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Consider the release of Subdivision Improvement Bond for TM 14,281 (Pozatto) located on the west side of San Antonio Creek Road adjacent to La Riata Lane, Goleta area, as follows:
a) Release the following four securities which were issued to guarantee the construction of an approved private sewage collection system and lift station to serve residential lots created by TM 14,281, the Pozzato Subdivision, located at 1330 La Riata Lane in the Goleta Area:
i. Mid-State Bank Irrevocable Letter of Credit Number 99-94-0026 (Faithful Performance Bond for the private sewage collection system), in the amount of $72,000, dated June 28, 1999;
ii. Mid-State Bank Irrevocable Letter of Credit Number 99-94-0024 (Faithful Performance Bond for the private lift station), in the amount of $75,250, dated June 28, 1999;
iii. Mid State Bank Irrevocable Letter of Credit (Labor and Materials for the private sewage collection system) in the amount of $72,000 dated June 28, 1999;
iv. Mid State Bank Irrevocable Letter of Credit (Labor and Materials for the private sewage lift station) in the amount of $75,000 dated June 28, 1999;
b) Accept replacement letters of credit submitted by the developer (Mid-State Bank Irrevocable Letters of Credit Numbers 99-94-0026 and 99-94-0024) equal to 15% of the faithful performance bonds for the private sewage collection system and private sewage lift station.
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