1972-4740r-+
RESOLUTION N0. 4740
RESULUTION RELATIIIG TO RELEASE OF SAVINGS CERTTFICATES IN THE
AMOUNT OF $3,500.00 ACCEPTED IN LIEU OF BOND ON OFF-STREET PARKING
AND ACCEPTING BOND IN THE AMOUNT OF $1,500.00.
Hyre, Flesher and Co.
2409 West 66th Street
Use: Business Offices (Accountants)
WHEREAS, Hyre, Flesher and Co., has an off-street parking agreement with the City of
Richfield relating to 2409 West 66th Street, which contract bears the designation of Contract
No. 2097 and which contract was guaranteed by Savings Certificate 434 dated April 26, 1971,
.drawn on the Summit State Bank of Bloomington, Minnesota in the amount of $1,000.00 and
Savings Certificate ~~11250 dated September 15, 1970, drawn on the Northwestern National Bank
of Hopkins, Minnesota, in the amount of $2,500.00, and
W1iEREAS, a substantial amount of work has been completed and there appears to be no
justification for requiring said Hyre, Flesher and Co. to continue to provide a bond in the
amount of $3,500.00 for security on the performance of said agreement.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield, Minnesota,
as follows:
1. That the City Manager is hereby authorized and directed to release Savings Certi-
ficate 434 dated April 26, 1971, drawn on the Summit State Bank of Bloomington, Minnesota
in the amount of $1,000.00 and Savings Certificate ~~11250 dated September 15, 1970, drawn on
the Northwestern National Bank of Hopkins, Minnesota, and
2. That the City Manager is hereby authorized and directed to accept a bond in the
amount of $1,500.00 on which the Transamerica Insurance Company, Los Angeles, California,
appears as surety, to guaranty the completion of the remaining items of work to be done as
contained in Off-Street Parking Contract No. 2097.
Adopted by the City Council of the City of P~ichfield this 28th day of February, 1972.
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ATTEST : /1~--~ - '~:t ~~ r ~7~ t ~ ~y~y f,.
~. MAYOR
,N. _ ~~
CITY CLERK