CC - Item 4D - Release of Certificate of Deposit - Tract Map 61523 (8930 Mission Drive)ROSEMEAD CITY COUNCIL
STAFF REPORT
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: MATTHEW E. HAWKESWORTH, ACTING CITY MANAGER
DATE: JUNE 9, 2009
SUBJECT: RELEASE OF CERTIFICATE OF DEPOSIT - TRACT MAP 61523 (8930
MISSION DRIVE)
SUMMARY
A Faithful Performance Bond and a Labor and Material Bond were required to guarantee
construction of new sewer laterals and installation of survey monuments for Tract Map 61523.
In lieu of bonds, a Certificate of Deposit was issued to the City in the amount of $25,760.00.
Staff Recommendation
Staff recommends that the City Council accept the public improvements and survey monuments
and authorize the release of the Certificate of Deposit including interest.
ANALYSIS
In accordance with the Conditions of Approval for Tentative Tract Map No. 61523 approved by
the Rosemead Planning Commission, the subdivider is required to construct new sewer laterals
and install survey monuments subsequent to recordation of the tract map. On April 24, 2007,
the subdivider executed an Undertaking Agreement to guarantee completion of the public
improvements within two years. In lieu of providing a Faithful Performance Bond and Labor and
Material Bond, the subdivider provided a Certificate of Deposit in the amount of $25,760. The
City Engineer has inspected the public improvements and survey monuments and found them
to be satisfactory.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Prep ed by:
Lucien J. LeBlanc, P
City Engineer
Sub 'try tpd b~~^~ n
Chris MarcarelloN1
Deputy Director of Public Works
Attachment A: Undertaking Agreement
ITEM NO. _9D
APPROVED FOR CITY COUNCIL AGENDA:
CITY OF ROSEMEAD
UNDERTAKING AGREEMENT
THIS AGREEMENT made and entered this day of L 2007, by and
between the CITY OF ROSEMEAD, State of California, acting by and through its City
Council, hereinafter referred to as "CITY" and
Surf L
(NAME)
59
c_
-_Po , &v
(ADDRESS)
hereinafter called the "CONTRACTOR."
WITNESSETH:
re- j9/Cx
FIRST: The CONTRACTOR, for and in consideration of the approval of the final
map of that certain land division known as Tract Map 61523 hereby agrees, at the
CONTRACTOR'S own cost and expense to furnish all labor, materials, and equipment
necessary to perform and complete, and within twenty-four (24) months from the date of
filing of said map, to perform and complete in a good and timely manner, the following work,
to wit:
Construct sewer lateral and install survey monuments.
Said work shall be done to the satisfaction of the City Engineer and shall not be
deemed complete until approved and accepted as completed by the City Council of the
CITY. The estimated cost to do all work and furnish all materials necessary to complete the
work is 517,170.
SECOND: The CITY shall not nor shall any officer or employee thereof, be liable or
responsible for any accident, loss, or damage happening or occurring to the work specified
in this agreement prior to the completion and approval of same; nor shall the CITY, nor any
officer or employee thereof, be liable for any persons or property injured by reason of the
nature of said work, or by reason of the acts or omissions of the CONTRACTOR, his
agents, or employees, in performances of said work. All of said liabilities shall be assumed
by the CONTRACTOR. The CONTRACTOR further agrees to protect and hold harmless
the CITY, its officers, and employees, in performance of said work. All of said liabilities shall
be assumed by the CONTRACTOR.
The CONTRACTOR further agrees to protect and hold harmless the CITY, its
officers, and employees, from any and all claims, demands, causes of action, liability, or
loss of any sort because of, or arising out of, the acts or omissions of the CONTRACTOR,
his agents, and employees, in the performance of this agreement, or arising out of the use
of any patent or patented article, in the performance of said agreement.
THIRD: The CONTRACTOR hereby grants to the CITY, the Surety upon any Bond,
and to the agents, employees, and CONTRACTOR or either of them, the irrevocable
permission to enter upon the lands of the subject land division for the purpose of completing
the work. This permission shall terminate in the event that the CONTRACTOR or the Surety
has completed the work within the time specified or any extension thereof granted by the
City Council.
FOURTH: It is further agreed that the CONTRACTOR shall have the control of the
ground reserved for the installation of said work, and the streets in which they are to be
placed, as is necessary to allow him to carry out this agreement.
FIFTH: Contemporaneously with the execution of this Agreement, CONTRACTOR
shall file with the CITY a Time Certificate of Deposit in the amount of Twenty-Five Thousand
Seven Hundred Sixty Dollars (525,760) to guarantee faithful performance of all the
provisions of this agreement and for the payment of all persons performing labor and
furnishings materials in connection with this agreement. If the Time Certificate of Deposit, in
the opinion of the CITY, becomes insufficient, CONTRACTOR agrees to renew said Time
Certificate of Deposit within ten days of receiving notice that Time Certificate of Deposit is
insufficient.
SIXTH: If the CONTRACTOR neglects, refuses, or fails to prosecute the work with
such diligence as to ensure its completion within the time specified, or within such
extensions of said time as have been granted by the City Council, or if the CONTRACTOR
violates or neglects, refuses, or fails to perform satisfactorily any of the provisions of the
plans and specifications, he shall be in default of this agreement and notice in writing of
such default shall be served upon him and upon any Surety in connection with this contract.
The City Council shall have the power, on recommendation of the City Engineer, to
terminate all rights of the CONTRACTOR or his Surety then existing or which thereafter
occur because of such default. The determination by the City Engineer of the question as to
whether any of the terms of the contract or specifications have been violated, or have not
been performed satisfactorily,.shall be conclusive upon the CONTRACTOR, his Surety, and
any and all other parties who may have any interest in the contract or any portion thereof.
The foregoing provisions of this section shall be in addition to all other rights and remedies
available to the CITY under law.
SEVENTH: In case suit is brought upon this contract, the CONTRACTOR hereby
agrees to pay to the CITY a reasonable attorney's fee to be fixed by the Court.
EIGHTH: It is further agreed by and between the parties hereto, including the Surety
or Sureties on any Bond attached to this contract, that in the event it is deemed necessary
to extend the time of completion of the work contemplated to be done. under this contract,
said extension may be granted by the City Council, either at its own option, or upon request
of the CONTRACTOR, and shall in no way affect the validity of this contract or release the
Surety of Sureties on any Bond attached hereto.
IN WITNESS THEREOF, the parties hereto for themselves, their heirs, executors,
administrators, successors, and assigns do hereby agree to the full performance of this
agreement and affix their names, titles, and seals this day as above indicated.
ByCh. By 4o
yuN(T C ~~N
(Seal)
Note:
SIGNATURES MUST BE ACKNOWLEDGED
BEFORE A NOTARY PUBLIC.
(ATTACH APPROPRIATE ACKNOWLEDGEMENTS)
By . Mavor///bb$Ythe-City of Rosemead
VCiClerV Attested "of the City of Rosemed
r_AN 1;:nRWIA ALL-PURPOSE ACKNOWLEDGMENT
State of California
~ ss.
County of 0 C
On 26 before me,
Dale Name and Title of OFmer (e.g..'Jane V, Notary Public')
personally appeared Cl-!/N " S'U/V C? C Nme~s)of 5gna s)
❑ personally known to me .
ICJ proved to me on the basis of satisfactory
evidence
lAN LEE.
Commission 11722
Notary Public - Catltol
' Los Angelss County
Cann. Jon29.2011
Place Notary Seal Move
to be the persol whose name(s) is/are
subscribed to the within instrument and
acknowledged to me that he/sheA4ciey executed
the same in his/ herl heir authorized
capacity(ies), and that by his/ho.;A#eir
signature(-s) on the instrument the person(s), or
the entity upon behalf of which the person(s)
acted, executed the instrument.
WITNESS my hand and official seal.
WZf~"J
` nature of Noary Public
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document
and could prevent fraudulent removal and reattachment of this form to another document.
Description of Attached Document . .
Title or Type of Document: c I T p r. y2- S'C tit C-AD v tv"6 (-,e7"AKJvV6 A6 At it
Document Date: e Number of Pages: H-
Signer(s) Other Than Named Above: f A~cK r ZH E C!Z / ooS~l~1~
Capacity(ies) Claimed by Signer
ner's Name: C+lly - C a-i-CAI
-
Individual Tap of thumb here
❑ Corporate Officer-Title(s): '
❑ Partner - ❑ Limited ❑ General
❑ Attorney in Fact
❑ Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing:
C 1929 National Notary AlacceaAa•930 U. Soto Ave..P.e. Boa 2402-Chalnvorr, CA 913132402. 1.odtianal1atary.ory Prod. Na. sd7 Reorder. Call mil<ree 1-euu-6re bazr
12 Mlh Catiri=eaf Deposit ACCOUNTNO. 15027840 .
EAST VEST BANK .
Account Holder(s)
Chin-Sung Chen '
and City of Rosemead
Date of Issuance:- O1i26/2007 Initial Maturity Date: 01/26/2008
opening Balance: S 25,760.00 Initial Term: 12 Months .
3.9_0% Annual Percentage Yield: 4.00%
a
Interest Rate: '
Min. Bal. Req. $ 25 000 00 Interest Compounding Method: Daily
Maximum Bal. $ No Limit Additions: No Additions Allowed
,
Earnings Distribution
Earnings distribution frequency will be Monthly with the last distribution
on the final maturity date. l 7 -
Signature' Date issued 01262007
Authorized - -
Branch Address: 2090 Huntington Drive .
BALANCE
LINE DATE WRHDRAWALS INTEREST ADDITIONS
No.
STATEMENT ACCOUNT