HomeMy WebLinkAbout1996-01-23; City Council; Resolution 96-321
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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 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.
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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:
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( SEAL 1