Resolution Number 96-4-2-20
RESOLUTION NO. 96-4-2-2
NOTICE OF COMPLETION AND AACCEPTANCE OF STORM DRAIN AND
lSEWER IMPROVEMENTS: APOF ASSIGNMENTOF hl R I U 1
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, ACCEPTING CERTAIN IMPROVEMENTS;
APPROVING THE ASSIGNMENT OF IMPROVEMENTS AGREEMENT AND
THE SURETY SUBSTITUTION TO TRANSFER ALL OBLIGATIONS, DUTIES
AND RIGHTS FROM THE GLENDALE FEDERAL BANK TO SAN JUAN
HILLS, L.P., A CALIFORNIA LIMITED PARTNERSHIP
WHEREAS, on the 16th day of July, 1991, the City of San Juan Capistrano entered
into Improvement Agreements with the Lusk Company for the construction of certain public and
private improvements servicing Tract 13865; and,
WHEREAS, at their meeting of June 5, 1995, the City Council approved the transfer
of Assignment Agreement and Bond Substitution from Lusk Company to Glendale Federal Bank;
and,
WHEREAS, Glendale Federal Bank has completed ownership transaction of Tract
' 13865 to San Juan Hills, Ltd., and has requested to assign the subject improvements to San Juan
Hills, L.P,; and,
WHEREAS, during said transaction period, San Juan Hills, L.P., has completed the
storm drain and sewer improvements and has completed approximately 85% of the public and private
street improvement work in accordance with the plans and specifications and to the satisfaction of
the City Engineer; and,
WHEREAS, the City Engineer recommends:
(1) the release of the following Glendale Federal Bank sureties:
(a) $658,156 - Storm Drain Improvements, Bond No. 3SM 806 221 00
(b) $211,150 - Sewer Improvements, Bond No. 3SM 806 225 00; and,
(2) a 75% reduction of the Glendale Federal Bank sureties and a substitution with sureties
from San Juan Hills, L.P., as follows:
(a) Glendale Federal Bank surety in the amount of $586,500 for public street
improvements, Bond No. 3SM 806 220 00, reduced to and substituted with San Juan Hills, L.P.,
Bond No. 415 854 S in the amount of $146,620; and
' (b) Glendale Federal Bank surety in the amount of $418,024, Bond No. 3 SM 806
222 00, for private street improvements, reduced to and substituted with San Juan Hills, L.P. Bond
No. 415 804 S, in the amount of $104,506; and,
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389
WHEREAS, San Juan Hills, L.P., has posted sufficient sureties with the City of San
Juan Capistrano for all the remaining unfinished improvement and monumentation work; and,
WHEREAS, the City of San Juan Capistrano has no objection to said assignments
and the substitution of sureties.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of San
Juan Capistrano as follows:
SECTION 1.
The storm drain and sewer improvement work required to be performed by Glendale
Federal Bank and San Juan Hill, L.P., for Tract 13865 has been completed.
released.
SECTION 2.
Said improvements are hereby accepted and the corresponding sureties may be fully
Mel lI[�1►
The City Clerk is directed to forthwith forward a "Notice of Completion" to the
County Recorder of the County of Orange.
SECTION 4.
The public and private street improvement work is near completion and the
corresponding sureties may be reduced accordingly.
SECTION 5.
The transfer and substitution of sureties and Assignment of Improvements Agreement
from Glendale Federal Bank to San Juan Hills, L.P., is approved.
PASSED, APPROVED, AND ADOPTED this 2nd day of
April 1996.
WYAT T, MAYOR
ATTEST:
CITY CLE
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390
' STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF SAN JUAN CAPISTRANO )
I, CHERYL JOHNSON, City Clerk of the City of San Juan Capistrano, California,
DO HEREBY CERTIFY that the foregoing is a true and correct copy of Resolution No.
96-4-2-2 adopted by the City Council of the City of San Juan Capistrano, California,
at a regular meeting thereof held on the 2nd day of April 1996, by the
following vote:
AYES: Council Members Jones, Nash, Swerdlin, Campbell and
Mayor Hart
NOES: None
ABSTAIN: None
ABSENT: None
(SEAL)
' CHERYL JOHNPV,01TY CLERK
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