HomeMy WebLinkAboutAGENDA REPORT 1992 1202 CC REG ITEM 08DITEM�'•� '
MOORPARK
799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864
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MEMORANDUM C Coun-�; MCC- :.,_
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TO: The Honorable City Council
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SUBJECT: Consider RPD 89 -3 Carlsberg Bond Exoneration
Financial Corporation (Bond *SRC 709- 72 -17)
FROM -
Dirk Lovett, Asst. City Engineer
DATE-
December 2, 1992
PAUL W. IAWRASON JR. BERNARDO M. PEREZ SCOTT MONTGOMERY ROY E. TALLEY JR. JOHN E. VMOZNOK
Mayor Mayor Pro Tem CpunCilmember Councilmember Cv'ncilmemw
BACKGROUND
The subject bond is for the street and drainage improvements
related to the development of the Presbyterian Church at the
southeast corner of Spring Rd. and Peach Hill Rd. in the City of
Moorpark.
Installation of street and drainage improvements adjacent to the
project have been completed and all conditions relating to release
of the security have been met.
It is therefore appropriate to accept the improvements covered by
Bond SRC 709 -72 -17 (American Insurance Co.) as complete and to
reduce the bond to 10% of the original amount for a one year
warranty period. The one year warranty period shall begin at the
time of Bond reduction.
RECOMMENDATION
1. Accept street and drainage improvements.
2. Authorize City Clerk to reduce the performance and payment
bond to $31,650 for the one year guarantee period: this bond
will automatically be exonerated on December 1, 1993.
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