HomeMy WebLinkAboutReso 2588-1958CITY OF SOUTH SAN FRANCISCO
LINDENVILLE INDUSTRIAL PARK IMPROVEMENT DISTRICT
RESOLUTION NO, 2588
RESOLUTION TERMINATING AGREEMENT AND BOND
WHEREAS, under date of November 18th, 1957, the City of South San
Francisco and Utah Construction Company, a corporation, entered into an agreement,
to which reference is hereby made for further particulars, under the terms of
which the said corporation, as one of the petitioning property owners in the
Lindenville Industrial Park Improvement District~ agreed to install or arrange
for the installation of the necessary public improvements in said district, per-
formance of which undertaking was guaranteed by a certain bond with Federal
Insurance Company, dated November 25th, 1957, in.the principal amount of
$200,000.00; and
WHEREAS~ the City Council of the City of South San Francisco, pur-
suant to petition heretofore filed and Resolution of Intention No. 2543 has
concluded proceedings ordering the work and installation of said improvements
to be made in an assessment district designated 'Llndenvllle Industrial Park
Improvement District" and in pursuance thereof has awarded a contract to A. Dale
~illtams for the performance of work and the furnishing of labor and materials
therefor, said contract being duly bonded by a Performance Bond and a Labor and
Material Bond, as required by law; and
WHEREAS, proceedings for the issuance and sale of improvement bonds
in the total amount of unpaid assessments heretofore confirmed and assessed in
said proceedings for the formation of said Llndenville Industrial Park Improvement
District.have been concluded, in satisfaction of the performance by said Utah
Construction Company, a corporation, of said agreement and bond above mentioned;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South
San Francisco, State of California, as follows:
1. The City Council hereby acknowledges satisfactory performance of said
agreement and bond, dated respectively November 18th, 1957 and November 25th, 1957,
and subject to the condition hereinafter stated, does hereby discharge the said
Utah Construction Company, a corporation, and Federal Insurance Company therefrom.
2. This discharge and satisfaction of said agreement and bond shall take
effect concurrently with the payment to the City of South San Francisco by Stone &
Youfigberg of a sum equal to nineyt-six (96) percent of the par value thereof (96%
of the aggregate principal amount thereof), of the' principal amount of bearer bonds
to be issued ~ proceedings pursuant to said Resolution of Intention No. 2543 above
mentioned.
3. The City Clerk is hereby directed to forthwith forward a certified
copy of this Resolution to the said Utah Construction Company, a corporation, and
Federal Insurance Company.
4. Nothing herein contained shall in any way be deemed to affect the terms~
covenants and conditions of the contract for the construction of improvements in said
Lindenville Industrial Park Improvement District or the Performance Bond or Labor and
Material Bond thereunder with the said A. Dale Williams.
PASSED AND ADOPTED this 17th day of February, 1958, by the following vote:
AYES: Councilmen G. J. Rozzi, Andrew Rocca, Emilio Cortesi,
Francis Lucchio and Leo J. Ryan
NOES: None
ABSENT: None
APPROVED:
ATTEST:
G. J. ROZZI
MAYOR OF THE CITY OF
SOUTH SAN FRANCISCO
ARTHUR A. RODONDI
CITY CLERK