RESOLUTION NO. 2026-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CAMARILLO ACCEPTING PUBLIC IMPROVEMENTS AND
WARRANTY SECURITIES AND EXONERATING
PERFORMANCE SECURITIES FOR CPD-6M(23) SPHEAR
INVESTMENTS, LLC
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 July 26, 2023, the Camarillo City Council approved improvement plans for CPD-6M(23).
B. The City Engineer has reviewed the final as-built plans and recommends approval of the final plans and acceptance of public improvements, and the developer has posted warranty securities for the required maintenance period.
SECTION 2:The recitals set forth above are true and correct.
SECTION 3:The final project plans are approved and public improvements and Bank of America Irrevocable Letter of Credit No. 68209746 in the amount of $321,207 for construction of development improvements are accepted and shall be included in the appropriate City system.
SECTION 4:Bank of America Irrevocable Letter of Credit No. 68185556 in the amount of $1,284,828 for construction of development is exonerated.
SECTION 5:The Public Works Department is authorized to return the securities listed in Section 4, above.
PASSED AND ADOPTED August 26, 2026.
________________________________
Mayor
Attested to on _____________________.
_________________________________
Acting City Clerk
I, Silvia Jaquez, Acting City Clerk of the City of Camarillo, certify Resolution No. 2026- __ was adopted by the City Council of the City of Camarillo at a regular meeting held August 26, 2026, by the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
_________________________
Acting City Clerk
c: Sphear Investments LLC
Bank of America
Public Works
Finance Department
Information Systems Division