Title
a. Approve the release of the Warranty Security in the amount of $27,517.30 held in Bank of America Certificate of Deposit account 00818-05430 for the Saddle Road Group Minor Subdivision Water System Improvement Project (PLN 050469); and
b. Approve release the Warranty Security in the amount of $8,739.50 held in First National Bank Certificate of Deposit account 0102228467 for the Saddle Road Group Minor Subdivision Water System Improvement Project (PLN 050469).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve the release of the Warranty Security in the amount of $27,517.30 held in Bank of America Certificate of Deposit account 00818-05430 for the Saddle Road Group Minor Subdivision Water System Improvement Project (PLN 050469); and
b. Approve release the Warranty Security in the amount of $8,739.50 held in First National Bank Certificate of Deposit account 0102228467 for the Saddle Road Group Minor Subdivision Water System Improvement Project (PLN 050469).
SUMMARY/DISCUSSION:
The Board of Supervisors approved the Final Map and Subdivision Improvement Agreement ("Agreement") for the Saddle Road Subdivision on May 11, 2010. The Agreement required provision of Faithful Performance Security, Labor and Materials Security, and Warranty Security in amounts totaling $96,228. Security was provided by a Certificate of Deposit (CD) with Bank of America and First National Bank.
The Board of Supervisors accepted the infrastructure improvements on May 2, 2017, and approved release of the Faithful Performance Security, and Labor and Materials Security. The Agreement required the Board to continue to hold the Warranty Security in the amount of $36,256.80 to guarantee the work done pursuant to the Agreement for a period of one year following the completion and acceptance or approval thereof by County against any defective work or labor done or defective material furnished.
More than one year has elapsed after acceptance o...
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