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1963-3028r~_ ~~ RESOLUT ION N0, 302$ RESOLUTION RELATINQ TO RELEASE OF BOND ON OFF-STREET PARKIN© DIETRICHa°FRANCIS COo9 INCo 4825 MARKAY RIDGEe MINNEAPOLIS LOCATIONS 7232 PORTLAND AVENUE USES ONE II UNIT APARTMENT BUILDING WHEREASg DIETRICHaFRANCIS COoy INCog HAO AN OFF-STREET PARKING AGREEMENT WITH THIS VILLAGE RELATING TO 7232 PORTLAND AVENUE SOUTHg WHICH CONTRACT BEARS THE DESIGNATION OF CONTRACT NOo 7I2g AND WHICH CONTRACT WAS GUARANTEED BY A BOND OF THE UNITED PACIFIC IN- 8URANCE COMPANYg TACOMAy WASHINGTON9 IN THE SUM OF ~2g000o009 AND WHEREAS SAID DIETRICH°FRANCIS CO s9 INCO HAS SUBSTANTIALLY COMPLIED WITH THE PRO' I.~~ICPdS OF SAID AGREEMENT AND THE UNITED PACIFIC INSURANCE COMPANY NOW SEEKS TO 8E RELIEVED OF ANY FURTHER OBLIGATION UNDER SAID BONO' AND VYHEREASg THERE APPEARS TO BE NO ~lUSTIFICATION FOR REQUIRING SAID DIETRICH~FRANCOS Cosy INCO TO CONTINUE TO PROVIDE A BOND FOR SECURITY ON THE PERFORMANCE OF SAID AGREEMENTo PJOW THEREFOREy BE IT RESOLVED BY THE VILLA GE COUNCIL OF THE VILLAGE OF R9CHFBELOg MINN~- ESOTAg A S FOLLOW SS THAT THE VILLAGE MANAGER IS HEREBY AUTHORIZED AND DIRECTED TO RELEA ~ THE UNITED PACIFIC INSURANCE COMPANY FROM LIABILITY FOR ANY AND ALL ACTS OF ~IETRICH-FRANCIS Cpoy INC® COMMITTED OP. INCURRED IN VIOLATION OF SAID CONTRACT N0, 7I2, ON AND AFTER THE 27TH DAY OF MAYg 19630 ADOPTED BY THE VILLAGE COUNCIL THIS 27TH DAY OF MAYg 1963, ATTEST s V LADE CLERK