1974-5267r278
RESOLUTION N~? 5267
RESOLiJTION RELATING TO RELEASE OF BOND ON OFF-STREET PARKING
First: Federal.. Savings & Loan
Association of Min~eapol.is
Loca:lion; 64+5 Nicol.l,et Avenue South
Useo Par~k.ing .Lot and Drive-In
T~I~TEREAS, First Federal Sa~rings & Loam Association of Minneapolis, Minnesota, had
an off-street parking agreement with the City of Richf~_e7~.d, relating to 6~~5 Nicoll.et
Avenue South, which contract bears the designation of Contract Noe 213 and which contract
was guaranteed by a bond of the American Employers' Insurance Company, Boston, Mass-
a,::huse*ts, in. the am.o~,znt of $8,350000, and
WHEREAS, First Federal Savings and Loan has complied with the provisions of said
agreement and the American Employers" Insurance Company now seeks to be relieved of any
further obligation under said bond, and
WHEREAS, theme appears to be no ~ustifid~,tion for requix°ing First Federal Savings
& Loam to continue to provide a: bond for secure-ty on the performance of said agreements
NOW 'THEREFORE, BE IT RESOLVED by the City Council. of the City of Richfield, Mi.nn-
esota, as follows:
That the City Manager is hereby authorized and directed to release the American
Employers' Insurance Company, Boston, Massachusetts for any a~ad al.l .a.cts of First Federal.
Savings & Loan ,Assocl,ati.on of Minneapolis committed or incux°red a~n siolation of Contract
Noo 213, on and after the 18th day of October, 1.97~+~
Adopted by the City Council of` the City. of Richfield this .18th day of October, .197~e
''
~~^/
~~ ~ - _
ATTEST;
`~ S
F~
Thomas J~Moran G~ty Clerk
Lo~°'~n L~a Law ' Mayor