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56R-3358 RESOLUTION NO. 3358 ~,~- , A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM AUTHORIZING THE DEPOSIT IN ESCROW WITH MUTUAL SAVINGS AND LOAN ASSOCIATION OF PASADENA BY SHERWOOD FOREST DEVELOPERS NO.2 OF FUNDS REQUIRED FOR THE FURNISHING, INSTALLA- TION AND COlti'LETION OF ALL IMPROVEMENTS REQUIRED BY THE CITY OF ANAHEIM IN TRACT NO. 2995; AND AUTHORIZING THE ~~YOR AND CITY CLERK TO EXECUTE AN AGREEMENT FOR AND ON BEHALF OF THE CITY OF ANAHEIM. WHEREAS, Sherwood Forest Developers No. 2 has submitted to the City Council of the City of Anaheim a Tract Map for Traot No. 2995 and has requested the City Council to finally approve said Tract Map; and WHEREAS, said She~rood Forest Developers No. 2 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 en- gineering required inside of said Traot No. 2995, 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 improvements to be completeQ on or before twelve (12) months from the 3rd day of July, 19.56; 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, Sherwood Forest Developers No. 2 desires to deposit with the Mutual Savings and Loan Association of Pasadena, 315 E. Colorado Boulevard, Pasadena, C&.lifornia, as escrow agent, cash, in lawful money of the United States, in an amount esti- mated to be necessary to pay for the cost of all labor, materials and equipment and the performance of all work for the installa- tion and completion of said improvements, as a guarantee that said Sherwood Forest Developers No. 2 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 Sixty-seven Thousand Five Hundred Dollars ($67,500.00); and WHEREAS, the City Council finds that if said sum is deposited with said Mutual Savings and Loan Association of Pasadena and all claims for labor and materials are approved by the City Engineer or the Superinteno.ent of the Light, Water and Power Department and paio. directly to the person, firm or corpo- I'a tion performing such labor 01' furnishing such materials by said l-1utual Savings and Loan Association of Pasadena, and that ten (10) percent of srdd deposit is held until thirty-five (:35) days after the filing of notice of com~)letion of said work and improvements, that the City of Anaheim "rill be adequately pro- tected in the matter. -1- ~ NOW, THEREFORE I BE IT RESOLVED by the City Council of the City of Anaheim that said She~wood Forest Developers No. 2 be, and it is hereby, authorized to deposit the sum of Sixty-seven Thousand Five Hundred Dollars ($67,500.00), lawful money of the United States, with Mutual Savings and Loan Association of Pasadena, 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 improve- mentsl and all engineering, inside of Traot No. 2995, and that the money deposited by said Sherwood Forest Developers No.2 with the Mutual Savings and Loan Association of Pasadena, 315 E. Colorado Boulevard, Pasadena, California, as esorow agent, as security for the furnishing and payment of all labor, mate- rials and equipment required for the making, installation and completion of said improvementsl may be used from and after the execution of an agreement by and between the City of Anaheim, Sherwood Forest Developers No.2, and Mutual Savings and Loan Association of Pasadena 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 Mutual Savings and Loan Association of Pasadena to the person, fil~ or corporation furnishing such materials or per- forming such labor, upon written itemized statements showing the furnishing of such materials or the performanoe of such labor, approved by the City Engineer for labor and materials furnished for street and sewer improvements, and approved by the Supel'intenlJ.ent of the Light, i'later and POl'fer Department for water mains and lines. AND BE IT FURTHER RESOLVED that the l'-1ayor and the City Clerk be, and they are hereby, authorized to enter into and execute an agreement for and on behalf of the City ofJAnahelm with Sherwood Forest Developers No. 2 and Mutual Savings and Loan Association of Pasadena, 315 E. Colorado Boulevard, Pasadena, 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 3rd day of July, 1956. THE FOREGOING RESOLUTION was signed and approved by me this Jrd day of July, 1956. ~M~~~. ATTEST: _. ~ ~.... - 9-. . , / ?r //,., .. ~OF '~~~M -2- STATE OF CAUFORNIA ) COUNTY OF ORANGE ) ss CITY OF ~NAHEIM ) " I, DENE M. WILLIAMS, City Clerk of the City of Anaheim, do hereby certify taht the foregoing resolution was adopted upon a final reading at an adjourned regular meeting of the City Council of the City of Anaheim, held on the 3rd day of July, 1956, by the following vote of the members thereofr AYES: COUNCILMENr Pearson, Fry, Schutte and Wisser. NOESr COUf>CILMENr None. ABSENTr COU,f>CILMENr Coons. AND I FURTHER CERTIFY that the Mayor of the City of Anaheim approved and signed said resolution on the 3rd day of July, 1956. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Anaheim thts 3rd day of July, 1956. ./J ~ ~q- - ~- k. d./~",,-~______ CITY CLERK OF THE CITY OF ANAHEIM. (SEAL) ""'" "'