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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, f2 f3 % 3 0 .. z 0 i= a 2 1 z 3 0 0 - - 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 r 5. 1 2 3 4 5 6 7 8 9 10 11 12 nul l3 $E& a08 Ow8 14 YU-0 $04' Ed= U->K aoa8 15 <;sz $Ezx 16 E:? 17 p3 - 18 19 20 Z1 22 23 24 25 26 27 28 slug a> zuv) UOJ 00 m 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 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. F7 1 2 3 4 5 6 7 8 9 10 11 12 sug 13 &z& an8 14 0Lug jU, 3045 cd= III->LT 00~9 15 2;ss ZWO” ““%a D (I)> oZd - 16 E:i? $25 17 18 19 20 21 22 23 24 25 26 27 28 402 u 0 e 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