Resolution No. 86-87 CITY OF TIGARD, OREGON
RESOLUTION NO. 86-,-?-7
A RESOLUTION CONDITIONALLY ACCEPTING PUBLIC IMPROVEMENTS KNOWN AS COSTWALD
NO. 2 SUBDIV:CSION PUB uc IMPROVEMENTS AND AUTHORIZING RELEASE OF THE ORIGINAL
PERFORMANCE BOND.
WHEREAS, the City executed a Subdivision Compliance Agreement dated
September 23, 1986, with Krueger Development Co. & OR-AK Corp. to facilitate
installation of public improvements to specified standards and specifications;
and
WHEREAS, said Compliance Agreement stipulated that:
"At such time as all public improvements except sidewalks and street trees
within the subdivision have been completed in accordance with the City's
requirements, Petitioner shall submit a "certificate of installation
conformance" to the City to notify the City of readiness for conditional
acceptance inspection and, then upon notification by the Department of
Community Development that the requirements of the City have been met, the
Petitioner will submit to the City a good and sufficient guarantee bond,
if not already provided with the performance bond, 'orm approved by the
City, to provide for correction of any incomplete work or any defective
work or maintenance becoming apparent or arising within one (1) year after
conditional acceptance of the public improvements by the City"; and
"Upon receipt of ce.ciPication from the Department of Community
Development that all requ .rement-s have been met, and a One Year Guarantee
Bond, the City Council agrees to conditionally accept the public
improvement subject to the requirement of completion of all work and
correction of deficiencies and maintenance for a period of one year"; and
"Petitioner agrees to to correct any defective work and to perform any
maintenance, upon notification by the C{ty, arising during the guarantee
period"; and
WHEREAS, said Certification has now been received, subject to correction of
hereinbelow listed deficiencies; and
WHEREAS, an acceptable Guarantee Bond has also been received;
NOW, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
The Tigard City Council hereby accepts the public improvements known as
Cotswald 'Jo. 2 Subdivision public improvements, subject to:
1) Maintenance of the guarantee bond in full force and effect; said bond
being submitted to replace the original performance bond.
2) Correction of any defective work and continued maintenwnce -"` - period of
one year.
RESOLUTION NO. 86-�7
Page i
i'
3) Completion of installation of all concrete sidewalks and driveway aprons.
A) Installation of the asphaltic concrete overlay.
AND, authorizes release of the original performance bond.
PASSED: This 7H day of . "t 198fi.
�1 City of Tigard
ATTEST:
0 f
/Deputy City Recorder-City of Tigard
(JH:sb/dj58)
RESOLUTION NO. 86-_ff �
Page 2
AGREEMENT WITH POSITOR AND TRUSTEE ON SAYINGS ,COUNTS OR DEPOSITS
This agreement Ss For the purpose of F•�lfilling the requirements of
Compliance Agreement dated _ 4-31-86+ between the City of TSgard
and and 1. entered Into
Depositor by the
—�Lu�kell Kru ee end Somers, Grove 6 Co., Lnc.Truetee.
The undersigned depositor and trustee do hereby assign the right to the
City of Tigard to determine at its discretion the payment of all funds or
aecuritiea held by Somers, Grove S Co., Inc.
as trustee In the amount of J-
Degosit No. '� Account No. 3-10211-I-2 or
or Time Deposit No, in
Che ;n accordance with and for the r
improvements described in the above stated pu Pose of Bundin8
Ag mems.c. Compliance
It is understood and agreed that the
w
il
l
hold such funds or securities in the amount of
authorization or direction for payment is received from Che Cit until an
that the City of Tigard has the right to withdraw Prinlci el of Tigard and
of Tigard signature only, in the event of Non-Performance. p Funds with City
All fund deposits shall be renewable at maturity and at rates and terms in
effect at the time of renewal, and all interest shall be paid to or accrued as
directed by the Depositor notwithstanding anything contained herein to the
contrary.
That the account is to remain open until such time as all Public
Improvements are completed and accepted by the City of Tigard.
Signed and dated at_ Tigard-
Oregon.
This 77 --,-'-_day of
19_gl__.
Signature of Depos;toil p
3
Address Portia d
Oregon 97201
Si. a 1e--.f City of Tigard
Add rasa pC
ACCEPTANCE
The undersigned hereby accepts the funds or securities deposited i❑ the
amount of S20s228.00 this 2lst da„ o<
hereby aekn�"ledgea receipt of the-- APril , 19
r' or the Ccrtlf icatc for De Accounc No. hat �' 8°O
"•.. no Passbook issued for t posit No.1__ or certifies 03'5 211-I-7
will ere I.
be held for the ansae account. It is urt her agreed that t said t account
disposition is and Purposes above stated until authorization for
granted by the d City of TT.ga rd,
Authorized Signature C:�- - T-c-,-
(1444p) 6 ��
RR! �RL9 n
' AGXEE'IENT WITH UEPUSiTOR AND TRUSTEE ON SAVINGS ACCOUNTS OR DEPOSITS
;i- a-•ree u.ent is fir the purpose of f.rlfllling the requirement. of
Costvald II ....mv lla nce Agr.•e mens dared 4-21-86 be tveeo the City of TSgard
..ud Russell A. Kruerier end la entered into by Che
-epoaltor Mar•�ery F. Crisc and Somers, Grove Co Inc Trustee.
The uncle re ignel depositor end create. do hereby assign the rlgnt to the
ty of Tigard [o dererc in et 1c6 discretion the payment of all f_d. or
securitle. held by Somers, Grove 6 Co., Inc.
s crust.. in the a;,e_ of 1 n Account No.
or
�epo.lt No. or Time D.poel[ No. 5071 i-1-2 in
:he 1n accordance -it
h and for the in
tree. Lmpr u vemen is dear ri oed in the above stated Purpose of Jonding
Agreement. Com p1lance
It I. understood and agreed that the Trustee
will hold such funds or securities in the amount of t51 until a
authorl nation or direction for payment 1. received from the City of Tigard and
he
the City of Tigard has the right to withdraw Prinicipal Funds with City
of Tigard signature only, In the event of Non-Performance.
All fund deposits shall be renewable at maturity and at rates and terms in
effect at the time of reneval, and all interest shall be paid [o or accrued as
directed by the Deposlc or no hstanding anything contained herein [o the
coat rary.
"hat cneacc oune Ss to remain open until such time as all Pahl,
iapro va men rs are completed and accepted by the City of Tigard.
iigned and dated ac Tigard , Oregon.
Chi. 25th day of June 19 86
Signature o�f7 Depositor/Ji�-„�C��
Addreos 1” / &* l r�7
Zz
Signa y of )Tigard
)
✓Addres. (PC l�oX �-339''7 l.c cl l�n
ACCEPTANCE d"13
The undersigned hereby accepts the funds or securities depo.lted I. the
amount o£ $ (1) this vc.1, day of rune 19 86 , end
here by acknowledge. receipt of the �HAA�pp$x> x Account No.
or the Certificate for Deposit No. th.1 1-2 ;
-- ,o Passbook Sesued r certifies for Chia account. It is furtheragreedthat idca era I.
will be held for the uses end purposes above stated until authorsaization for
dlaposicion is graced by the City of Tigard.
Auchurixed Signature c
1444P)
(1) A single stock certificate, in the name of Margery Crist, for 2500 shares
Of May Department Stores, worth $202,500.00, is on deposit with Somers,
Grove S Co., Inc. (Acct # 50140-1-8) covering three performance bonds with
the city of Tigard in the amounts of $20,228.00, $18,697.50, and $65,982.00.
It is understood that this agreement will replace one signed April 21, 1986,
for cash deposited in the amount of $20,228.00 to be released.