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• <br /> RESOLUTION NO. ' P 1,.5 <br /> RESOLUTION APPROVING THE REDUCTION OF ONE PERFORMANCE BOND FOR <br /> THE CONSTRUCTION OF CERTAIN SIDEWALKS WITHIN THE WOODLANDS PLAT <br /> NO. 1, CITY OF CLIVE, IOWA, AND AUTHORIZING THE MAYOR AND CITY <br /> CLERK TO EXECUTE THE NECESSARY ENDORSEMENTS IN ORDER TO IMPLEMENT <br /> SAID APPROVAL <br /> WHEREAS, the City of Clive, Iowa, is presently protected as <br /> Obligee under the following performance bond for the completion <br /> of the construction of certain sidewalks within the area commonly <br /> known as Woodlands Plat No. 1, City of Clive, Iowa: <br /> Bond No. IAC9935 in the amount of $40,500.00, dated <br /> August 15, 1989 relating to Woodlands Plat No. 1. The <br /> Principal under such bond is Mid America Investment Co. <br /> and the Surety thereunder is Merchants Mutual Bonding <br /> Company 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 portion <br /> of the construction of said sidewalks as so required, is desirous <br /> of reducing the amount of the above said bond to an amount which <br /> more adequately reflects the actual footage of sidewalk yet to be <br /> constructed. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> CLIVE, IOWA: <br /> That the City of Clive hereby approves the reduction of the <br /> 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. IAC9935, dated August 15, 1989, relating <br /> to Woodlands Plat No. 1, the amount thereof shall be <br /> reduced $12,960.00 from $40,500.00 to $27,540.00 <br /> PASSED AND APPROVED THIS 3RD DAY OF OCTOBER, 1991 <br /> •. ene' a.dox, »y +r <br /> ATTEST: <br /> r r <br /> Marj +ri = S. Roberts, City Clerk <br />