1955-2818RESOLUTION NO. 2818
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM AUTHORIZING THE DEPOSIT IN ESCROW
WITH CALIFORNIA FEDERAL SAVINGS AND LOAN
ASSOCIATION BY NUTWOOD PROPERTIES, INC. OF
FUNDS REQUIRED FOR THE FURNISHING, INSTAL
LATION AND COMPLETION OF ALL IMPROVEMENTS
REQUIRED BY THE CITY OF ANAHEIM IN TRACT NO.
2537; AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE AN AGREEMENT FOR AND ON
BEHALF OF THE CITY OF ANAHEIM.
WHEREAS, Nutwood Properties, Inc. has submitted to
the City Council of the City of Anaheim a Tract Map for Tract
No. 2537 and has requested the City Council to finally approve
said Tract Map; and
WHEREAS, said Nutwood Properties, 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 improve-
ments and sewer and water mains and lines and all engineering
required inside of said Tract No. 2537, 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
Light, Water and Power of the City of Anaheim said improve-
ments to be completed on or before twelve (12) months from the
16th day of June, 1955; 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, 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 performance of all work for
the installation and completion of said improvements, as a
guarantee that said Nutwood Properties, 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 One Hundred Thirty -two Thousand Six Hundred (p132,600)
Dollars; and
WHEREAS, the City Council finds that if said sum is
deposited with said California Federal Savings and Loan Associa-
tion 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 directly to the person, firm or
corporation performing 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
(35) 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, THEREF0kth, BE IT RESOLVED by the City Council
of the City of Anaheim that said Nutwood Properties, Inc. be,
and it is hereby, authorized to deposit the sum of One
Hundred Thirty -two Thousand Six Hundred 0132.600) 2,600) Dollars
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 im-
provements, and all engineering, inside of Tract No. 2537, and
that the money deposited by said Nutwood Properties, Inc. with
the California Federal Savings and Loan Association, 5680
Wilshire Boulevard, Los Angeles 36, California, as escrow agent,
as security for the furnishing and payment of all labor, ma-
terials and equipment required for the making, installation and
completion of said improvements, nay be used from and after the
execution of an agreement by and between the City of Anaheim,
Nutwood Properties, 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 perform-
ing 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 Superin-
tendent of the Light, Water and Power Department for water mains
and lines.
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
nnaheim with Nutwood Properties, 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 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 performance
of said agreement, That said agreement shall be dated the 16th
day of June, 1955.
THE FOREGOING RESOLUTION is signed and approved by me
this 27th day of June, 1955.
ATTEST:
Clr CLERk OF THE CITY OF' ANAHEIM.
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MAYOR OF THE CITY OF ANAHEIM.
STATE OF CALIFORNIA,
COUNTY OF ORANGE ss.
CITY OF ANAHEIM
hereby certify that the foregoing Resolution was adopted upon a final
readiig at an Adjourned Regular meeting of the City Council of the
City of Anaheim, held on the 27th day of June, 1;55, by the following
I, DENTE 11. WILLIAMS, City Clerk of the City of Anaheim, do
vote of the members thereof:
AYES: COUNCIL12N: Pearson, Fry, f Wisser and Van Wagoner.
NOES: CCL CILM None.
ABSENT: CCt TCILI Schutte.
Air ?L I FURTHER CERTIFY that the Mayor of the City of Anaheim at-
proved and signed said Resolution on the 27th day of June, 1955.
IN WITNESS '':HEREOF, I have hereunto set my hand and affixed
the seal of the City of Anaheim this 27th day of June, 1955.
(SEAL)
k. -.tom
CITY CLERK CF" THE CITY OF ANAHEIM