CC - Item IV.CC-A - Release Of BondsR ~
staf epor
TO: FRANK G. TRIPEPI, CITY MANAGER
FROM: KEN RUKAVINA, CITY ENGINEER C~
DATE: APRIL 19, 2000
RE: RELEASE OF BONDS - PARCEL MAP 21464
3059 JACKSON AVENUE
A Faithfully Performance Bond and a Labor Bond and Material Bond was required to
guarantee construction of a sewer house lateral. In lieu of bonds, a Certificate of Deposit
was issued to the City in the amount of $1,950.00.
The City Engineer has inspected the improvements and has found them to be installed
satisfactorily. Attached are the undertaking agreement, required surety, and a map which
indicates the location of the parcel.
RECOMMENDATION
It is recommended that the City Council authorize refund of the Certificate of Deposit,
including accrued interest.
Attachment
KR:swk
C Q000RSMO\STAFFRPT1C1T11Ro1ease of Bonds - PM 21464 -3059 Jackson Ave.wp0
COUNCIL )'.GE',NDA
APR 25 2000
ITEM P,'a. Cif -
CITY OF ROSEMEAD
UNDERTAKING AGREEMENT
THIS AGREEMENT made and entered this day of
19 , by and between the CITY OF ROSEMEAD, State of California, acting by
and through its City Council, hereinafter referred to as "CITY" and
Shyh-Kwang Yang
(NAME)
1423 Sierra Vista Avenue. Alhambra CA 91801
(ADDRESS)
hereinafter called the "CONTRACTOR."
WITNESSETH:
FIRST: The CONTRACTOR, for and in consideration of the approval of the
final map of that certain land.division known as Parcel Map No. 21464 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:
Construction of improvements within Street Right of Way consisting of the
installation of a sanitary sewer house lateral and all related facilities, and
such other improvements required by the ordinances of the City of
Rosemead.
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
Engineer of the CITY. The estimated cost to do all work and furnish all materials
necessary to complete the work is $1,300.00.
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
A
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 of 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: It is further agreed that the CONTRACTOR has filed with the CITY
a Certificate of Deposit in an amount equal to at least one hundred percent of the
estimated cost of this work for the faithful performance of this agreement; and a
plus an amount equal to at least fifty percent of the estimated cost of this work for
the payment of all persons. performing labor and furnishing materials in connection
with this agreement. If the Sureties on said Certificate of Deposit, in the opinion
of the CITY, become insufficient, CONTRACTOR agrees to renew said Certificate
of Deposit with good and sufficient Sureties within ten days of the receiving notice
that said Sureties, areWIsufficient.
SIXTH: If the CONTRACTOR neglects, refuses, or fails to prosecute the
work with such diligence as to insure 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 Certificate of Deposit 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 an Certificate of Deposit 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.
BY - 4 g
~E2+estdel t
SITYH-KWANG YANG, Owner
By
Secretary
(Seal)
Note:
SIGNATURES MUST BE ACKNOWLEDGED
BEFORE A NOTARY PUBLIC.
(ATTACH APPROPRIATE ACKNOWLEDGEMENTS)
By
Attested
Mayor
of the City of Rosemead
City Clerk
of the City of Rosemead
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Acknowledgement
. State of CALIFORNIA
County of Los Angeles,
MANY QUAN ~
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y Cc-+m. Erp~:e; Foh. t3. 1990
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r.n Octobe_r 19, 1992 before mr.,
- Marj_Quan
oe~sonall; arrteo i . SITYH_KWANG YANG
~~lsLl,L!/J~~yd fd h'l:~~l p'oved to me on the basis of satisfactory
evidence) to be the person(s) whose name(s) is/p/c/ subscribed to the
within instrument and acknowledged to me that he/s/POOVy
executed the same in his/tar//Vgir authorized capacity(ies), and that
by his/hpyVW signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted. executed the instru-
ment.
WITNESS my ran4nd official seal.
32 (This area for official seal) Signature Q i / - Cfa
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054036635 L.L'DCeneralBank
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THIS CERTIFIES THAT SHY[b
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a B l5 Fd h. 3 r Wlu~ .Pee' '«"L.
nW OEPOSITEO IN THIS BANK _ DOLLARS $
*1.950. DO**
W PRINCIPAL PAYABLE TO **rTTY' OR y D
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r~ b Rrorysble in cumin[ funds on return of Th" csrtlflcrti propiAy endorsed S s}br dn., with Inpr.a ant *3.375%
Innum. s % per
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This wrtlficeb shall be considered renewed sutomatlully far an additional period of time • ual aItlonal successive 0 to the original Term, and thereafter for add-
periods of time equal tb such original term, unlenprasenbd forredsmptlon within 10daysefter ilea end of the original term
w a any subsequent Term provided for herein The bank retain& the right to redeem this csrtifIcab at any original or su
upon 00 days prior rnirbn notice. The bank reserves the light also to change the Interest raw from time to time u laequent maturity data
y • prior to the origins) or any subsequent maturity tlata
the Board of C This Certificate [.not transbnble except In 6Cordlnca With ter r n dons of
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-t INTEREST PAYABLE tALY ~0~305101201
MATURITY 6-22-93
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TO WHOM IT MAY CONCERN-
THE CERTIFICATE OF DEPOSIT FOR NAME OF YANG, SITYH SWANG IS STILL INACTIVE
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