HomeMy WebLinkAboutReso 35-11 Positano Real Sec Tr 8036RESOLUTION NO. 35 -11
A RESOLUTiON OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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PARTIAL RELEASE OF SECURITY FOR TRACT 8036,
NEfGHBORHOOD C-1, POSITANO/ FALLON VILLAGE
WHEREAS, K. Hovnanian Homes, Inc., dba K. Hovnanian at Positano LLC, the
subdivider of Tract 8036, filed on August 30, 2010, in Book 305 of Maps at Pages 89-92,
previously entered into an improvement Agreement with the City of Dublin dated August 17,
2010, to improve said Tract in accordance with plans on file with the City Engineer (Resolution
122-10); and
WHEREAS, the improvements for Tract 8036 are more than 80% complete in
accordance with said plans, to the satisfaction of the City Engineer; and
WHEREAS, the Performance Bond, and the Labor and Materials Bond can be partially
released, in accordance with the authority contained in §66499.7 of the Government Code of the
State of California.
NOW, THEREFORE, BE IT RESOLVED that:
1. The original Labor and Materials Bond issued by Bond Safeguard Insurance
Company in the amount of $1,638,410 for the improvements (Bond No. 5D37667~
be released and replaced by a bond rider issued by Bond Safeguard Insurance
Company in the amount of $409,602.50 (Bond No.5037667); and
2. The original Performance Bond issued by Bond Safeguard Insurance Company in
the amount of $1,638,410 for the improvements (Bond No. 5037667) be released
and replaced by a bond rider issued by Bond Safeguard Insurance Company. in
the amount of $409,602.50 (Bond No. 5037667).
PASSED, APPROVED AND ADOPTED this 19th day of April, 2011, by the following
vote:
AYES: Councilmembers Biddle, Hart, Hildenbrand, Swalwell, and Mayor Sbranti
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
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Mayor
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City Clerk
Reso No. 35-11, Adopted 4-19-11, Item 4.4 Page 1 of 1