1962-2836r11~
RESOLUTION ND. 2836
RELATING TO RELEASE OF BOND ON OFF-STREET PARKING
TEXACOg INCe
1730 CLIFTON PLACE
LOCATIONS 7733 PORTLAND AVENUE SOUTH
USES GASOLINE SERVICE STATION
V~HEREASg TE~tACOg PNCe HAD AN .OFF-STREET PARKI NG AGREEMENT YlI TH T HI S VILLAGE RELATING
TO 7?33 PoRTLANO AVENUE SOUTHg RICHFIELDg MINNESOTA9 WHICH CONTRACT BEARS THE DESIGNATION OF
APPLBCATION NOo 61-3d9 CONTRACT NO. 692s AND WHICH CONTRACT WAS GUARANTEED BY A BOND flF THE
TRAVELERS INDEMNITY COMPANYg HARTFORD' CONNECTICUTg IN THE SUM OF FIVE TWOUSAND FIVE HUNDRED
t~5,5C0e00) 1)OLLARSg AND
WHEREASg SAID TEXACOg INC.g HAS SUB STANTIALLV COMPLIED WDTH THE PROVISIONS OF SAID
AGREEMENT AND THE TRAVELERS INDEMNITY COMPANY NOW SEEKS TO BE RELIEVED OF ANY FUR`~HER OB-
L I GAT 1 O1V UNDER EiA I D BONDa AND
WHEREAtg THERE APPEARS TO BE NO JUSTIFICATION FOR REQUIRING SAID TEXACOg INC. TO
CONTINUE TO PROVIDE A BOND FOR SECURITY ON THE PERFORMANCE OF SAID AGRLEMENTe
N06U THIEREFORED 8E IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHF9ELOg MINN-
E80TAg A8 FOLL01188
THAT THE VILLAGE IAANAGER 18 HEREBY AUTHORIZED AND 61RECTED TO RELEASE THE TRR•VELERIT
INDEMNITY COMPANY FROM LIABILITY FOR ANY AND ALL ACTS OF TExACOg INC.g COMMITTED OR IN-
CURBED IN VIOLATION OF RAID CONTRACT N0. 692y ON AND AFTER THE 10TH DAY OF SEpTEMBER9 19~2e
A®OPTED BV THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFIELD TH18 BOTH DAY OF SEP7InABERg
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