1960-2064r~~
RE50LUTION N0, 2064
RE50l.UTION REt9UCiN0 BOND FROM $50s000.00 TO $IOs000.00
ON OFFvTREET PARKINQ
SAMCO INVESTMENTS ATLANTIC MILLS
222 E• ERIE STREET' MILWAUKEE WISCONSIN
CONTRACT N0. 501'
USED RETAIL SALES
LOCATION= 7701 NICOLLET AVENUE
WWEREAS~ SAMOA INVESTMENTS HAVE AN OFF~STREET PARKINQ AGREEMENT WITH THIS VILLAGE
Ri~LATiNG TO 7701 NIOOLLET AVENUES WHICH CONTRACT SEARS THE DESIGNATION OF CONTRACT NO•
501 AND WHICH OONTRAOT 18 GUARANTEED BY A BOND OF THE AMERICAN INSURANCE COMPANYa 15
WASHINGTON STREETS NEWARK NEW JERSEYS IN THE SUM OF $50~000.00~ AND
WHEREAS SAtD SAMCO INVESTMENTS WAVE eUBSTANTIALLY COMPLIED WITH THE PROVISIONS
OF SAID AGREEMENT TO THE EXTENT THAT THEY NOW SEIEK 70 HAVE THE BOND REDUCED FROM $50000®00
TO ~IO~000.00~ AND
WWEREAS~ THERE APPEARS TO BE NO JUSTIFIOATION FOR REQUIRING SAID SAMOO INVESTMENTS
TO CONTINUE TP PROVIDE A BOND IN THE AMOUNT OF ~50s000.00 FOR SECURITY FOR THE PERFORMANCE
OF 6AID AGREEMENT.
NOW THEREFORE, BE IT RESOLVE39~ BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFIELDg
MINNE$bTA' AS FOLLOWSB
THAT THE VILLAGE CLERK 1$ HEREBY AUTHORIZED TO AOCEPT A SURETY BOND IN THE P~BOUNT
OF ~IDi000.00 IN LIEU OF BOND FURNISHED BY THE AMERICAN INSURANCE COMPANYa NEWARK9 NEW
JER8EY~ IN THE SUM OF $50y000.00•
ADOPTED BY THE VILLAGE COUNCIL OF THE VILLA GE OF RICHFIELD THIS 11TH DAY OF JANUARY,p
1960s
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