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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