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Home My WebLink About1981-08-04; City Council; Off Agenda; Grading & Erosion Control Bond Sudan Interior Mission4 <- Dept.Hd Initia? DATE : August 4, 1981 C. Atty. DEPARTMENT: Finance C. Mgr. Subject: 0 CITY OF CARLSBAD t AGENDA BILL NO. Grading and Erosion Control Bond - Sudan Interior Mission Statement of the Matter The Carlsbad Municipal Code Section 11.06.080 requires a developer to post a the city prior to the issuance of a grading permit. This bond may be in any approved by the City Attorney. Usually these bonds will be in the form of ir policies , letters of credit, negotiable securities or cash. The develoners of the Sudan Interior Mission have elected to post a cash bonc city in the amount of $53,000 as security for the issuance of a drading permi amount of this bond has been computed by the Engineering Department. Due to the size of the proposed cash deposit, the Sudan Interior Mission has that they be allowed to earn interest on this deposit. This practice, althoi has been adopted by the city in two instances in the past where the deposit ( substantial amounts of cash were required. The attached resolution authorizes the City Treasurer to receive a cash depo: the Sudan Interior Mission and to pay the developer interest on ths depositec city wjll deduct an administrative fee of three interest points for investin! accounting for these funds. Fiscal Impact Some additional accounting costs will be incurred; however, these costs will by the administrative fee collected from interest earned on funds invested. Exhibits Resolution No. 6 cb Y.3 Recommendation Adopt Resolution Na. bhq3 . APPROVED. 420 WEST FIFTH AVENUE 6 ESCONDIDQ, CA 92025 6) (7 July 44, 1981 City of Carlsbad Engineering Depar hen t I200 &Im Awe, Carlsbad, cae mma ’ Subject8 Engineares Cost Estimate Projects Sudan Interior mission 62n5 -Laurel T9.€3€3 RQad carlsbad, Ca, 9moa COST NfY*_F_____,m* s_____l Excamtian- 1657flcy 8VCY 0s 657 726e CMP- 1508 $4I1/Pf; 52 I: CQncP6tF3 Energy Dissapater %7nO/f3aa 71 Riprap- 9fl sqo ft $3,75/sq, Fk 3: Corrugated Pipe Inlet $3DQ/ss SI Hyd~osaeding- 85651’1 sqo Pt $OeE36/sq-, Pt 5% d 6aiantiwg- 3mm S+ ct .WI.~~/SQ~ ~t P Catch Basin % 3 f10 /e 8 31 Slope Irrigation and 1755 Sf3685 6 90 IF% EM5rt. 4 COJT. ____ - -.__ -yo 74 t $53 OL ;/37,;;;*:rs9 / &<7 1 UeGe Iacuanisllo XI RCE 31794 e r- RESOLUTION NO. 6643 A RESOLUTION OF TEE CITY COUNCIL OF THE CIn OF CARCSBAD ACCEPTING THE DEPOSIT OF A CASH BOND FOR GRADING FROM THE SUDAN INTERIOR t4ISSION AND APPROVING THE GRADING AND EROSION CONTROL AGREEMENT a WHEREAS, the Carl sbad Muni ci pal Code Secti ori 11.06 -080 requi r post a bond in a form prescribed by the City Attorney prior to a grading permit, and st a cash bond in the amount prescribed by the City Engineer, a WHEREAS, said bond shall be posted under the conditions stat tached grading and erosi on control agreement (Exhi bi t A) , WHEREAS,' the City Attorney has agreed that the Sudan Interiol NObJ, THEREFORE, BE IT RESOLVED that: 1. The Ci.ty shall hereby accept the deposit of cash as a bo1 2 The attached grading and erosion control agreement is he PASSED, APPROVED AND ADOPTED at a regular meeting of the Ci ear, Lewis and Ku ecti on 11.06.080 of the Carl sbad Municipal Code. by the following vote, TO kdIT: ABSENT: Council Member Packard Y.$L-T dd RONALD C ..jPACKARD a MARY H. CASLER 4 I ~ r ., .. EXHIBIT I 3 GRADING AND EROSION COKTROL AGREEMENT 2 NA!E Of DEVELIIPER: ... 3 4 5 6 7 8 9 10 . NAPE OF DEVELOPMENT: LOCATION OF GRADING: AMOUNT OF SECURITY: LLL u-.cLc) GIHEREAS, the Dev~?Iope~ named on Line 7 of Page 1 hereof, !-I ~ referred to as DEVELOTER, has applied, pursuant io Chapter ll.C Carlsbad Niinicipal Code, for a grading perinit ta perform excaw or both, within the City of'Carlsb~d, State of California, mor described in the application for grading permit for the Develc .* IJ 12 13 14 . ':Z J5 Line 2 of .~r?c;e I trereoi", located as stated on ~irrc 3 OP Page a by referred to and made a Fjzrt hereof; and iiHEpEAS, the City Engineer has deterniined <a approve sa' issue said perrn'it subject to certain conditions as set Out 1 WHEREAS, DEVELOPER is required under the tcrins of said 3.6 17 18 Chapter 11.06 to fint-nish a security For the faithful perfon ob1 i Sati ens thereunder; .. NOW, ?HEREFORE, DEVELOPER agrees to perfom at1 work i - 24 5 .. em -& 28 m required by the City, and when so filed, shall be incorp herein. Whefi said security is provided by the IIEVELOPER in deposit with the City Treasurer, the City agrees to hol until the terms of this agreement have been met and sa- b 2 3 4 5 6 7 8 9 % IO 3.3. 12 j3 14 .g 3-5 1) e released by the City. The City may deposit or invest the cash f interest-bearing obligations or accounts; Any interest earnings credited to the DEVELOPER’S trust account at: a rate Of three hul points below the actual investment yield rate earned by the inv funds held in trust for said CEVELOPE7,. The three hundred basi $uction in interest yield shall be retatned t>)t the city to COVE administration of said trust account, The canditGion of this obligation is such that -if the aforc DEYELOPER, hj s/her or i ts hei rs 9 executors’z acinii ni s-trators 9 Su assigns9 shall in a11 things stmd t~ and &bide by, and well a pergor;rt the work find fulfill the cond-itiorts of si;id pern;ft and and my alternation thereof mde as the~@-in provided, OI-I his/hf to be kept and perfomed at the time and in the manner thcreil in all respects according to their true -int.cnt: and crZi;ning, a and save hamless the CITY, its office\-s, agents and employee -- _- i t 21 22 23 24 25 27 20 26 successfully enforcing such obligations, all to be taxed as in any judgment rendered. xxxxx xxxxx . ...-.. XXXXX me i XXXXX - v xxxxx I xxxxx * 3 1 2 3 4 5 6 7 8 9 10 53. 12 33 14 '- 15 I6 3-7 18 19 20 I 21 22 23 24 25 26 27 28 - .. a .. 9 e IN WITNESS IWREOF, this inshment has been duly executed b DEVELOPER above mefitioned, on -- - ¶ 19 DEVELOPER J DEVELOPER APPROVED AS TO FORPI: *. . 1 VINCERT F. BIONDO, 5 JR., City Atto~~~y (Notarial acknowledgement of execution by DEVELOPER and Surety n attached. ) __ .. . - ._ ----... -, -3-