HomeMy WebLinkAboutCC Res 5671 2008-02-11
RESOLUTION NUMBER 5671
A RESOLUTION OF THE SEAL BEACH CITY COUNCIL
AUTHORIZING REDUCING THE AMOUNT OF THE FAITHFUL
PERFORMANCE BOND FOR STORM DRAIN IMPROVEMENTS
POSTED BY BOEING REALTY CORPORATION FOR THE
PACIFIC GATEWAY BUSINESS CENTER, TRACT MAP NO.
16375
WHEREAS, Boeing Realty Corporation ("Boeing") posted Faithful Performance I
Bond No. 6380019 in the amount of $150,000.00 to guarantee the installation of
certain storm drain improvements for the Pacific Gateway Business Center, Tract
Map No, 16375;
WHEREAS, Boeing has completed those storm drain improvements; and
WHEREAS, Boeing has requested that the bond for the completed storm drain
improvements be reduced.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH
DOES HEREBY RESOLVE:
Section 1. Faithful Performance Bond No. 6380019 in the amount of
$150,000.00 provided by Safeco Insurance Company of America to guarantee
the installation of storm drain improvements for the Pacific Gateway Business
Center, Tract Map No. 16375, shall be reduced by 90% to an amount of
$15,000.00. Said amount of $15,000.00 will be retained 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.
PASSED, APPROVED and ADOPTED by the City Council of the City of Seal I
Beach at a regular meeting held on the 11 th day of Februarv , 2008 by
the following vote:
AYES: councilmemberC('fl-kh/ zI1/V1t/, ~/ ~, '~
NOES: Councilmember YJC;tr71/
ABSENT: Councilmember ~ I
ABSTAIN: Councilmember ~?"ll
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
}
} SS
}
~~
ATTEST: (I
?t'M.du t{IJ(1tI~
WClerk
I
I. Linda Devine, City Clerk of the City of Seal Beach, California, do hereby certify
that the foregoing resolution is the original copy of Resolution Number 5671 on
file in the office of the City Clerk, passed, approved, and adopted by the City
Council of the City of Seal Beach, at a regular meeting held on the 11 th day
of Februarv , 2008.
t!tr~ Jp/N~'
City lerk