07111994 Regular Meeting - Laserfiche WebLink

Home Browse Search

71+ FROM :21Ø34923S9 ïO : 6847S98 1994,Ø6-29 11:Ø2 #'790 P.03/ØS RELEASE OF SURETY On March 23, 1993, City of San Marcos, OBLIGEE and Du-Mor Enterprises, Inc., CONTRACTOR/PRINCIPAL entered into a construction contract for work to be done on project commonly known as. the Downtown Water System Improvements, San MarCfos, Te:xas Project (PROJECT). In connection with the Project, CO:tITR.~CTOR/PRINCIPAL secured. payment and/or per£orrnance bonds on the project from Eagle In$urancë Company. Work.was started on the PROJECT on April 12 , 199~1 paymentiit t'lere made to the c.ON'T.R.~CTOR/~RINCIPAL according to th~ tenns o.f the canstruct~on contract and retainages_were withheld as required. Eagle Insurance Company was placed in receivership on October 18, 1993. Resolution Oversight .Corporation was appointed as the,Special ~ Deputy Receiver of Eagle Insurance Company on November 5, 1993. Ernesto A. Garza is the president of Resolution Oversight Corporation. OBLIGEE and CONTRACTOR/PRINCIPAL have notified Eagle Insurance Company in Receivership that the PROJECT has been completed and that no liens/claims have been filed. The COìITRACTOR/PRINCIPAL hereby represents to Eagle Insurance Comp~ny and the OBLIGEE that all ~ subcontractors and suppliers of material have been paid in full for all ~ork done and materiQl supplied for co~pletion of the project. As the PROJECT has been completed and all subcontractors and suppliers of material have been paid in full/: OBLIGEE and CONTRACTOR/PRINCIPAL hereby request that Resolution o-versight Corporationr as Special Deputy Receiver of Ragle Insurance Company . . .' -.' . consent to the final payment of funds due the CONTRACTOR/PRINCIPAL under the construction contract on the PROJECT. Furthermore, as all work on the EROJÈCT has been completed and all subcont~actors and suppliers of material have been paid in full, and no - i