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1958-1727r~~~ RESOLUTION N0. , RESOLUTION RELATING3 TO RELEASE OF BONG VILLA4E PLAT N0. 128 CONTRACT N0. 294 HIPPE~9 LAKE VIEW TERRACE H{PPE CONSTRUCTION CO., DEYELOPER8 WNEREAS~ HiPPE CONSTRUCTION COMPANY HAD A DEVELOPER~B AGREEMENT W17H TH18 VILLAGE RELATING TO HIPPE~S LAKE VIEW TERRACES WHICH CONTRACT BEARS T'HE DE8tGNIt,TlON OF CONTRACT N0. 294 AND WHICH CONTRACT WA8 GUARANTEED BY A 80N4 OF THE ANCHOR CASUALTY GOMPANY !N THE SUM OF $1,700,©~ AND WHEREAS, 8AID HIPPE~B RAKE VIEW TERRACE HA9 BEEN ACQUIRED BY THE VtL~ LAQE FOR PARK PURP09E8 AND THE ANCHOR CASUALTY COMPANY NOW 8EEK8 TO BE RE- t.~EYED OF ANY FURTWER OBLIGA7tON UNDER SAID BONO~ ANO WHEREAS, THERE APPEARS TO BE NO JUBTIFICATtON FOR REQUIRING 8A10 HtP'PE CONSTRUCTION COMPANY TO CONTINUE TO PROVIDE A BONG FOR SECURITY ON THE PER- FORMANCE OF 3A{0 CONTRACT. NOW THEREFORE BE lT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFIEL D~ MINNESOTA A8 FOLLOWS: THAT THE VILLAGE MANAGER 18 HEREBY AUTHORIZED ANO 0lRECTED TO RE- LEASE THE ANCHOR CASUALTY COMPANY FROM L{ABILITY FOR ANY ANO ALL ACTS OF HIPPE CONSTRUCTION COMPANY COMMITTED OR INCURRED iN VIOLATION OF BAID CONTRACT N01. 294 ON ANO AFTER THE LOTH OAY OF NOVEMBERS 1958. ADOPTED BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFfELD TM 18 IOTH OAY OF NOVEMBERS 1958. ,,~ e% s .~''}~F IRVING R. KEL03EN~ MAYOR ATTEST: .~_-, _ 0. R. REVEL N~ MANAGER ~ ~~ EDWARD J. MOL E~ (LLAGE CLERK