1971-4644rc •$1
RESOLUTION N0. 4644
RESOLUTION RELATING TO RELEASE OF BOND ON OFF-STREET PARKING
Richfield Bank & Trust Co.
Location: 6625 Lyndale Avenue South
Use: South Pagking Lot for Richfield
Bank & Trust Co. (Phase i)
WHEREAS, the Richfield Bank & Trust Co., 6625 Lyndale Avenue South, Richfield, Minn-
esota, had an off-street parking agreement with the City of Richfield relating to the
south parking lot for the Richfield Bank & Trust Co. , (Phase I), which contract bears the
designation of Contract No. 2089, and which contract was guaranteed by a bond of the
General Insurance Company of America, Seattle, Washington, in the amount of $24,SOO.OQ,
and
WHEREAS, the Richfield Bank & Trust Co. has complied with the provisions of said
agreement and the General .Insurance Company of America, Seattle, Washington, now seeks
to be relieved of any further obligation under said bond, and
WHEREAS, there appears to be no justification for requiring the Richfield Bank &
Trust Company to continue to provide a bond for security on the performance. of said
i
agreement.
NOW THEREFORE, BE IT RESOLVED by the City Council of -the City of Richfield, Minn-
esota, as follows:
That-the City Manager is hereby authorized and directed to release the General
Insurance Company of America, Seattle, Washington, for any and all acts of the Richfield
Bank & Trust Company, committed or incurred in violation of said Contract No. 2089, on
and after the 13th day of Segtember, 1971.
Adopted by the City Council this 13th day of September, 1971.
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MAYOR
ATTEST:
CI CLERK