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1954-2405RESOLUTION NO. 2405 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM AUTTMHORIZING THE DEPOSIT IN ESCROW WITH VALTFY NATIONAL BANK OF ALHAMBRA, CALIFORNIA BY CLAREDGE HOMES OF FUNDS REQUIRED FOR THE FURNISHING, IN- STALLATION AND COMPLETION OF ALL IMPROVE- MENTS REQUIRED BY THE CITY OF ANAHEIM IN TRACT 1597; AND AUTHORIZING THE MAYOR AND THE CITY CLERK TO EXECUTE AN AGREEMENT FOR AND ON BEHALF OF THE CITY OF ANAHEIM. WHEREAS, Claredge Homes, a limited partnership, has submitted to the City Council of the City of Anaheim a Tract Map for Tract 1597 and has requested the City Council to finally approve said Tract t4ap; and WHEREAS, said Claredge Homes has agreed to fur- nish or cause to be furnished and to pay for all labor, materials and equipment and perform or cause to be per- formed and pay for all work to make and complete all street improvements and sewer and water mains and lines required for said tract, both inside and outside of said tract, 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 April 29, 1954; 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, Claredge Homes desires to deposit with the Valley National Bank of Alhambra, Cal' a, e ne r al banking corporation, as escrow agent, cash, in lawful money of the United Sta 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 Claredge Homes will make or cause to be made and completed said im- provements 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 -five Thousand Dollars (p65,000.00); and WHEREAS, the City Council finds that if said sum is deposited with said Valley National Bank and all claims for labor and materials, except for labor and materials fur- nished by the City Water Department, are approved by the City Engineer or the Superintendent of the Light, Power and Water Department and the City Attorney and paid directly to the person, final or corporation performing such labor or furnishing such materials by said Valley National Bank, and that twenty (20) per cent of said deposit is held Until thirty -five days after the fillng of notice of completion of said work and improvements, that the City of Anaheim will be adequately protected in the matter. -1- NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Anaheim that said Claredge Homes, a limited partnership, be, and it is hereby, authorized to deposit the sum of Sixty -five Thousand Dollars ($65,000.00), lawful money of the United States, with the Valley National Bank of Alhambra, California, a national banking corporation, as escrow agent, as security for the payment of the cost of all labor, materials and equipment in making the street improve- ments and the sewer and water improvements inside and outside of Tract 1597, and that the money deposited by said Claredge Homes with the Valley National Bank of Alhambra, 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, Claredge Homes and Valley National Bank to make progress payments to pay for materials furnished and labor performed in the making and completion of said improve- ments, such progress payments to be made as follows: Progress payments shall be made not oftener than twice monthly, and in the manner here- in provided. That all such progress payments shall be made directly by said Valley National Bank to the person, firm or corporation furnishing such materials or performing such labor, upon written itemized statements showing the furnish- ing of such materials or the performance of such labor, approved by the City Engineer for labor and materials fur- nished for street and sewer improvements, and approved by the Superintendent of the Light, Power and Water Department for water mains and lines, and by the City Attorney. 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 Claredge Homes, a limited partnership, and the Valley National Bank of Alhambra, California in a form ap- proved 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 Claredge Homes in the performance of said agreement. That said agreement shall be dated the 29th day of April, 1954. THE FOREGOING RESOLUTION is signed and approved by me this 27th day of April, 1954• ATTEST: OF THE CITY OF ANAHEIM. STATE OF CALIFORNIA) COUNTY OF ORANGE ss. CITY OF ANAHEIM I, CHARLES E. GRIFFITH, City Clerk of the City of Anaheim, do hereby certify, that the foregoing resolution was passed and adopted at a regular meeting of the City Council of the City of Anaheim; held on the 27th day of April, 1954, by the following vote of the members thereof: AYES: COUNCILMEN: Pearson, Fry, Schutte and Wisser. NOES: COUNCILMEN: None. ABSENT: COUNCILMAN: Van Wagoner. AND I FURTHER CERTIFY that the Mayor of the City of Anaheim approved and signed said Resolution on the 27th day of April, 1954. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Anaheim this 27th day of April, 1954. SEAL Ci t y Clerk of the Citf Anaheim