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HomeMy WebLinkAboutOrdinances - No. 841ORDINANCE NO. 841 AN ORDINANCE AMENDING SECTION 22-4(d) OF THE CODE OF THE CITY OF LDDI AND THEREBY CHANGING THE IMPROVE- MENT SECURITY RWUIRED FOR SUBDIVISION AGREEMENTS The City Council of the City of Lodi does ordain as follows: Section 1. Section 22-4(d) and that paragraph entitled ItFilingtt 6, of the Code of the City of Lodi is hereby amended to read as follows: Filing. 6. An improvement seaurity for the installation of the improvements as hereinafter provided. Section 2. Section 22-4(d) and that paragraph entitled "Agreement for ImprovementsIt of the Code of the City of Lodi is hereby amended to read as follows: Agreement for Improvements. Prior to the approval of the final map the subdivider shall agree in writing to provide the improve- ments required by this Chapter. by a good and sufficient improvement security. "Improvement securitytt as used herein means one or more of the following: (1) a cash deposit or deposits made with the city, (2) a bond or bonds by one or mre duly authorized corporate sureties ox (3) an instrument or instruments of credit from one or more financial institutions subject to regulation by the state or federal government pledging that the funds necessary to meet the performance are on deposit and guaranteed for payment and agreeing that the funds designated by the instrument shall become trust funds for the purposes set forth in the instrument. Said improvement security shall be in the amounts and fox the following purposes: improvement, conditioned upon the faithful performance of the agreement, and (b) an additional amount of 50 per cent of the Said agreement shall be secured (a) 100 per cent of the total estimated cost of the -1- total estimated cost of the improvement, securing payment to the contractor, his subcontractors, and to persons renting equipment or furnishing labor or materials to them for the improvement . Section 3. Section 22-4(d) and that paragraph entitled IIPartial Release of Guarantee" of the Code of the City of Lodi is hereby amended to read as follows: Pax.tia1 Release of Improvement Security. The City Engineer is authorized to make reductions in the amount of the improvement security by refund from any cash deposits made or partial release of any surety bond or instrument of credit furnished for the work completed by the subdivider. Section 4. This ordinance shall be published one time in the %odi News-Sentinel," a daily newspaper of general circulation printed and published in the City of Lodi and shall take effect thirty days from and after its passage. ATTEST: 'Il-IOMAS Deputy City Clerk State of California County of San Joaquin, ss I, Thomas A. Peterson, Deputy City Clerk of the r, I ex officio clerk of the City Council of said City, hereby c&+ify"thit the foregoing Ordinance No. 841 was introduced at a regular meeting of the City Council of the City of Lodi held June 7, 1967, and was there- after passed, adopted and ordered to print at a segular meeting held June 21, 1967, by the following vote; Ayes: Councilmen Brown, Culbertson, Hunnell, W Noes: None Absent: None I further certify that Ordinance No. 841 the Mayor on the date of its pa pursuant to law.