HomeMy WebLinkAboutReso 04.09 Fallon Rd Rel SecRESOLUTION NO. 4- 09
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
RELEASE OF SECURITY FOR ROUGH GRADING -
FALLON ROAD NORTH, PHASE 1
WHEREAS, the Lin Family and the City of Dublin entered into an Improvement Agreement for
Fallon Road North dated February 6, 2001, Resolution 9-01, to construct said roadway improvements in
accordance with plans on file with the City Engineer; and
WHEREAS, the Improvement Agreement for Fallon Road North was amended on January 20,
2004, by Resolution 14-04, to include Sierra Land Development Corporation as a Party to the Agreement;
and
WHEREAS, said Improvement Agreement is secured by six bonds furnished by the Developers
Surety and Indemnity Company (Bond Nos. SSSOOOS thru SSSOOSS) in the total amount of $3,780,770.00,
and for grading and improvements, conditioned upon faithful performance of said Agreement; and
WHEREAS, said Improvement Agreement is secured by six bonds furnished by the Developers
Surety and Indemnity Company (Bond Nos. SSSOOOS thru SSSOOSS) in the total amount of $3,780;770.00,
and for grading and improvements, conditioned upon payment for labor performed or material furnished
under the terms of said Agreement; and
WHEREAS, the Rough Grading for Fallon Road North, Phase 1, is completed; and
WHEREAS, the Performance Bond and the Labor and Materials Bond for the Rough Grading -
Fallon Road North, Phase 1, can be released in accordance with the authority contained in §66499.7 of the
Government Code of the State of California.
NOW, THEREFORE, BE IT RESOLVED that:
The Performance Bond issued by Developers Surety and Indemnity Company in the
amount of $224,400 for Rough Grading -Fallon Road North, Phase 1 (Bond No. 555003S)
be released; and
2. The Labor and Materials Bond issued by Developers Surety and Indemnity Company in the
amount of $224,400 Rough Grading -Fallon Road North, Phase 1 (Bond No. 5550035) be
released.
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PASSED, APPROVED AND ADOPTED this 6th day of January, 2009, by the following vote:
YES: Councilmembers Biddle, Hart, Hildenbrand, Scholz, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:.,
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City Clerk
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Mayor
Reso No. 4-09, Adopted ]-6-09, Item 4.7 Page 2 of 2