1976-5544r591
RESOLUTION N0.55~+~+ •
RESOLUTION RELATING TO RELEASE OF BOND ON OFF-STREET PARKING •
. Restaurant Properties, Inc.
' 3760 State Street ~ •.
• Santa Barbara, Californ~.a
• Location: 63~+~+ Penn.Avenue South
Use: Sambo~s Restaurant •
•WHEREAAS, Restaurant Properties, Inc., 3760 State Street, Santa Barbara,
. California, hac3: an off-street parking agreement with the Citay of RicY~~'ie1d,
xelating to 63~+~+ Penn Avenue South, which contract bears the designation
r of Contract No. 2123 and which contract was guaranteed by a bond of the •
. ~ Westerrn Surety Company, Palo A1.to,Californi.a in the amount of $18,500, and
WHIIZEAS, Restaurant Properties, Tnc. has complied with the provisions
of said agreement and Western Surety Compar~y now seeks to be relieved of
-at~y further obligation under said bond, and
WHEREAS, there appears to be no 3uatificatibn for requiring Restaurant
Properties, Inc. to .continue to provide a bond for security on the performance
of said agreement. .
• NOW TIiEREFORE, BE IT RESOLVED by the City Council of the City of~ Richfiel,d,
Minnesota, as follotas : ~ `
•• That~the city manager is hereby authorized and directed to release the
• Western Surety Company, Palo Alto, California for any and all acts of Restaurant
. Properties, Inc., committed or incurred in violation of Contract No. 213+, on
amd after the 2~+th day of May, 1976.
Adopted by the City Council of the City of Richfield this 2~+th day of May,
1.976
~TT:SST :
~~ Thomas J. Mo an City Clerk
Loren L. w Meyor
b~