HomeMy Public PortalAboutResolution 2011-07-04 Approving a Release in the Surety Requirement Pursuant to the Construction Guarantee Agreement and the Construction Improvement Agreement for the Fraser Valley Metro Rec DistrictA RESOLUTION APPROVING A RELEASE IN THE SURETY REQUIREMENT PURSUANT TO
THE CONSTRUCTION GUARANTEE AGREEMENT AND THE CONSTRUCTION
IMPROVEMENT AGREEMENT FOR THE FRASER VALLEY METROPOLITAN RECREATION
DISTRICT (FVMRD) RECREATION CENTER
WHEREAS, the FVMRD and the Town of Fraser entered into a Construction Guarantee
Agreement on August 4, 2008 and a Construction Improvement Agreement on November 23,
2010 to guarantee completion of certain required improvements; and
WHEREAS Town staff has inspected all required Improvements and has determined
that said Improvements have been completed and recommend that any remaining surety given
to ensure the completion of such Improvements be released.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWN OF FRASER, THAT:
(1) The Board of Trustees finds and determines that: (a) All Improvements have been
satisfactorily completed in accordance with the approved plans and specifications for such
improvements; (b) all warranty periods provided in Fraser's regulations have ended; and (c) all
other applicable requirements for acceptance of the Improvements have been satisfied.
(2) The Board of Trustees hereby authorizes full release of the Millennium Bank
Irrevocable Letter of Credit #1018 in the amount of $9,000.00.
DULY MOVED, SECONDED, AND ADOPTED THIS 20 DAY OF JULY, 2011.
Votes in favor: lD
Votes opposed:
Absent: I
Abstained:
(SEAL) x,`
r SEAL
TOWN OF FRASER
RESOLUTION NO. 2011-07-04
BOARD TRUSTEES OF THE
TOWN OF FRpF
SELORADO
BY:
Steve Sumrall, Mayor Pro -Tem
ATTEST:
ti
Lu Berger, Town Cle