1966-3636r~~
I;ESEItWT ION NOe 3636
RESOtUT ION REtAT INtI TD REEEASE OF BOND ON OFF'~+51'REET 'PARKING
BORON CONSTRUCTION COMPANY
1600 EAST 78TH STREET
I.DC$ 1700 WEST 78TH STREET
u:~e MOeI~ OFFICE AND FACTORY WAREHOUSE FOR
NAEGELE OUTDOOR ADVEi~TI SING COs
WHEREASS dr~R«SON CONSTRIJCTiON COMPANYS t600 EAST 78TH STREETS HAD AN OFFeSTREET PARKING
AGREEMENT WITH THE VILLAGE OF RICHFIELD NOW THE CITYy RELATINp TO 170Q EAST 78TH STREETS WHICk1
CONTRACT BEARS TIFE DESIGNATION OF CONTRACT NOo 8475 AND WHICH CONTRACT WAS GUARANTEED BY A B0~ '
OF THti EMPLOYER$• LIABILITY ASSURANCE CORPORATIONS LTDp OF B03TONS I11AS8es IN THE 8UM OF ~20S000oOOs
AND
WMEREASS SAID BORmSON CON STRUCT~ON COMPANY HAS SUBSTANTIALLY COMPLIED rIfITH THE PROVISION S
OF SAID AQREE~NT AND THE EMPLOYERS LIABILITY ASSURANCE CORPORATIONS LTD, NOW SEEKS TO BE RELIEVED
OF ANY FURTHER OBLIGATION UNDER SAID BONDS AND
WHEREASS 7I~RE APPEARS TO BE NO JUSTIFOCATION FOR REQUIRING SAID BDR~ON CONSTRUCTION COMPANY
70 OONTINUE TO PRO~/OOE A BOND FOR SECURITY ON 7ME PERFORMANCE OF SA10 AGREEMENTo ___
NOW TIiEREEOREs BE IT RESOLVED By THE CITY COUNCIL OF THE C1Tv ®F'RICHFIELEIS MiNNE80TAS AS
FOLLOWS
THAT THE CITY MANAGER /S HEREBY ~1UTHORiZED AND DiRECTEt9 TO RELEASE THE EMPLOYERS LIABILITI
ASSURANCE CORPORATIONS LTDo FOR ANY AMD ALL ACTS OF BORWSON CONSTRUCTION COMPA~1Rp COMMITTED OR
INCURRED IN VIOLATION OF SAiO CONTRACT NOo ~'7S ON AND AFTER THE IITIi DAY OF JULYS 1966,
ADOPTED BY THE CITY COUNCIL TNiS IITH DAY_ OF JULYS {9;660
~° S~-,o'er
ATTE87 s ~ ~~~
CITY ERK .