1963-3015r~~~
RESOLUTION N0. 3015
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RESOLUTION RELATING TO RELEASE OF BOND ON OFF-STREET PARKING
LYMAN L. PHELPS , ti
5gpg. DUP~ONA' AVENUE SOUTFI
LOCATION! 660@ 5TH AVENUE SOUTkA
USES ONE 17~UNIT APARTMENT BUILDINQ
WHEREASS LYMAN L. PHELPSS HAD AN OFF-STREET PARKINQ AQREEMENT WITH THIS VILLA®E RE°
LA11NG TO 6601 5TH AVENUE SOUTHS WHICH CONTRACT BEARS THE ®ESIQNATION OF CONTRACT N®.
64?S AND WHICH CONTRACT WA8 QUARANTEED BY A BOND OF THE QUARANTY SECURITY INSURANCE
COMPANYS MINNEAPOLiSS MINNESOTAS IN THE SUM OF X2,300,00, AND
WHEREAS,, 6AiD LYMAN L• PHELPS HAS SUBSTANTIALLY COMPLIED WITH THE PROVISIONS 06+' SAID
AQREEMENT AND THE GUARANTY SECURITY INSURANCE COMPANY NOW SEEKS TO BE RELIEVED OF ANY
t
FURTHER OBLIfiAT10N UNDER SA I® BONDS AND
WI-ENIEAS~ THERE APPEARS TO BE NO JUSTIFICATION FOR REQUtRiNQ SAID LYMAN La PHELPS TO
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CONTINUE TO PROVIDE A BOND FOR 6ECURITY ON THE PERFORMANCE OF SAID A(iREEMENT~
NOW THEREFQREs BE IT RESOLVED BY THE VILLAGE COUNbIL OF TWE VILLAGE OF' RICHFIELDS MINNb
ESOTAS AS FOLLOW Ss
THAT THE VILLA QE MANAGER IS HEREBY AUTHORBZED AND DIRECTED TO RELEASE THE GUARANTY SECURITY
INSURANCE COMPANY FROM LIABILITY FOR ANY AND ALL ACTS ~' LYMAN Lo PWELPSg COMMITTED OR INCURRED
IN VIOLATION OF SA10 CONTRACT NOo 64~y ON AND AFTER THE 13TH DAY OF MAYS 1963a
AI1flPTEB BY THE V I LLAQE CDUNC I L TH I S 13TH DAY OF MAYS 19ff3 s
`1
AT TEST s
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VILLAGE LERK
d o W'~
MAYOR
RNA GE