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HomeMy WebLinkAbout1996-01-23; City Council; Resolution 96-321 2 3 4 5 6 7 8 9 lo '1 12 nm l3 $Em am8 ow3 14 3LLa $055 ZAZ Le-sa g"oB 15 B z z x 16 17 18 19 2o 21 22 23 24 25 26 27 28 $WE a> p;2 E:; pyj aoJ 0 0 0 RESOLUTION NO. 96-32 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA TO REQUIRE AN ESCROW AGENT TO HANDLE RETENTIONS OF CONTRACT PAYMENTS TO MAINTAIN INSURANCE IN AN AMOUNT NOT LESS THAN $100,000 PER CONTRACT WHEREAS, Assembly Bill No.1358 was approved b governor on August 3, 1995, which amended Public Contract section 10263 to state that where, at the sole discretion public agency, the payment of retentions earned by a contractc to be deposited directly with an escrow agent, that escrow shall maintain insurance to cover negligent acts and omissic the escrow agent in connection with the handling of rete1 under this section in an amount not less than one hundred thc dollars ($100,000) per contract, executed by an admitted ir and in a form satisfactory to the public agency, NOW, THEREFORE, BE IT RESOLVED by the City Council ( City of Carlsbad, California, as follows: 1. That the above recitations are true and correc 2. That the City of Carlsbad consent, to requi escrow agent approved to obtain deposits for the paymer retentions in connection with a public work contract, to mai insurance to cover negligent acts and omissions of the escrow in connection with the handling of retentions under Public Cor Code section 10263 in an amount not less than one hundred thc dollars ($100,000) per contract, executed by an admitted ir and in a form satisfactory to the public agency. L 1 2 3 4 5 6 7 8 9 10 11 om 12 SWF Y2 KKCb 13 &SK 12 S&$$ FS p: -I7 a08 ow2 iU, $052 14 gyoB 15 g$$, 16 a01 0 18 19 20 21 22 23 24 25 26 27 28 e e PASSED, APPROVED AND ADOPTED at a Regular Meeting City Council of the City of Carlsbad on the 1996, by the following vote, to wit: 23rd day of JA AYES: NOES: None ABSENT: None Council Members Lewis, Nygaard, Kulchin, Finnila, ATTEST: \ Al!<$iA% $UTE%&!+i~$?rk ( SEAL 1