HomeMy WebLinkAboutReso 161-06 Dublin Ranch Tr 7281 Release Bond
RESOLUTION NO. 161 - 06
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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RELEASE OF BONDS FOR DUBLIN RANCH, TRACT 7281,
GLEASON DRIVE AND GRAFTON STREET SIDEWALK IMPROVEMENTS
WHEREAS, the Lin Family and the Sierra Land Development Corporation entered into an
Improvement Agreement with the City of Dublin on August 17, 2004, to construct sidewalk improvements
along Gleason Drive and Grafton Street; and
WHEREAS, said Improvement Agreement is secured by a bond furnished by the Developers
Surety and Indemnity Company (Bond No. 869478S) in the amount of $100,000 conditioned upon faithful
performance of said Agreement; and
WHEREAS, said Improvement Agreement is secured by a bond furnished by the Developers
Surety and Indemnity Company (Bond No. 869478S) in the amount of $ 100,000 conditioned upon
payment for labor performed or materials furnished under said Agreement;
WHEREAS, Standard Pacific Corporation, has executed and filed with the City of Dublin a Tract
Improvement Agreement for Tract 7282 to construct required subdivision improvements, including the
said sidewalk improvements along Gleason Drive and Grafton Street; and
WHEREAS, said Tract Improvement Agreement is secured by a bond furnished by Arch Insurance
Company (Bond. No. SU5018051) in the amount of $2,553,000 for the tract improvements, conditioned
upon faithful performance of said Agreement; and
WHEREAS, said Tract Improvement Agreement is secured by a bond furnished by Arch Insurance
Company (Bond. No. SU5018051) in the amount of $2,553,000 for the tract improvements, conditioned
upon payment for labor performed or material furnished under the terms of said Agreement;
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Performance Bond issued by Developers Surety and Indemnity Company
(Bond No. 869478S) in the amount of $100,000 be released; and
2. The original Labor and Materials Bond issued by Developers Surety and Indemnity
Company (Bond No. 869478S) in the amount of $100,000 be released.
PASSED, APPROVED AND ADOPTED this 5th day of September, 2006, by the following vote:
YES:
NOES:
ABSENT:
ABSTAIN:
Councilmembers Hildenbrand, McCormick, Oravetz and Zika, and Mayor Lockhart
None
None
None
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City Clerk