HomeMy WebLinkAbout1993-5368
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RESOLUTION NO.
5368
2 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUTHORIZING EXECUTION OF AN ESCROW
3 AGREEMENT FOR SECURITY DEPOSITS IN LIEU OF RETENTION, WITH MARINA
CONTP~CTORS, INC. AND THE BANK OF AMERICA.
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BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT COMMISSION,
5 ACTING ON BEHALF OF THE ECONOMIC DEVELOPMENT AGENCY OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
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SECTION 1.
The Chairman of the Community Development
Commission of the City of San Bernardino is hereby authorized and
directed to execute,
on behalf of the Economic Developmen~
Agency, an Escrow Agreement for Security Deposits in Lieu of
Retention, with Marina Contractors, Inc., and the Bank of
America, relating to retention earnings for the revitalization of
Main Street
Phase II, a copy of which is attached hereto,
marked Exhibit "A" and incorporated herein by reference as fully
as through set forth at length.
SECTION 2. This Agreement and any amendment or modifica-
tions
thereto shall not take effect or become operative until
fully signed and executed by the parties and no party shall be
obligated hereunder until the time of such full execution. No
oral agreements,
amendments, modifications or waivers are
intended or authorized and shall not be implied from any act or
course of conduct of any party.
SECTION 3.
This resolution is
rescinded if the parties
to the contract fail to execute it within ninety (90) days of the
passage of this resolution.
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RESO: AUTHORIZING EXECUTION OF ESCROW AGREEMENT WITH MARINA
CONTRACTORS, INC. AND THE BANK OF AMERICA.
1
I HEREBY CERTIFY that the foregoing resolution was duly
2 adopted by the Community Development Commission of the City of
3 San Bernardino at a Regular
meeting thereof, held on the
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7th day of June
, 1993, by the following vote, to-wit:
5 Commission Members:
NAYS
ABSTAIN
ABSENT
AYES
6 NEGRETE
7 CURLIN
x
x
8 HERNANDEZ
9 OBERHELMAN
10 POSITION VACANT
11 POPE-LUDLAM
12 MILLER
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x
x
x
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The foregoing resolution is hereby approved this 7rn
day of June
, 1993.
~~
/Tom Minor, Chairman
Community Development
Commission of
City of San Bernardino
Approved as to form
and legal content:
~)
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