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1962-2924r~~ RESOLUTION NO. 2924 RES(iLUT1ON REtATINQ TO RELEASE OF BOND ON OFF-STREET PARKINQ PAUL J. SCHWARTZ CON ST• CO•~ 4020 MINNETONKA BLVp•~ LDGATIONa 6600 (0TH AVENUE SOUTHi UBEa ONE 12 UNIT APARTMENT BUILDINQ• WHEREAS THE PAUL J• SCHWARTZ CON 8T• CO y 4020 ~IINNETONKA BLVD•~ MINNEAPOI:LS~ M9NNESOTAg HAD AN ©FF~STREET PARKINQ AGREEMENT WITH THIS VILLAGE RE4ATING ro 6600 iOTH AVENUE souTw, WHICH CONTRACT BEAR8 THE DE81Gf~AT10N OF CONTRACT NOo 5791 AND WHICH CONTRACT WAS (3UARANTEE~3 , BY A BOND OF THE FIDELITY AND DEP081T COMPANY OF BALTIMORE MARYLAND IN THE 8UM OF TWO THOUSAND ($2s000s00~ OOLLARSi AND WHEREAS BA ID PAUL J• SCHWARTZ CGNST• CO• HAS $U88TApJTiALLY COMPLIED WITH THE PROVISIOftiB OF ~-ID AGREEMENT AND THE FIDELITY AND DEP081T COMPANY OF MARYLAND NOW SEEKB TO BE RELII~VED OF ANY FURTHER OBLIGATION UNDER RAID BONDS AND WHERERSs TFE RE APPEARS TO BE NO JUSTIFICATION FOR REQUIRINQ 8A1® PAUL. J. SCHWART~ CDNST• '• COs TO CONTINUE TO PROVIdE A BOND FOR ~CURITY ON THE PERFORMANGQ OF SAID AGREEMENT. NOW THEREFORE BE IT RESOLVED BY THE VILLA GECOUNCIL OF THE VILLAGE OF RICHFIELD9 MINN- ESOTAs A8 FOLLOWBa THAT THE VILLAGE MANAQER IS HEREBY AUTHORISED AND DIREGTED TO RELEAeE THE FdDELiTY AND a DEPOSIT COMPANY OF BALTIMOREs MARYLANbs FROM LIABILITY FOR ANY AND ALL ACT8 OF THE PAUL J• SCHI~ARTZ CDNST• CO. COMMITTED OR INCURRED IN VIOLATION OF SAID CONTRACT NO. 579D ON AND ltFTl°R THE 17TH DAY OF DEGEMBER~ 1962• ADOPTED BY THE VILLAGE COUNCIL OF THE 111LW GE OF RIC HFlELD THI8 17TH DAY OF DECEMBER 19624 AT TEST a ~41~~ ~/ V 1LL'lRQ C ERK ,. ,