HomeMy WebLinkAboutCC Res 5587 2007-08-13
RESOLUTION NUMBER 5587
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH AUTHORIZING THE RELEASElREDUCTION OF
SECURITY BONDS FOR BOEING REALITY CORPORATION,
PACIFIC GATEWAY BUSINESS CENTER, TRACT NO. 16375
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WHEREAS, Public improvements and other improvements for the Boeing Reality
Corporation, Pacific Gateway Business Center Tract No. 16375, City of Seal Beach, State
of Califomia have been completed and recommends the reduction in the security bonds
posted by Boeing Reality Corporation that guarantees the installation of those public
improvements and other improvements.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Seal
Beach that the security bonds posted by Boeing Reality Corporation to guarantee the
installation of public improvements and other improvements for the Pacific Gateway
Business Center Tract No. 16375, in the City of Seal Beach, State of California, be
released/reduced as follows:
1. Faithful Performance Bond No. 6380019 in the amount of $12,170,595.00
provided by Safeco Insurance Company of America to remain in the amount of
$150,000.00 for remaining Storm Drain Drainage Improvements.
2. The remaining $12,020,595.00 of Faithful Performance Bond No. 6380019
provided by Safeco Insurance Company of America not retained for Storm Drain
Drainage Improvements be reduced by 90% to an amount of $1,202,059.50 as a
warranty bond to provide for repair of defective work for the period of one (1)
year from the date of this council action.
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3. Labor and Materials Bond No. 6380019 in the amount of $12,170,595.00
provided by Safeco Insurance Company of America be released.
PASSED, APPROVED and ADOPTED by the City Council of the City of Seal Beach at
a regular meeting held on the 13th day of August , 2007 by the following vote:
AYES: COUNC~MEMBERSanioo,,*,A~/~ ~,~
NOES: COUNClLMEMBERS ~
ABSENT: COUNClLMEMBERS ~
ABSTAIN: COUNClLMEMBERS ~I
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Mayor
ATTEST:
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
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I, Linda Devine, City Clerk for the City of Seal Beach, California, do hereby certify that
the foregoing resolutions is the original copy of Resolution Number 5587 on file in the
office of the City Clerk, passed, approved and adopted by the City Council of the City of
Seal Be~ch at :zr;::ting hereof held on the 13th day of August ,2007.
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ity Clerk