RESOLUTION NO. 2025-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CAMARILLO EXONERATING FUTURE SECURITIES FOR TRACT
5956 COMSTOCK PROPERTIES
The City Council of the City of Camarillo resolves as follows:
SECTION 1:The City Council of the City of Camarillo finds and declares as follows:
A. On August 24, 2016, the City Council of the City of Camarillo received securities for the future design and installation of traffic signals at the Verdugo Way and Camino Ruiz intersection (Traffic Signal No. 1) and the Adolfo Road and Camino Ruiz intersection (Traffic Signal No. 2), pursuant to Condition 188 for Tract 5956 from Comstock Properties.
B. The developer has cashed out its obligation in the amount of $122,129 and a check in that amount has been received by the City.
SECTION 2:The recitals set forth above are true and correct.
SECTION 3:Atlantic Specialty Insurance Company Faithful Performance/Labor and Materials Bonds No. 800016469 in the amount of $200,000 for future design and installation of Traffic Signal No. 1 at the Verdugo Way and Camino Ruiz intersection and Traffic Signal No. 2 at the Adolfo Road and Camino Ruiz intersection are exonerated.
SECTION 4:The Public Works Department is authorized to return the securities listed in Section 3, above.
PASSED AND ADOPTED August 13, 2025.
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Mayor
Attested to on _____________________.
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City Clerk
I, Carrie Weal, City Clerk of the City of Camarillo, certify Resolution No. 2025-__ was adopted by the City Council of the City of Camarillo at a regular meeting held August 13, 2025, by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
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City Clerk
c: Comstock Properties w/original securities
Atlantic Specialty Insurance Company
Public Works
Finance Department
Information Systems Division