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Transportation Department recommending the following pertaining to Serrano Village G, Units 1-9 (TM 01-1375):
(1) Accept the subdivision improvements as complete;
(2) Reduce Performance Bonds 929313093, 929313093-01 through -08, by $934,862.50, to $692,490.80 each to guarantee against any defective work, labor done, or defective materials furnished and release one year after acceptance if no claims are made; and
(3) Hold previously posted Laborers and Materialmen Bonds 929313093, 929313093-01 through -08 in the amount of $2,698,406.50 each to guarantee payment to persons furnishing labor, materials or equipment and release in six months after acceptance if no claims are made.
RECOMMENDED ACTION: Approve.