1979-1128_BELFORD TERRACE_I15_Agenda ReportAGENDA ITEM November 28, 1979
TO: James S. Mocalis, City Manager
FROM: W. D. Murphy, Director of Public Works
SUBJECT:, Release of Grading Bonds, Tracts 7673, 8485
and 9382, Ortega Highway (Maurer)
SITUATION
The developer has requested that the original Grading Bonds
for the abovementioned tracts be released, contingent upon
Council authorizing staff to accept the new Maintenance and
Fine Grading Bonds as submitted. The bond amounts are as
delineated on Exhibit I, attached.
FINANCIAL CONSIDERATIONS
There are no direct costs to the City seen in this action.
ALTERNATE ACTIONS
1. Authorize staff to release the original Grading Bonds.
2. Do not authorize staff .o release the original Grading
Bonds.
3. Refer to staff.
RECOMMENDATION
By motion, authorize staff to release the original Grading Bonds
for Tracts 7673, 8485 and 9382.
Respectfully submitted,
W. D. Murphy
WDM:JGG/rh
Encl.
FOR CITY COUNCIL AGENDA
�/5
EXHIBIT I
GRADING BONDS, TRACTS 7673, 8485, 9382
1. Existing Grading
Bonds
Bonding Company:
Covenant Mutual
Insurance Company
Tract
Bond No.
Amount
7673
006378
$355,070
8485
006379
379,789
9382
006380
530,885
2. New Maintenance
and Fine Grading
Bonds
Bonding Company:
Covenant Mutual
Insurance Company
Tract
Bond No.
Amount
7673
009099
$ 35,000
8485
009200
38,000
9382
009098
1.60,000