58R-4375
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RESOLUTION NO. 4375
A RESOLU~ION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM AUTHORIZING THE DEPOSIT IN ESCROW
WITH CALIFORNIA FEDERAL SA. VINGS AND LOAN
ASSOCIATION, 5680 WILSHIRE BOULEVARD, LOS
ANGELES 36, CALIFORNIA, BY lfCJTWOOD PROPERTIES
NO.2, IIIC. OF FUlIDS REQUIllED FOR THE FUlUUSH-
lNG, INSTALLATION AID COMPLETION OF ALL IK-
PROVEMEN'l'S REQUIRED BY THE CITY OF AHAHEIH IN
TRACT NO. 3346; AID AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE AN AGREEMENT FOll AND ON
BEHALF OF THE CITY OF ANAHEIM.
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WHEREAS, NutWQod Propertie a No.2, Inc." a Corporation,
has submitted to the City Council of the City of Anaheim a Traot
Kap for Traet No. 3346 and has requeated the City Council to
finally approve aaid Tract Map; and
WHEREAS, said Nutwood Properties No.2, Ino. has agreed
to furniSh or cause to be furnished and to pay for all labor,
materials and equipment, and perform or cause to be perfor.ed and
pay tor all work to make and complete all street improve.ents and
.ewer and water mains and li.es aDd all engineering required iDside
et said Tract No. 3346, as well as certain improvements ale.g
Orange Avenue, as required by the City of Anaheim, acting by and
through the City EDgineer and the Superintendent of the Light, Power
and Water Department, and in accordance with the provisiona ot the
Anaheim Municipal Code and ordinances of the City, all in accord-
ance with the specifications of the City Engineer and the Superin-
tendent of Light, Power and Water of the City ot Anaheim, said
i.provements to be completed on or before twelve (12) months trom
the 18th day of February, 1958; and
WHEREAS, in lieu of the posting with the City of Anaheim
of a surety bond or a deposit as required by Sectio. 11612 of the
Bu.iness and Proteasions Code of the State of California, Nutwood
Properties No.2, Inc. desires to deposit with the California
Federal Savings and Loan Association, 56,80 Wilshire Boulevard,
Los Angeles 36, California, as escrow agent, caan, in lawful money
of the United states, in an aaount estimated to be necessary to pay
for the cost ot all labor, materials and equipment and the pertora-
ance of all work tor the installation and completion of said im-
provements, as a guarantee that said Nutwood Properties 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
$47,500.00; and
WHEREAS, the City Council finds that ir said sum is
deposited with said California Federal Savings and Loan Assooiation
and all elaims for labor and materials are approved by the City
Engineer or the Superintendent of the Light Power aDd Water Depart-
ment and paid directly to the person, rirm or corporation pertorm-
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 (35) days after the
filing of notice ot completion of said work and improvementa, that
the City of Anaheim will be adequately protected in the matter.
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NOW, THEREFORE, BE IT RESOLVED by the Oity OOURcl1 of the
Oity of Anaheim that said Nutwood Pr~perties No.2, Inc. be, and it
is hereby, authorized to deposit the sum of $47,500.00, lawful
.oney of the United States, with Oalifornia 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 iaprovements, and all engineer-
ing, inside of Tract No. 3346, as well as along Orange Avenue, and
that the aoney deposited by said Nutwood Properties No.2, Ine.
with the California Federal Savings and Loan Association, 5680
Wilshire Boulevard, Los ADgelea 36, Oalitornia, as escrow agent,
as s8'urity for the turniShing and payment of all labor, materials
and equipment required for the making, installation and oo.pletion
of said improvements, may be used from and after the exeoution of
an agreement by and between the Oity of ADabeim, Nutwood Properties
No.2, Inc., and Oalifornia Federal Savings and Loan Association
to make progress payments to pay for materials furDiShed uad labor
performed in the making and completion of said improve.eDts, 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 aad. directly
by aaid California Federal Savinga and Loan Association to the
person, finR or corporation furnishing sach materials or performing
suoh labor, upon written it.mized statements showing the furnishiDS
of such ..terials or the performance of such labor, approve. by the
City Engin..r for labor and materials furnished for street amd sewer
iaprove.ents, and approved by the SuperintendeDt of the Lilbt, Power
and Water Department for water mains and lines, and by Douglas
Edwards of Nutwood Properties No.2, Ine.
AND BE IT FURTHER RESGLVlID that the Mayor and the C:l. ty
Clerk be, and they are hereby, authorized to enter iuto and execute
an agr....Dt :for a:cd on b.half of the City of haheia with htvood
Properties No.2, Inc. and California Federal Savings aDd ~an
Assoeiation, 5680 Wilshire Boulevard, LOB ADgeles 36, Oalifornia,
in a form approved by the City Attorney, :l.ncorporating the pro-
visions of this resolution and providiDg 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 performanee of said agreement. That said agree-
..Dt shall be dated the 18th day of February, 1958.
THE FOREGOING RESOLUTION is approved and signed by me
18th day of February, 1958.
this
AT!EST:
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STATE OF CALIFORNIA) .
COUNTY OF ORANGE )5S.
qTY OF ANAHE 1M ' )
I, DE~ M. WILLIAMs, City Clerk of the City of
Anaheim, do hereby certify that the foregoing Resolution
was quly passed and, adopted at an adjo~rnedregular meet-
ing of the City Council of the City of Anaheim, held'q@
the 18th day of ,February, 1958, by the 'following vote of
the members thereof:
AYES:
NOES:
ABSENT :
COUNCILMEN: Coons, Fry, Schutte and Wisser
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COUNCILMEN: None
COUNCILMEN: Pearson
AND I FURTHER CERTIFY that the Mayor Pro Tem of
the City of Anaheim approved and signed said Resolution on
the '18th d~y of February, 1958.
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the seal of lfta City of Anaheim this 18th day of
Sebru ary, 1958.
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CITY CLERK OF THE CITY'OF ANAHEIM
(SEAL)
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