1975-5299r317
RESOLUTION N0. 5299
RESOLUTION RELATING TO RELEASE OF BOND ON OFF-STREET PARKING
Richfield Bank ~ Tr~,~st ~,,
6625 L,yndale Aven~~e Sr~~-(_'rl
UsPe Add~.tional. park9_ng :spac°e~ .f`ox°
Richfield Bs,nk R~ ?`rust Co.
TnIHEREAS, the Richfield Bank & Trust Coo, 6625 Lyndale Avenue South, Ra.chfieid,
Minnesota, had an off-street park..~ ng agreement with the City of Richfield, r c;l.at~_r:.;;
to Lot 1, Block 3, J. N> Hawser's Addition (Parcel 6800) which contractbears the
designation of Contraot Noo 2178 and which contract was guaranteed by a bond of AID
In.su~°ance Company, Des Moines, Iowa, in the amouxat of $10,000,00, and
WHEREAS, the Richfield Bank & Trust Coo, has complied jai.th the provisions of said
agreemen± and the AID Insurance Company now seeks to be relieved of any further-
obligation under said bond, and
W~iEREAS, there sppears to be na justification for requiring the Ric°hfiel.d Bank
& Trust Coo to continue to prc~vzde a bond for security on the performance of said
agreement.:
NOti~1 THEREFORE, BE IT RESOLVED by the City Council o.~ the City of Riohfiel._d,
Minnesota, as followso
That the City Manager is here'.t~y authorized and disc°ted to release the AID
Insurance Company, Des Mo~..nes, Iowa for any and all ac'vs the Ricrbf°iP:Ld Bank ~ 'I'~us~,
Company committed or incux°red in violation of Contract ~~Io, 21 r8, on sand after the
.13th day of January, 19'75.
Adopted. by the City Council E~;f the City of Ri~:'~'~ eld this 13th day of =_;anu:^zYy,
19?5' ~
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ATTEST : t__ °'~,or~en L ~ La,w `_~ Mays
`Thoms,s J o s.n City C.l.erk