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RESOLUTION NO. SV -a <br /> RESOLUTION APPROVING THE REDUCTION <br /> OF ONE PERFORMANCE BOND FOR THE <br /> CONSTRUCTION OF CERTAIN SIDEWALKS WITHIN <br /> ARBOR OAKS PLAT NO. 3 <br /> CITY OF CLIVE, IOWA, AND AUTHORIZING <br /> THE MAYOR AND CITY CLERK TO EXECUTE THE <br /> NECESSARY ENDORSEMENTS IN ORDER TO <br /> IMPLEMENT SAID APPROVAL <br /> WHEREAS, the City of Clive, Iowa, is presently protected as <br /> Obligee under the following performance bond for the completion of <br /> the construction of certain sidewalks within the area commonly <br /> • known as Arbor Oaks Plat No. 3, City of Clive, Iowa: <br /> Bond No. 381078 in the amount of t2.1 7a_ , dated <br /> November 3, 1978 relating to Arbor Oaks Plat No. 3. The Princi- <br /> pal under such bond is Jerry's Homes, Inc. and the Surety there- <br /> under is Merchant Mutual Bond Co. of Des Moines, Iowa. <br /> WHEREAS, the above said performance bond protects the City of <br /> Clive from the failure of the Principal thereunder to construct <br /> the sidewalks within the designated Plat as required by law; and <br /> WHEREAS, according to the Director of Public Works of the City, <br /> the above said Principal under said bond has completed a portion <br /> of the sidewalk construction as so required; and <br /> WHEREAS, the City of Clive, due to the completion of such por- <br /> tion of the construction of said sidewalks as so required, is de- <br /> sirous of reducing the amount of the above said bond to an amount <br /> which more adequately reflects the actual footage of sidewalk yet <br /> to be constructed. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF CLIVE, IOWA: <br /> That the City of Clive hereby approves the reduction of <br /> the following bond in the following amount and further hereby <br /> authorizes the Mayor and City Clerk to execute the necessary <br /> endorsements in order to implement this approval: <br /> As to Bond No 381078, dated November 3, 1978, relating <br /> to Arbor Oaks Plat No. 3, the amount thereof shall be re- <br /> duced from $21,725 to $7,718. <br /> PASSED AND APPROVED this 16th day of February, 1984. <br /> tfte A ��� �� • <br /> O. Gene .dbox, Mayor <br /> ATTEST: <br /> � Z erk <br /> ar Cit � M J y <br />