1965-3423r~~~
RESOLUTION NO• 323
RESOLUTION RELATINQ TO RELEASE OF BONG ON OFF-STREET PARK'NB
SAMCO INVEBTMENTS
222 E• ERIE $TREET~ MILWAUKEE
LOCATIONf ATLANTIC MILLB
-770.1 NIGGLLET AVENUE
USE4 RETAIL SALES
WHEREASi SAMCG (NVESTMENTB~ 222 E, ERIE STREETS MILWAUKEE WISC0N81N~ MAD AN OFFS
STREET PARKINQ AQREEMENT WITH 7HE VILLA QE OF RICHFIELD NOW THE CITY RELATINQ TO 7701
NICOLLET AVENUE ATLANTIC MILLB~ WHICH CONTRACT BEARS THE DESIGNATION OF CONTRACT NO. 501
AND WHICH CONTRACT WAS QUARANTEED BY A BOND OF THE AMERICAN INSURANCE COMPANY 15 WASHINGTON
STREET, NEWARK NEW r1ER86Y, IN THE SUM OF ~SOy000e0O~ AND
WHEREAS RAID SAMCD INVESTMENTS HA8 SUBSTANTIALLY COMPLIED WITH THE FR OVISIONS OF SAID
AoREEMENT AND T HE AMERICAN INSURANCE COMPANY NCW SEEKS TO BE RELIEVED OF ANY FURTHER
OBLIQATION UNDER SAIO BOND' AND
WHEREAS, THERE ApPEARB TO BE NO JU81'IFIGATION FGR REQUIRINQ SAID SAMCO INVESTMENT6 TO
CONTINUE TO PROVIDE A BOND FOR SECURITY ®N THE PERFORMANCE CF RAID ApREEMENTe
NOW TNER~FOREs BE IT ~RESOLVfiI~ BY TFl$ CITY COUNCIL OF' THE CITY OF RIQHFIELOi MI NNE80fAs
A8 FOLLOW 80
THAT THE CITY MANAQER 18 HEREBY AUTHORIZED AND DIRECTED TO RELEASE THE AMERICAN
INSURANCE COMPANY FOR ANY AND ALL ACTS OF SAMCO INVESTMENTS COMMITTED OR INCURRED IN
VIOLATION OF SAID CONTRACT ND• 501 ON AND AFTER THE 10TH DAW OF MAYS 1965e
ADOPTED BY THE CITY COUNCIL OF THE CITY OF (RICHFIELD THIS 10TH DAY OF MAYs 19650
~' ~ 'E/')
MAYOR
ATTEST s
CITY CLI~~S