HomeMy WebLinkAboutReso 095-86 CoastSav Tr4950 AI RESOLUTION NO. 95 -86
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
FOR THE ACCEPTANCE OF IMPROVEMENTS
TRACT 4950
WHEREAS, the owner-subdivider of the aforesaid tract previously entered
into a contract with the City of Dublin to improve said tract in accordance with plans
and specifications on file with the City Engineer, said tract identified as follows:
a) Subdivider: Coast Savings & Loan (Originally Olympic Savings)
b) Tract location: South of Amador Valley Blvd. at Stagecoach Road
c) Tract size: 73 townhouse lots
d) Resolution approving Amended Final Map: No. 118-84 City Council of
Dublin
e) City streets affected: (All private streets.)
WHEREAS, said improvements have been completed in accordance with said
plans and specifications, and any approved modifications thereof, to the satisfaction
of said City Engineer of the City of Dublin; and
WHEREAS, as a condition of said contract, the subdivider is required to
guarantee the improvements and to maintain the completed work for a period of one year
following acceptance of the work by the said City of Dublin; and
WHEREAS, as the tract work is now completed, the original letter of
credit security requirement can be reduced, in accordance with the authority contained
in Section 66499.7 of the Government Code of the State of California, to an amount
found necessary to guarantee maintenance of the completed work for the aforesaid one-
year period;
NC~, THEREFORE, BE IT RESOLVED that:
1. The improvements completed within the said tract be, and they are
hereby approved and accepted subject to the aforesaid one-year guarantee; and
2. The aforesaid original letter of credit security requirement be
reduced from the amount of $232,500 to a revised security requirement in the amount of
$58,125 upon acceptance by Staff of the replacement maintenance bond in the said amount
of $58,125 as security for the aforesaid one-year guarantee period, and the Mayor of
this City Council be, and he is hereby authorized and directed to execute the said bond
on behalf of the said City of Dublin; and
3. The said original letter of credit in the amount of $232,500 posted
in connection with the work involved in the construction of the said tract be hereby
released upon acceptance of said maintenance bond.
PASSED, APPROVED, AND ADOPTED this 22nd day of September, 1986.
AYES:
Councilmembers Hegarty, Jeffery, Moffatt, Vonheeder
and Mayor Snyder
NOES: None
ABSENT: None
Mayor
ATTEST: