HomeMy WebLinkAbout1996-01-23; City Council; 13485; RESOLUTION REQUIRING AN ESCROW AGENT TO MAINTAIN INSURANCE IN AN AMOUNT NOT LESS THAN $100,000 PER CONTRACT,
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CITY OF CARLSBAD - AG 8 DA BILL 0 /3 4f5
AB# -33,345 TITLE: RESOLUTION REQUIRING AN ESCROW AGENT TO DEPT. I
MTG. 1/23/96 $100,000 PER CONTRACT CITY A
DEPT. CA CITY M
MAINTAIN INSURANCE IN AN AMOUNT NOT LESS THAN
RECOMMENDED ACTION:
The the City Council Adopt Resolution No. 96-32 1 ret; escrow agent approved to obtain deposits of retention pa connection with a public work contract to maintain insura amount not less than $100,000 per contract to cover neglige
ITEM EXPLANATION:
Assembly Bill No. 1358 was approved by the Governor in Aug
amending Public Contract Code section 10263, to provide tha the sole discretion of a public agency, the payment of I earned by a contractor are to be deposited directly with agent, that agent shall maintain insurance to cover negligenl omissions of the escrow agent in connection with the ha retentions under this section in an amount not less than $1C contract.
FISCAL IMPACT:
None
EXHIBITS :
1. Resolution No. 96-32
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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
governor on August 3, 1995, which amended Public Contrac
section 10263 to state that where, at the sole discretic
public agency, the payment of retentions earned by a contrac
to be deposited directly with an escrow agent, that escroi
shall maintain insurance to cover negligent acts and amiss:
the escrow agent in connection with the handling of rett
under this section in an amount not less than one hundred tl
dollars ($100,000) per contract, executed by an admitted
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 corr
2. That the City of Carlsbad consent, to reqi
escrow agent approved to obtain deposits for the payn
retentions in connection with a public work contract, to m
insurance to cover negligent acts and omissions of the escrc
in connection with the handling of retentions under Public C
Code section 10263 in an amount not less than one hundred t
dollars ($100,000) per contract, executed by an admitted
and in a form satisfactory to the public agency.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting
City Council of the City of Carlsbad on the 23rd day of 2
1996, by the following vote, to wit:
AYES: Council Members Lewis, Nygaard, Kulchin, Finnila,
NOES: None
ABSENT: None
ATTEST:
ALETHA L. RAUTENK&Z, City Clbrk
(SEAL 1