1976-0303_CAL FED ENTERPRISES_H4_Agenda ReportE
AGENDA ITEM March 3,-1976
(Data)
TO: James S.,,Mocalis, City Manager
FROM: W. D. Murphy, Director of Public Storks
SUBJECT: Release of Bonds on Tract 8129
SITUATION:
The public improvements required for Tract 8129
have been completed and inspected by the City Inspector. The
developer has requested that the City accept the improvements
and release the bonds. The Notice of Completion for this project
was recorded on September 11. 1975 The Labor and Material
Bond should continue until March 3.1977 and the Faithful
Performance Bond may be released as of March 3, 1976 The
final monuments have been set and the engineer has been paid for
services rendered.
FINANCIAL CONSIDERATIONS:
There is no cost to the City for this action.
ALTERNATE ACTIONS:
1. Accept the public improvements resulting from Tract 8129
require an extension of the
Labor and Material Bond to March 3. 1977 and
exonerate the Faithful Performance Bond and the Ionu-
mentation Bond.
2. Do not accept the public improvements resulting from
Tract 8129 and do not release the bonds.
3. Request further -study by Staff.
RECOMMENDATION:
By motion, accept the public improvements resulting from
Tract 8129 , require an extension of the Labor and Material
Bond to March 3, 1977 , and exonerate the Faithful
Performance Bond and the Monumentation Bond.
Respectfully subm tted,
W. D. Murph
roR CITY CCU \CIL G—'Ei JDA