1960-2218r~~
RESOLUTIGRJ i!U„ 2218
~I
RESOLUTION REDUCING BON t) FROM 4$5~300g00 TO .;`:I~000Q00 Od >Ut3~~IVtStON~,
6301 TO 6345 AND 6401 TO 6329 PLEASANT AVENUE
CEDAR RICHy INra~ DEVELOPERS
3500 E, LAKE STREET
VILLAGE PLAT NOe 159
CONTRACT N00 510
WHEREASe CEDAR RICHE INCA HAVE A CONTRACT FOR DEVELOPMENT OF A SUBDTVISIOP~ WITH
THIS VILLAGE RELATING TO 6301 TO 6345 AND 6401 TO 64?9 PLEASANT AVENUES WHICFI CONTRACT
BEARS THE DESIGNATION ~ CON TRACT NOe 510 AND WHICH CONTRACT IS GUARANTEED B1° A SAVINGS
ACCOUNT BOOK #23t78s BRAWN ON THE MINNEAPOLIS SAVINGS ANb LOAN ASSOCIATION SHOWING A
BALANCE OF ~58300m009 AND
WHEREASe SAID CEDAR RICHE INGp HAVE SUBSTANTIALLY COMPLIED WITH THE PROVISIONS
OF SAID AGREEMENT TO THE EXTENT THAT THEY NOW SEEK TO HAVE THEIR BOND REDUOED FROM
$58300®00 ~o ~18000e008 ANo
[]
WHEREASe THERE APPEARS TO BG NO ~.IUSTIFICAT90N FOR REQUIRING SAID CEDAR RICHe INCe
TO CONTINUE TO PROVIDE A SAVINGS ACCOUNT BOOK 1N THE AMOUNT OF 59300000 AS SECURITY FOR
THE PERFORMANCE OF SAID AGREEMEN7d
NOW THEREFOREB BE IT RESOLVER BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFIELDp
MINNESOTAg AS FOLLOWS8
THAT THE VILLAGE CLERK 95 HEREBY AUTHORIZED TO ACCEPT A SAVINGS ACCOUNT BOOR IN THE
AMOUNT OF 19000®OO IN LIEU OF SAVINGS ACCOUNT BOOK #231789 DRAt11N ON THE ~INNEAi='GLIv
SAVINGS AND LOP.N ASSN~g IN THE SUFI, OF ~58300e004
ADOPTED BY THE VILLAGE OOUNCflL OF THE VILLAGE OF RICHFIELD THIS 25TH 6AY OF JULYS
1960®
ATTEST s
~~
V I Lt.A G~K
GER