HomeMy WebLinkAboutReso 6106-1973 RESOLUTION NO. 6~06
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING RELEASE
OF BOND (GMT).
WHEREAS, by Agreement (Providing for Exchange of Park
Site) dated June 15, 1970, by and between GMT Investors and
the City of South San Francisco, GMT Investors agreed to do
and perform grading and improvements of a new park site
(Paragraph 2 of said Agreement), and
WHEREAS, on June 26, 1970, GMT Investors, as Principal,
and Fidelity & Deposit Company of Maryland, as Surety, executed
a Performance Bond in the sum of Seventy-Five Thousand Dollars
($75,000.00) in favor of the City of South San Francisco,
identified by No. 5790322, agreeing to well and truly perform
the grading and improvements of a new park site as per Para-
graph 2 of said Agreement referred to hereinabove, and
WHEREAS, Grubb and Ellis has executed a Performance Bond
in favor of the City of South San Francisco, guaranteeing the
performance of the work described in said Agreement and
Performance Bond referred to hereinabove;
NOW, THEREFORE, IT IS HEREBY ORDERED that Fidelity $
Deposit Company of Maryland be released from any and all lia-
bility arising out of or in any way connected with the issuance
of the Performance Bond in the penal sum of Seventy-Five
Thousand Dollars ($75,000.00) dated June 26, 1970, and
referred to hereinabove and the same is hereby exonerated.
le
I hereby certify that the foregoing Resolution was
regularly introduced and adopted by the City Council of
the City of South San Francisco at a regular
meeting held on the ~8th day of June
lg 73 , by the following vote:
AYES, COUNCILMEN Patrick E. Ahem, Wi I I lam A. Borba, F. Frank
Mammini, Terry J. Mirri and Warren Steinkamp
NOE S, " None
ABSENT, " None