIWI'GE ) ss. Clft OZ AIAHIIK ) I, DID JI. WILLIANS, Cit;y Clerk of thaC1t;y of Anaheim, do hereby certify that t118 forego iDe resolution walintroduced. 8.nd adoptl!ld. at a regular meeting provided b;y law of the Ci t;y Council of the CU;y of Anaheim held on the 22J14 day of October. , 1957, by the following vote: .~ ./ AnsI , COtlliTCILIIIlB: Pearson, Coons, h;y aDd Wisser. liO:&S : COtlliTCILMJ:B: Bone. All$Jft: . CO'QllCILMAN: Schutte. ::.AD I FlJRTHI!lR OD'!In that theMa;yor of. the Ci t;y of Anaheill approved and 81gned ea,id resolution on the 22:a.d da;y of: OctobAr, 1957. II WITNESS WHIlUIlOJ'. I haVA hereunto Bet my hand and e:ffixed the officia;t ,eal of the Oity of Anabei. this 22ndday of October, 1957. . &~)K 7~-~ CITY OLIRI OJ' THI OITY OJ'AIAHIIM (StiL ) '"""'" '.