HomeMy WebLinkAbout1990-03-13 - AGENDA REPORTS - BONDS PM 17649 17876 (2)0
AGENDA REPORT
CONSENT CALENDAR
DATE: March 13, 1990
SUBJECT: SUBSTITUTION OF $ONDS
Parcel Map Nos.• 17649 & 17876
DEPARTMENT: Public Works
BACKGROUND
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City Manager Approval
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Item to be presented bV:
John E. Medina
As a condition of approval of Parcel Map Nos. 17649 and 17876, the developer was
required to install subdivision improvements. Securities were submitted by the
developer guaranteeing the installation of the improvements. Portions of the
improvements have been completed and some of the bonds have been reduced or
exonerated. The balance of the improvements are substantially complete. Once
all the improvements are complete, ten percent of the original bond amounts will
be retained for one year.
The developer has requested permission to substitute new bonds for the remaining
bond amounts so that the original bonds may be exonerated.
RECOMMENDATION
Approve the substitution of the bonds. Authorize the City Engineer to approve
and accept the new bonds for the remaining amounts and exonerate the original
bonds.
ATTACHMENTS
Exhibit A
Vicinity Maps
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PARCEL MAP 17649