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29283 TD Desert Development, LP - OBR & Released BondsOUTSTANDING BOND REPORT Tract Number: Development: Developer/Owner: 29283 Rancho La Quinta Master Association Bond Company: United Surety Insurance Company, 233 Needham Street, Suite 440 Newton, MA 02464 Attn: Casey Parker Outstanding / Released Bonds: Bond Type Bond No. Amount: Date Replaced or Released Performance 76SB103385989BCM $1,920,808 Replaced w/ warranty on 09/16/2005 (104536088) Warranty 104536088 $185,580 Released 6/28/2006 Labor & Material 76SB103385989BCM $929,408 Released 9/16/2005 Monumentation 6SB10338599OBCM $15,000 Released 9/16/2005 Performance 104536087 $65,000 Released 7/13/2022 Labor & Material 104536087 $65,000 Released 7/13/2022 Performance UCSX372X4787 $65,000 ta 0"fra l ALIPORNI:1 MEMORANDUM Date: July 12, 2022 To: Monika Radeva, City Clerk From: Amy Yu, Associate Engineer Re: Release Performance and Labor & Materials Bonds for 50% of Traffic Signal at Ave 50 and Orchard Ln for Tract Map 29283, Rancho La Quinta Please release the following performance and labor & materials bonds held in your file for the above referenced tract. Please release the following securities: Tract Map No. 29283 Type of Bond Bond Number Security Amount Performance 104536087 $65,000 Labor & Materials 104536087 $65,000 Developer: Nolan Sparks T. D. Desert Development, LP 81570 Carboneras La Quinta, CA 92253 Surety Company: Travelers Casualty & Surety Co of America One Tower Square Hartford, CT 06183 July 13, 2022 T.D. Desert Development, LP Attn: Nolan Sparks 81570 Carboneras La Quinta, CA 92253 RE: TRACT MAP 29283, RANCHO LA QUINTA – RELEASE OF BONDS Dear Mr. Sparks, Per authorization of the City of La Quinta Public Works Department, the City Clerk’s Office has hereby released the following bonds and notified Travelers Casualty & Surety Co. of America on 7/13/2022. Bond Number Bond Amount Bond Type 104536087 $65,000 Performance Bond 104536087 $65,000 Labor & Materials Bond The original paper bonds are enclosed. Please do not hesitate to contact me should you have any questions. Sincerely, Laurie McGinley, Acting Deputy City Clerk Email: LMcginley@LaQuintaCA.gov Tel: (760) 777 - 7123 c: Bryan McKinney, Public Works Director/City Engineer Travelers Casualty & Surety Co. of America File July 13, 2022 Travelers Casualty & Surety Co. of America One Tower Square Hartford, CT 06183 RE: TRACT MAP 29283, RANCHO LA QUINTA – RELEASE OF BOND To Whom it May Concern, Per authorization of the City of La Quinta Public Works Department, the City Clerk’s Office hereby releases the following bonds: Bond Number Bond Amount Bond Type 104536087 $65,000 Performance Bond 104536087 $65,000 Labor & Materials Bond T.D. Desert Development, LP, the developer, was also notified of the above bonds release on 07/13/2022. Please do not hesitate to contact me should you have any questions. Sincerely, Laurie McGinley, Acting Deputy City Clerk Email: LMcginley@LaQuintaCA.gov Tel: (760) 777 - 7123 BOND #104536087 SUBDIVISION IMPROVEMENTS Tract Map No. 29283 PERFORMANCE BOND (TRAFFIC SIGNAL) KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract Map No. 29283 , prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the California Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of California, and T.D. Desert Development, Ltd. hereinafter designated as ("principal') have entered into an agreement whereby principal agrees to install and complete certain designated public improvements, which said agreement, dated Sept.19 200 0, and identified as Tract Map No. 29283 , is hereby referred to and made a part hereof; (said public improvements more specifically described as traffic signal at Avenue 50 and Orchard Lane, City of LaQuinta, CA) and WHEREAS, said principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement. NOW, THEREFORE, we, the principal and Travelers Casuatty & Surely Co. of America as surety, are held and firmly bound unto the City of La Quinta hereinafter called ("City"), in the penal sum of Sixty-five Thousand and no/100------------------- DOLLARS ($ 65,000.00 ) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bounded principal, his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by, and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefor, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by City in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. F201 - Performance Bond Page 1 of 2 #104536087 - TD Desert- Perf.-L&M Bonds.max The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the work to be performed thereunder or the specifications accompanying the same shall in any manner affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the agreement or to the worts or to the specifications. In witness whereof, this instrument has been duly executed by the principal and surety above named, on Sept. 1, , 200 5 (Seal) Title of Signatory Travelers Casualty & Surety Co. of America Surety (Seal) ��- Signature of Su George S. Byars, Attorney -in -Fact Title of Signatory F201 - Performance Bond One Tower Square, Hartford, CT 06183 Address of Surety (205) 982-4605 Phone # of Surety Stephen Palmour Contact Person For Surety Page 2 of 2 #104536087 - TD Desert- Perf.-L&M Bonds.max TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA TRAVELERS CASUALTY AND SURETY COMPANY FARMLNGTON CASUALTY COMPANY Hartford, Connecticut 06183-9062 POWER OF ATTORNEY AND CERTIFICATE OF AUTHORITY OF ATTORNEY(S)-IN-FACT KNOW ALL PERSONS BY THESE PRESENTS, THAT TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTON CASUALTY COMPANY, corporations duly organized under the laws of the State of Connecticut, and having their principal offices in the City of Hartford, County of Hartford, State of Connecticut, (hereinafter the "Companies") hath made, constituted and appointed, and do by these presents make, constitute and appoint: Arthur J. Williams, Harry W. Roberts, II, William Haig Wright, II, George S. Byars, Lindsey Joe Nichols, John S. Byars, of Jasper, Alabama, their true and lawful Attorneys) -in -Fact, with full power and authority hereoy conferred to sign, execute and acknowledge, at any place wil'nin the United States, the following instrument(s): by his/her sole signature and act, any and all bonds, recog dzances, contracts of indemnity, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking and any and all consents incident thereto and to bind the Companies, thereby as fully and to the same extent as if the same were signed by the duly authorized officers of the Companies, and all the acts of said Attorney(s)-in-Fact, pursuant to the authority herein given, are hereby ratified and confirmed_ This appointment is made under and by authority of the following Standing Resolutions of said Companies, which Resolutions are now in full force and effect: VOTED: That the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President, any Vice President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary may appoint Attomeys-in-Fact and Agents to act for and on behalf of the company and may give such appointee such authority as his or her certificate of authority may prescribe to sign with the Company's name and seal with the Company's seal bonds, recognizances, contracts of indemnity, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking, and any of said officers or the Board of Directors at any time may remove any such appointee and revoke the power given him or her_ VOTED: That the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice President may delegate all or any part of the foregoing authority to one or more officers or employees of this Company, provided that each such delegation is in writing and a copy thereof is filed in the office of the Secretary. VOTED: That any bond, recognizance, contract of indemnity, or writing obligatory in the nature of a bond, recognizance, or conditional undertaking shall be valid and binding upon the Company when (a) signed by the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary and duly attested and sealed with the Company's seal by a Secretary or Assistant Secretary, or (b) duly executed (under seal, if required) by one or more Attorneys -in -Fact and Agents pursuant to the power prescribed in his or her certificate or their certificates of authority or by one or more Company officers pursuant to a written delegation o£authority. This Power of Attorney and Certificate of Authority is signed and sealed by facsimile (mechanical or printed) under and by authority of the following Standing Resolution voted by the Boards of Directors of TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTON CASUALTY COMPANY, which Resolution is now in full force and effect: VOTED: That the signature of each of the following officers: President, any Executive Vice President, any Senior Vice President, any Vice President, any Assistant Vice President, any Secretary, any Assistant Secretary, and the seal of the Company may be affixed by facsimile to any power of attorney or to any certificate relating thereto appointing Resident Vice Presidents, Resident Assistant Secretaries or Attorneys -in -Fact for purposes only of executing and attesting bonds and undertakings -and other writings obligatory in the nature thereof, and any such power of attorney or certificate bearing such facsimile signature or facsimile seal shall be valid and binding upon the Company and any such power so executed and certified.by such facsimile siDnatureand facsimile seal shall be valid and binding upon .the Company in .the future with respect to any bond or andeiiz -g to vtiluch it is.actached_ STRAUL TRAVELERS IMPORTANT DISCLOSURE NOTICE OF TERRORISM INSURANCE COVERAGE On November 26, 2002, President Bush signed into law the Terrorism Risk Insurance Act of 2002 (the "Act"). The Act establishes a short-term program under which the Federal Government will share in the payment of covered losses caused by certain acts of international terrorism. We are providing you with this notice to inform you of the key features of the Act, and to let you know what effect, if any, the Act will have on your premium. Under the Act, insurers are required to provide coverage for certain losses caused by international acts of terrorism as defined in the Act. The Act further provides that the .Federal Government will pay a share of such losses. Specifically, the Federal Government will pay 90% of the amount of covered losses caused by certain acts of terrorism which is in excess of an insurer's statutorily established deductible for that year. The Act also caps the amount of terrorism-reiated losses for which the Federal Government or an insurer can be responsible at $100,000,000,000.00, provided that the insurer has met its deductible. Please note that passage of the Act does not result in any change in coverage under the attached policy or bond (or the policy or bond being quoted). Please also note that no separate additional premium charge has been made for the terrorism coverage ,required by the Act. The premium charge that is allocable to such coverage is inseparable from and imbedded in your overall premium, and is no more than one percent of your premium. ILT-1018 (9/04) BOND #104536087 SUBDIVISION IMPROVEMENTS Tract Map No, 29283 LABOR AND MATERIAL BOND (TRAFFIC SIGNAL) KNOW ALL MEN BY THESE PRESENTS: THAT, the City Council of the City of La Quinta has approved the final map for Tract Map No. 29283 , prior to installation of certain designated public improvements required by the Conditions of Approval for the subject map, in accordance with the California Map Act (Government Code Section 66462) WHEREAS, the City Council of the City of La Quinta, State of Califomia, and T.D. Desert Development, Ltd hereinafter designated as "the principal" have entered into an agreement whereby the principal agrees to install and complete certain designated public improvements, which agreement, dated Sept.19 , 200 5, and identified as Tract Ma N 29283 is h reb referred to and made a art hereof; (said public improvem nts more s�ecii i tr V siygnal at Avenue 50 and �rchard Lane, City of LaQuinta, CA) and WHEREAS, under the terms of the agreement, the principal is required before entering upon the performance of the work, to file a good and sufficient payment bond with the City of La Quinta to secure the claims to which reference is made in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code of the State of California. NOW, THEREFORE, the principal and the undersigned as corporate surety, are held firmly bound unto the City of La Quinta and all contractors, subcontractors, laborers, materialmen, and other persons employed in the performance of the agreement and referred to in Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code In the sum of Sixty Five Thousand and no/100--------- DOLLARS ($ 65,000.00 ), for materials furnished or labor thereon of any kind, or for amounts due under the Unemployment Insurance Act with respect to this work or labor, that the surety will pay the same in an amount not exceeding the amount hereinabove set forth, and also in case suit is brought upon this bond, will pay, in addition to the face amount thereof, costs and reasonable expenses and fees, including reasonable attorney' s fees, incurred by city in successfully enforcing this obligation, to be awarded and fixed by the court, and to be taxed as costs and to be included in the judgment therein rendered. It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies, and corporations entitled to file claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect. F202 - Labor and Material Bond Page 1 of 2 #104536087 - TD Desert- Perf.-L&M Bonds. max The surety hereby stipulates and agrees that no change, extension of time, alteration, or addition to the terms of the agreement or the specifications accompanying the same snail in any manner affect its obligations on this bond, and it does hereby waive notice of any such change, extension, alteration, or addition. In witness whereof, this instrument has been duly executed by the principal and surety above named, on Sept. 1, 200 5 T.D. Desert Development, Ltd Principal (Seal) U- Signature of Principe William B. Long, Vice President Title of Signatory Travelers Casualtv & Suretv Co. of America Surety f (Seal) rf� Signature of Su George S. Byars, Attorney -in -Fact Title of Signatory 1 F202 - Labor and Materlal Bond One Tower Square, Hartford, CT 06183 Address of Surety 205 982-4605 Phone # of Surety Stephen Palmour _ Contact Person For Surety Page 2 of 2 #104536087 - TD Desert- Perf.-L&M Bonds.max TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA TRAVELERS CASUALTY AND SURETY COMPANY FARMI.NGTON CASUALTY COMPANY Hartford, Connccticut 06183-9062 POWER OF ATTORNEY AND CERTIFICATE OF AUTHORITY OF ATTORNEYS) -IN -FACT KNOW ALL PERSONS BY THESE PRESENTS, THAT TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTON CASUALTY COMPANY, corporations duly organized under the laws of the State of Connecticut, and having their principal offices in the City of Hartford, County of Hartford, State of Connecticut, (hereina-fter the "Companies") hath made, constituted and appointed, and do by these presents make, constitute and appoint: Arthur J. Williams, BarryW. Roberts, II, William Haig Wright, II, George S. Byars, Lindsey Joe Nichols, John S. Byars, of Jasper, Alabama, their true and lawful Attorneys) -in -Fact, with full power and authority hereby conferred to sign, execute and acknowledge, at any place within the United States, the following instrument(s): by his/her sole signature and act, any and all bonds, recognizances, contracts of indemnity, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking and any and all consents incident thereto and to bind the Companies, thereby as fully and to the same extent as if the same were signed by the duly authorized officers of the Companies, and all the acts of said Attorney(s)-in-Fact, pursuant to the authority herein given, are hereby ratified and confirmed_ This appointment is made under and by authority of the following Standing Resolutions of said Companies, which Resolutions are now in full force and effect: VOTED: That the Chairman, the President, any Vice Chairmari, any Executive Vice President, any Senior Vice President, any Vice President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary may appoint Attorneys -in -Fact and Agents to act for and on behalf of the company and may give such appointee such authority as his or her certificate of authority may prescribe to sign with the Company's name and seal with the Company's seal bonds, recognizances, contracts of indemnity, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking, and any of said officers or the Board of Directors at any time may remove any such appointee and revoke the power given him or her_ VOTED: That the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice President may delegate all or any part of the foregoing authority to one or more officers or employees of this Company, provided that each such delegation is in writing and a copy thereof is filed in the office of the Secretary. VOTED: That any bond, recognisance, contract of indemnity, or writing obligatory in the nature of a bond, recognizance, or conditional undertaking shall be valid and binding upon the Company when (a) signed by the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary and duly attested and sealed with the Company's seal by a Secretary or Assistant Secretary, or (b) duly executed (under seal, if required) by one or more Attorneys -in -Fact and Agents pursuant to the power prescribed in his or her certificate or their certificates of authority or by one or more Company officers pursuant to a written delegation of authority. This Power of Attorney and Certificate of Authority is signed and sealed by facsimile (mechanical or printed) under and by authority of the following Standing Resolution voted by the Boards of Directors of TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTON CASUALTY COMPANY, which Resolution is now in full force and effect: VOTED: That the signature of each of the following officers: President, any Executive Vice President, any Senior Vice President, any Vice President, any Assistant Vice President, any Secretary, any Assistant Secretary, and the seal of the Company may be affixed by facsimile to any power of attorney or to any certificate relating thereto appointing Resident Vice Presidents, Resident Assistant Secretaries or Attorneys -in -Fact for purposes only of executing and attesting bonds and undertakings.and other writings obligatory in the nature thereof, and any such power ofattomey or certificate bearing such facsimile signature or facsimile seal shall be valid and binding upon the Company and any such power so executed and certified by such facsimilesinatureand facsimile sea] shall be valid and binding.upon .the Company in -the future with respect to any bond or an-&- ta7cing to vvihich it is atfathed- IN WITNESS •WHEREOF,-.TPA-VELERS CASUALTY AND SURETY COMPANY OF AMERICA, TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTOi`I CASUALTY COnP,q[+[Y have caused this instrument to be signed by their Senior Viee President and their corporate seals to.'be hereto affixed this 8th day of February 2003. STATE OF CONNECTICUT )SS. Hartford COUNTY OF HARTFORD Vim SL4_4 LYT'�o v p � • i TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA TRAVELERS CASUALTY AND SUFETy COWANy FARWNGTON CASUALTY COMPANY George W. Thompson Senior Vice President w this id day of February, 2003 before me personally came GEORGE W. THOMMpSON to me known, who, being by me duly sworn, did depose and say: that he/she is Senior Vice President of TRAVELERS CASUALTY AND SURETY COMi'ANY AMERICA, TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTONOF corporations described in and which executed the above instrument; that he/she knowstheof said cCASUorporations; the affixed to the said instrument are such corporate seals; and that he/she executed the said instrument on behalf of the corporations by authority of his/her office under the Standing Resolutions thereof. y p.Tl7LIO . '4M)aj_� C. My commission expires June 30, 2006 Notary Public Marie C. Tetreault CERTIFICATE I, the undersigned, Assistant Secretary of TRAVELERS CASUALTY AND SURETY COWANY OF AMERI TRAVELERS CASUALTY AND SURETY COMPANY and FARMINGTON the State of Connecticut, DO HEREBY CERTIFY that the foregoiand attache d CASPowUALTY COOM and ockCA, stock corporations of remains in ftdCertificate force and has not been revolved; and fu,thermore, that the Standing Resolutions of the Boards of Directors as set forth in the Certificate of Authority, are now in force. Certificate of Authority Si ed and Sealed at the Home Office of the Company, in the City of Hanford, State of Connecticut. Dated this S+ 120,) / day of i{ C� �- N. litON1 CNk � S 4 l\ J. ALB � By Kori M_ Johanson Assistant Secretary, Bond STP AUL TRAVELERS IMPORTANT DISCLOSURE NOTICE OF TERRORISM INSURANCE COVERAGE On November 26, 2002, President Bush signed into law the Terrorism Risk Insurance Act of 2002 (the "Act"). The Act establishes a short-term program under which the Federal Government will share in the payment of covered losses caused by certain acts of international terrorism. We are providing you with this notice to inform you of the key features of the Act, and to let you know what effect, if any, the Act will have on your premium. Under the Act, insurers are required to provide coverage for certain losses caused by international acts of terrorism as defined in the Act. The Act further provides that the .Federal Government will pay a share of such losses. Specifically, the Federal Government will pay 90% of the amount of covered losses caused by certain acts of terrorism which is in excess of an insurer's statutorily established deductible for that year. The Act also caps the amount of terrorism -related losses for which the Federal Government or an insurer can be responsible at $100,000,000,000.00, provided that the insurer has met its deductible. Please note that passage of the Act does not result in any change in coverage under the attached policy or bond (or the policy or bond being quoted). Please also note that no separate additional premium charge has been made for the terrorism coverage required by the Act. The premium charge that is allocable to such coverage is inseparable from and imbedded in your overall premium, and is no more than one percent of your premium. ILT-1018 (9/04) C&qp 4 ,('F'au,Grfa MEMORANDUM To: June S. Greek, City Clerk From: Ed Wimmer, Development Services Principal Engineer VIA: 64-mothy R. Jonasson, Public Works Director / City Engineer Date: June 13, 2006 Re: Release of Warranty Bonds, Rancho La Quinta, T.D. Desert Development, Tract Map 29283 Pursuant to Chapter 13.28.050 of the Municipal Code, the following Warranty Bonds were approved for release by City Council in one year from June 7, 2005. Please release the Warranty securities as indicated below. Tract Map 29283 Bond Number Bond Amount 104536088 $185,580 Total $185.580 Cc: Project File I, Tract No. 29283 TATracts\29283\Interna1 Correspondence\Release of warranty securities.doc Tity/ P.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CALLE TAMPICO (760) 7 7 7 - 7 0 0 0 LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101 June 28, 2006 Nolan Sparks T.D. Desert Development P. O. Box 1716 La Quinta, CA. 92247 Re: Tract Map 29283 Dear Mr. Sparks: Per authorization from the Public Works Department, the City Clerk's Office hereby releases Warranty Bond #104536088 in the amount of $185,580. If you have any questions, please call me at (760) 777-7002. Sincerely, JUNE S. GREEK, City Clerk City of La Quinta, California cc: Ed Wimmer, Principal Engineer Travelers Casualty & Surety Co. of America File DIP TUVII 4 4 Q" P.O. Box 1504 LA QUINTA, CALIFORNIA 92247-1504 78-495 CALLE TAMPICO (760) 7 7 7 - 7 0 0 0 LA QUINTA, CALIFORNIA 92253 FAX (760) 777-7101 September 16, 2005 Nolan Sparks T.D. Desert Development P. 0. Box 1716 La Quinta, CA. 92247 Re: Tract Map 29283 Dear Mr. Sparks: The City Clerk's Office has received Warranty Bond 104536088 in the amount of $185,580 and Performance and Labor & Materials Bonds 104536087 in the amount of $65,000 (traffic signal bonds), and per authorization from the Public Works Department, hereby releases the following: Performance Bond 76SB103385989BCM in the amount of $1,920,808 Labor & Materials Bond 76SB103385989BCM in the amount of $929,408 Monumentation Bond 6SB103385990BCM in the amount of $15,000. If you have any questions, please call me at (760) 777-7025. Sincerely, � 1 JUNE S. GREEK, City Clerk City of La Quinta, California cc: Raoul Martinez, Assistant Engineer II Traverlers Casualty & Surety Co. of America File PERFORMANCE BOND BOND NO. 76SBI03385989BCM WHEREAS, the City Council of the City of La Quinta, State of California (hereafter referred to as the "City"), and T.D. Desert Development, Ltd., a Delaware Limited partnership (hereinafter referred to as "Principal"), have entered into an agreement whereby Principal agrees to install and complete certain designated improvements, which said agreement, dated September 19, 2000, and identified as Subdivision Improvement for Tract 29283 is hereby referred to and made a part hereof; and WHEREAS, said Principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement. NOW THEREFORE, we the Principal and Travelers Casualty and Surety Company of America, as Surety, are held and firmly bound unto the city in the penal sum of One Million Nine Hundred Twenty Thousand Eight Hundred Eight and No/100 Dollars ($1,920,808.00) lawful money of the united States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, and executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bounded Principal, his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefore, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the City in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the work to be performed thereunder of the specifications accompanying the same shall in any way affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the agreement or to the work or specifications. IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and Surety name above, on September 19, 2000. LABOR AND MATERIALS BOND BOND NO.76SB103385989BCM WHEREAS the City Council of the City of La Quinta, State of California, and T.D. Desert Development, Ltd., a Delaware Limited Partnership (hereinafter designated as "principal") have entered into an agreement whereby Principal agrees to install and complete certain designated public improvements, which said Agreement, dated September 19, 2000, and identified as Subdivision Improvement Agreement Tract 29283 is hereby referred to and made a part hereof, and WHEREAS, Said Principal is required under the terms of said Agreement to furnish a bond for the faithful performance of said Agreement. NOW, THEREFORE, we, the Principal and Travelers Casualty and Surety Company of America, as Surety, are held and firmly bound unto the city of La Quinta (hereinafter called the "City"), in the penal sum of Nine Hundred Twenty -Nine Thousand Four Hundred Eight and No/100 Dollars ($929,408.00) lawful money of the United States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by these presents. It is hereby expressly stipulated and agreed that this bond shall inure to the benefit of any and all persons, companies and corporations entitled to file claims under Title 15 (commencing with Section 3082) of Part 4 of Division 3 of the Civil Code, so as to give a right of action to them or their assigns in any suit brought upon this bond. Should the condition of this bond be fully performed, then this obligation shall become null and void, otherwise it shall be and remain in full force and effect. The surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of said agreement or the specifications accompanying the same shall in any manner affect its obligations on this bond, and it does hereby waive notice of any such change, extension, alteration or addition. IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and Surety named above, on September 19, 2000. PERFORMANCE BOND BOND NO. 76SBI03385990BCM WHEREAS, the City Council of the Cityof La Quinta, State of California (hereafter referred to as the "City"), and T.D. Desert Development, Ltd., a Delaware Limited partnership (hereinafter referred to as "Principal"), have entered into an agreement whereby Principal agrees to install and complete certain designated improvements, which said agreement, dated September 19, 2000, and identified as Subdivision Improvement for Tract 29283 is hereby referred to and made a part hereof, and WHEREAS, said Principal is required under the terms of said agreement to furnish a bond for the faithful performance of said agreement. NOW THEREFORE, we the Principal and Travelers Casualty and Surety Company of America, as Surety, are held and firmly bound unto the city in the penal sum of Fifteen Thousand and No/100 Dollars ($15 000 00) lawful money of the united States, for the payment of which sum well and truly to be made, we bind ourselves, our heirs, successors, and executors and administrators, jointly and severally, firmly by these presents. The condition of this obligation is such that if the above bounded Principal, his or its heirs, executors, administrators, successors or assigns, shall in all things stand to and abide by and well and truly keep and perform the covenants, conditions and provisions in the said agreement and any alteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in the manner therein specified, and in all respects according to their true intent and meaning, and shall indemnify and save harmless the City, its officers, agents and employees, as therein stipulated, then this obligation shall become null and void; otherwise it shall be and remain in full force and effect. As a part of the obligation secured hereby and in addition to the face amount specified therefore, there shall be included costs and reasonable expenses and fees, including reasonable attorney's fees, incurred by the City in successfully enforcing such obligation, all to be taxed as costs and included in any judgment rendered. The Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the terms of the agreement or to the work to be performed thereunder of the specifications accompanying the same shall in any way affect its obligations on this bond, and it does hereby waive notice of any such change, extension of time, alteration or addition to the terms of the agreement or to the work or specifications. IN WITNESS WHEREOF, this instrument has been duly executed by the Principal and Surety name above, on September 19, 2000 Twyl 4 4Qukra MEMORANDUM To: June S. Greek, City Clerk From: Raoul Martinez, Assistant Engineer IA� John Freeland, Senior Engineer VIA: '�Nmothy R. Jonasson, Public Works Director / City Engineer Date: September 7, 2005 Re: Release of Labor & Materials Security Rancho La Quinta, T.D. Desert Development, Tract Map 29283 Pursuant to Chapter 13.28.050 of the Municipal Code, the following Labor & Materials Securities were approved for release by City Council on June 7, 2005 with a release date of September 7, 2005. Please release immediately. TRACT NO. 29283 Bond Number Bond Amount 76SB103385989BCM $929,408 Totall $929,408 CC: Project File I, Tract No. 29283 TAPWDEPT\Tracts\29283\Interna1 Correspondence\Release of labor & materials.doc Titf 4 4 Qu&Z MEMORANDUM To: June S. Greek, City Clerk ,�(��' From: Raoul Martinez, Assistant Engineer II iV John Freeland, Senior Engineer VIA: ; Ftimothy R. Jonasson, Public Works Director / City Engineer Date: August 16, 2005 Re: Release of Bonds, Rancho La Quinta, T.D. Desert Development, Tract Map 29283 Pursuant to Chapter 13.28.050 of the Municipal Code, the following Performance Bonds were approved for release by City Council on June 7, 2005. Please release the Performance securities upon receipt of Warranty securities and a replacement bond for the traffic signal (Avenue 50 and Orchard) in the amount of $65,000.00. Tract Map 29283 Bond Number Bond Amount 76SB103385989BCM $1,920,808 76SB10338599OBCM $15,000 Total $1,935,808 Cc: Project File I, Tract No. 29283 TAMDEPT\Tracts\29283\Internal Correspondence\Release of performance securities.doc ATTACHMENT 2 Table of Values Tract No. 29283 Rancho La Quinta Performance Securit Improvement Labor & Current Proposed Warranty Description Materials Security Reduction Security Grading $39,693 $39,693 90% $3,969 Street & Drainage Improvements $450,167 $450,167 90% $45,016 Domestic Water $175,354 $175,354 90% $17,535 Sanitary Sewer $116,694 $116,694 90% $11,669 Underground Electric $147,500 $147,500 90% $14,750 Monumentation $0 $15,000 100% $0 Traffic Signal (Ave 50 & Orchard) $0 $65,000 0% $0 Offsite Street Imp. (Participatory) $0 $926,400 90% $92,640 Total $929,408 $1,935,8081 1 $185,580 Staff recommends the release of Performance securities upon receipt of Warranty securities. Labor and Materials security shall be released 90 days after City Council acceptance (September 7, 2005). Release Warranty securities one year from the date of acceptance (June 7, 2006). 171 S:\CityMgr\STAFF REPORTS ONLY\C18 TM 29283.doc 4