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1955-2736RESOLUTION NO. 2736 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM AUTHORIZING THE DEPOSIT IN ESCROW WITH WHITTIER SAVINGS AND LOAN ASSOCIATION BY AT,T,O CONSTRUCTION CORPORATION, BRAEBURN CONSTRUCTION CORPORATION AND CALAH CONSTRUC- TION CORPORATION OF FUNDS REQUIRED FOR THE FURNISHING, INSTATT,ATION AND COMPLETION OF ALL IMP ROVET ENTS REQUIRED BY THE CITY OF ANAHEIM IN TRACT NO. 1897; AND AUTHORIZING THE MAYOR AND CITY CTJRK TO EXECUTE AN AGREE MENT FOR AND ON BEHALF OF THE CITY OF ANAHEIM. WHEREAS, Allo Construction Corporation, Braeburn Construction Corporation and Calah Construction Corporation have submitted to the City Council of the City of Anaheim a Tract Map for Tract No. 1897 and have requested the City Council to finally approve said Tract Map; and WHEREAS, said construction corporations above named 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 com- plete all street improvements and sewer and water mains and lines and all engineering required inside said Tract No. 1897, as required by the City of Anaheim, acting by and through the City Engineer and the Superintendent of the Light, Power and Water 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, Power and Water of the City of Anaheim, said improvements to be completed on or before twelve (12) months from the 21st day of April, 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, Allo Construction Corporation, Braeburn Construc- tion Corporation and Calah Construction Corporation desire to deposit with the Whittier Savings and Loan Association, 210 East Philadelphia, Whittier, 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 corporations 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 -two Thousand Seven Hundred Dollars ($62 and WHEREAS, the City Council finds that if said sum is deposited with said Whittier Savings and Loan Association and all claims for labor and materials are approved by the City Engineer or the Superintendent of the Light, Power and Water DeparLruent and paid directly to the person, firm or corpora- tion performing such labor or furnishing such materials by said Whittier 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 im- provements, that the City of Anaheim will be adequately pro- tected in the matter. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Anaheim that said Allo Construction Corporation, Braeburn Construction Corporation and Calah Construction Corporation be, and they are hereby, authorized to deposit the sum of Sixty -two Thousand Seven Hundred Dollars ($62,700), lawful money of the United States, with Whittier 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 improvements, and all engineering, inside of Tract No. 1697, and that the money deposited by said corporations above named with the Whittier Savings and Loan Association, 210 East Philadelphia, Whittier, California, 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, Allo Construc- tion Corporation, Braeburn Construction Corporation and Calah Construction Corporation, and Whittier SavinY;s and Loan Associa- tion, to make progresa: payments to pay for materials furnished and labor performed in the making and completion of said im- provements, 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 Whittier 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 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 Superintendent of the Light, Power and Water 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 Anaheim with Alio.Construction Corporation, Braeburn Construction Corporation and Calah Construction Corporation, and Whittier Savings and Loan Association, 210 East Philadelphia, Whittier, California, in a form approved by the City Attorney, incorporat- ing the provisions of this resolution and providing for pay- ment of said deposit to the City of Anaheim, or so much thereof as may be necessary to reimburse the City, in the event of de- fault by said above named corporations in the performance of said agreement. That said agreement shall be dated the 21st day of April, 1955. THE FOREGOING RESOLUTION is signed and approved by me this 26th day of April, 1955. ATTEST: CITY CLERK OF THE CITY OF ANAHEIM. -2- MAYt' OF THE C TI Y OF ANAHEIM. (SEAL) STATE OF CALIFORNIA) COUNTY OF ORANGE ss. CITY OF ANAHEIM t see. c I, DENE M. WILLIAMS, City Clerk of the City of Anaheim, do hereby certify that the foregoing Resolution was introduced and adopted at a regular meeting provided by law, of the City Council of the City of Anaheim, held on the 26th day of April, 1955, by the following vote: AYES: COUNCILMEN: Pearson, Fry, Schutte, Wisser, and Van Wagoner. NOES: COUNCILMEN: None. ABSENT: COUNCILMEN: None. AND I FURTHER CERTIFY that the Mayor of the City of Anaheim approved and signed said resolution on the 26th day of April, 1955. IN WIT1ESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Anaheim this 26th day of April, 1955. CITY CLERK OF THE CITY OF ANAHEIM.