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1962-2905r,_~ ~® 1 RESOLUTION ND. 2905 RESOLUTION REIA TINn TO RELEASE OF BOND ON AFF»STREET PARKINf3 RICHFIELD INVESTMENT COMPANY 6625 LYNDALE AVENUE SOUTH LOCATIONS 6701«6705 LYNDALE AVENUE SOUTH UBEi PARKINp LOT FOR EMPLOYEES OF RICHFIELD BANK 8o TRUST COMPANY WHEREASg THE RICHFIELD INVE8TMENT COMPANYg 6625 LYNDALE AVENUE SOUTHS RICHFIELAg MINNESOTAS HAD AN OFFS-STREET PARKINp flpREEMENT WITH THi 8 V I LLAQE RELAT) NQ TO 670 I~+Fi705 LYNDALE AVENUE SOUTHg WHICH CONTRACT BEARS THE DESIpNA710N OF APPLICATION N0. 59p7g CONTRACT NDo 491y AND WHICFI CONTRACT WA8 pUARANTEE® BY A BOND OF THE STo PAUL FIRE 8o MARINE INSURANCE CO y ST. PauLg MiNNESOTAg IN THE BUM of ~4g000.00~ AND WHERER-SS SAID RICHFIELD INVE8TMENT COMPANY HAS SUBSTANTIALLY COMPLIED WITH THE PROV18lON 8 OF 1 RAID ApREEMENT AND THE ST• PAUL FIRE 8o MARINE INSURANCE COo. NOW SEEKS TO BE F~LIE1tED OF ANY FURTHER OBLIpAT10N UNDO SAID B011Dg AND WHEREASg THERE APFE ARS TO BE NO JUSTIFICATION FOR REQUIRINp RAID RICHFIELD IIWESTNE NT COMPANY TO CONttNUE TO PROVIDE A BOND FOR SECURITY ON THE PERFORMANCE OF RAID ApREEMENTo NO VI THEREFOREg BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFIEL®g MINNE60TAS AS FOLLOWSB THAT THE VILLAGE MANAGER IS HEREBY AUTHORIZED AND DIRECTED TO RELEASE THE STs PAUL FIRE 8e INARINE INSURANCE COMPANY FR©M LIABILIN FOR ANY AND Al.L• ACTS OF THE RiCHFIELi1 INVESTMENT COMPANYg COMMITTED OR INCURR~EJ IN VIOLATION OF SAID CONTRACT NO. 4.918 ON AND AFTER THE 26TH DAY OF NOVEMBERS 1962 • A,bOPTED BY THE VILLAGE COUNCIL OF THE VILLAGE OF RICHFIELD THIS 26TH DAY OF NOVEMBERS 19620 AT TESTa ~~'~ n V1L QE CLERK d ~ - ~_....~~. ~ M~,YOft MANA R