HomeMy WebLinkAbout5026RESOLUTION NO. 5026
A RESOLUTION APPROVING A SUBDIVIDER'S
COMPLETION BOND WITH MGIC DEVELOPMENT
CORPORATION RELATING TO THE GUARANTEE
FOR THE INSTALLATION AND CONSTRUCTION
OF PUBLIC IMPROVEMENTS FOR EAGLERIDGE
SUBDIVISION FIRST FILING
WHEREAS, MGIC Development Corporation has submitted an
application for approval of a plat known as Eagleridge Sub-
division First Filing; and
WHEREAS, the Developer has requested pursuant to Section
12- 4- 7(J)(1)(b) of the 1971 Code of Ordinances that it be
permitted to submit a surety bond with the City to secure
compliance with the requirements of the City's subdivision
ordinance and to guarantee the construction and installation
of certain required public improvements.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PUEBLO, COLORADO, that:
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The Subdivider's Completion Bond dated August 23, 1982,
executed by MGIC Development Corporation, Principal, and
Hartford Accident Indemnity Company , Surety,
to the City's favor to secure the guarantee of the construction
and installation of certain public improvements in Eagleridge
Subdivision First Filing, having been approved as to form by
the City Attorney, is hereby approved.
CVOMTnM 7
This Resolution shall become effective immediately upon
final passage.
ATTEST:
City C rlyV
INTRODUCED August 23, 1982
By DAVID SCRIBNER
Councilperson
APPROVED:
Pr sa. ent of the Council
• S 0 2 7 10
.701468 BOOK 2128 PAGE 910
N
RECORDED
UfBLO COUNTY, COLORADO CITY OF PUEBLO, COLORADO
SUBDIVIDER'S COMPLETION BOND
KNOW ALL MEN BY THESE PRESENTS, That we MGIC Development Corporation, herein-
after called Principal, and NORTHWESTERN NATIONAL CASUALTY COMPANY, hereinafter
called Surety, are held and firmly bound unto the City of Pueblo, a home rule city
of the State of Colorado, hereinafter called City, in the sum of EIGHTY -FOUR
THOUSAND DOLLARS ($84,000.00) lawful money of the United States of America for
the payment of which we bind ourselves, our heirs, executors, administrators, suc-
cessors, and assigns, jointly and severally, firmly by these presents.
WHEREAS the above named Principal has applied to the City for approval of a
plat of a certain area of land within the City to be known as Eagleridge Sub-
division First Filing, and has agreed, as a condition to the approval of said
plat by the City, to install the improvements set forth in Exhibit "A ", attached
hereto and made a part hereof by reference, which improvements may consist of,
but are not necessarily limited to, paving, curbing, grading, filling, storm sewers,
sanitary sewers, bridges, catch basins, headwalls, pipe lines, and other similar
improvements; and
WHEREAS the approval of said plat by the City is further conditioned upon the
furnishing of.an adequate Surety Bond to be furnished to the City pursuant to
Alternative 2 of the public improvement requirements of Section 12- 4 -7(J) (1) (b)
of the 1971 Code of Ordinances of the City of Pueblo.
NOW, THEREFORE, the condition of this obligation is such that, if the Principal
shall in all respects comply with the terms and conditions of the approval of said
plat, these conditions being more specifically the completion of the improvements
referred to in Exhibit "A" hereof, in accordance with.the ordinances and regulations
of the City in regard to subdivision improvements and according to the plans,
specifications, and schedules covering said work, and such approved additions, amend-
ments, or alterations as may be made in the plans, specifications, and schedules for
such work as approved in writing by the City's Director of Public Works, and shall
complete all of said work and shall receive a certificate of acceptance therefor
from the Director of Public Works on or before August 23, 1983, then this obligation
shall be void, otherwise remaining in full force and effect.
And said Surety, for value received, hereby stipulates and agrees that no change
involving an extension of time, alterations, or additions to the terms of the con-
tract or to the work to be performed or materials to be furnished thereunder, or in
the plans, specifications, and schedules covering same, shall in any way affect said
obligation of said Surety on this bond and the said Surety does hereby waive notice
of any changes, extension of time, alterations or additions to the work or of the
plans, specifications and schedules.
This bond shall be for the use and benefit of the City and if the improvements
referred to in Exhibit " A " are not timely completed and a certificate of acceptance
therefor issued by the City's Director of Public Works, then upon written notice
sent, by first class mail postage prepaid, to the Surety at his address herein,
Surety shall within ninety (90) days thereafter satisfactorily complete the improve -
ments or pay the full amount of this bond to the City. In the event of default here-
under and the City institutes any action to enforce this Bond, the Principal and
Surety agree to pay the City the cost of such action reasonable_ attorney fees.
Glen T. H!retlmeier, Presid4
IN WITNESS WHEREOF, the Principal and Surety have caused these presents to be
duly executed on this 3rd day of September 1982
PRINCIPAL
MGIC DEVELOPMENT CORP.
P.O. BOX 448
MGIC PLAZA
MILWAUKEE, WISCONSIN 53201
ATTEST:
# 4 51T. - Secretary
STATE OF WISCONSIN )
COUNTY OF � )
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The oregoing instrument was cknowledged before me this �/�U�- day
of , 19L� by Glen T. Hierlmeier as President, and
7. as Secretary of the MGIC Development Corp.
My commission expires: �i // VO
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rup lic
s:
SURETY:
NORTHWESTERN NATIONAL
MILWAUKEE, WISCONSIN
BOND NO. S0879527
BOOK 2128 PAGE
r;
4 �.
CAS{1"'%0'6�ANY
By
Tom K. Brahe
Attorney -in -Fact
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FRANK B. HALL & CO. OF
WISCO9
One Plaza East - Suite
1100 =,••. ��'
Milwaukee, Wisconsin
53202
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