1961-2539r~_~
RESOLUTION NOe 2539
RESOLUTION RELATING3 TO RELEASE OF BOND ON OFF-STREET PARKING
LYLE BUILDERS INCa
6701 PENN AVENUE SOUTH
LOCATIONi 7445 PENN AVENUE
Uri ONE 4 UNIT APARTMENT BUILDING
1
RHEREASy LYLE BUILDERS INCy 6701 PENN AVENUE SoUTH9 HAD AN OFF~STREET PARKINQ AGREEMENT
^ITH THIS VILLAGE RELATING TO 7445 PENN AVENUE SOUTWy WHICH CONTRACT BEARS THE DESIGNATION OF
CONTRACT NO. 614 AND WHICH CONTRACT WAS GUARANTEED BY A BOND ~ THE RIiARYLAND CASUALTY COMPANYg
A,CORPORATION OF BALTIMORE I~/-RYLAND~ IN THE SUM OF ~1~000a008 AND
I~HEREASy SAID LYLE BUILDERS] INCaHAVE SUBSTANTIALLY COtiPL1ED k91TH THE PROVISIONS OF SAID
AGREEMENT AND TWE NIARYLANO CASUALTY COMP/WY NOW SEEKS TO BE RELIEVED OF ANY FURTHER OBLIGATION
UNDER 6AID BANDS AND
I~HEREAS~ THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRING SAID LYLE BUILDERS~,INCa TO
CONTINUE TO PROVIDE A BOND FOR SECURITY ON THE PERFORR/ANCE OF SAID~AGREEAIENT~
NO@I THEREFOREs BE IT RESOLVED BY THE VILLAGE COUNCIL ~' THE VILLAGE ~ RICHFIELD9 MINN-
ESOTAS AS FOLLOi1f8Z
THAT THE VILLAGE l9ANAGER IS HEREBY AUTHORl2ED AND DIRECTED TO RELEASE THE h9ARYLAND CASUALTY
COMPANY FRO1/ LIABILITY FOR ANY AND~ALL ACTS OF LYLE BUILDERS' INCos COMMITTED OR INCURRED IN
VIOLATION OF SAID CONTRACT NOa 6t4s QN AND AFTER THE (4TH DAY OF AUGUSTy 1961a
ADOPTED BY THE VILLAGE COUNCIL ~ THE VILLAGE OF RICHFIELD THIS 14TH DAY OF AUGUSTS 19610
~ ~ ~-®-
A'AYOR
ATTESTi
1~ GER
~~
V1 GE CLERK