HomeMy WebLinkAboutCC Res 2509 1975-12-29
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RESOLUTION NO. ~~();1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH AUTHORIZING THE REDUCTION IN
THE TIME CERTIFICATE OF DEPOSIT SECURINr,
THE OBLIGATION TO CONSTRUCT PUBLIC IMPROVEMENTS
IN CONJUNCTION WITH TRACT NO. 8534.
WHEREAS, on September 12, 1974, the Bixby Ranch Company delivered to the
City of Seal Beach a time certificate of deposit in the amount of $135,000
to secure their obligation to complete construction of streets, sewers,
storm drains, water mains, landscaped park and other improvements in accordance
with the plans; and
WHEREAS, the Bixby Ranch Company has substantially complied with the construction
of required improvements.
NOW, THEREFORE, the City Council of the City of Seal Beach does authorize
the reduction of the amount of the time certificate of deposit from $135,000
to an amount of $20,000 as sufficient guarantee for completion of remaining
public improvements required for Tract No. 8534.
PASSED, APPROVED, AND ADOPTED by the~JtY Council of .the City of ~eal Beach
at a meeting thereof held on the ~ !I- day of t'Qu/..-.J,P.d....' 1975,
by the fo 11 owi n9 vote: /) ,b!. , ?7f c A- ....,
AYES: Council MembersQn~,l')dJ' k~"'.lJs:J~lduJt/ )/i~,M-e~
NOES, C"""1 '''b'''~
ABSENT: Council Members~
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ATTEST: .:,~.'"
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Mayor }
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