City Council

14. RELEASE OF SECURITY - ACCEPTANCE OF PUBLIC IMPROVEMENTS AND RELEASE\nOF GRADING AND IMPROVEMENT SECURITY POSTED BY NEW TECH INC. FOR 3012\nAND 3026 OAK AVENUE (APPLICANT: NEW TECH INC., A CALIFORNIA\nCORPORATION)\nThat the City Council:\na. Accept the public improvements associated with 3012 & 3026 Oak Avenue.\nb. Retain twenty-five percent (25%) of the Faithful Performance Security for one\nyear beyond the acceptance of the improvements as security for repair and\nreplacement of any improvements that fail to meet City standards at the end of\nthe one-year period. (Bond No. R6499 Receipt No. R6499)\nc. Retain the Labor and Material Security for six months beyond the acceptance of\nthe improvements and automatically release the security unless claims are filed.\n(Bond No. R6499 and Receipt No. 6499)\nd. Release Grading and Erosion Control Securities. (Bond No. R6450 and Receipt\nNo. R6450)