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RESOLUTION APPROVING THE REDUCTION OF CERTAIN <br />PERFORMANCE BONDS FOR THE CONSTRUCTION OF CERTAIN <br />SIDEWALKS WITHIN INDIAN HILLS PLAT NOS. 6, 7, AND 8, <br />CITY OF CLIVE, IOWA, AND AUTHORIZING THE <br />MAYOR AND CITY CLERK TO EXECUTE THE NECESSARY <br />ENDORSEMENTS IN ORDER TO IMPLEMENT SAID APPROVAL <br />WHEREAS, the City of Clive, Iowa, is presently protected as <br />Obligee under the following performance bonds for the completion of <br />the construction ot certain sidewalks within the areas commonly <br />known as Indian Hills Plat Nos. 6, 7 and 8, City of Clive, Iowa: <br />Bond No. 34473 in the amount of $38,545, dated March 15, <br />1976, relating to Indian Hills Plat No. 6. The Principal <br />under such bond is Charles I. Colby, Jr. & Clark A. Colby, a <br />Partnership, d /b /a Colby Construction Company and the Surety <br />thereunder is AID Insurance Company (Mutual) of Des Moines, <br />Iowa. <br />Bond No. 37721 in the amount of $58,400, dated August 16, <br />1977, relating to Indian Hills Plat No. 7. The Principal <br />under such bond is Charles I. Colby, Jr. & Clark A. Colby, a <br />Limited Partnership, d /b /a Indian Hills Land Development, Ltd. <br />and the Surety thereunder is AID Insurance Company (Mutual) of <br />Des Moines, Iowa. <br />Bond No. 200948 in the amount of $55,625, dated November <br />29, 1978, relating to Indian Hills Plat No. 8. The Principal <br />under such bond is Charles I. Colby, Jr. & Clark A. Colby, a <br />Limited Partnership, d /b /a Indian Hills Land Development, Ltd. <br />and the Surety thereunder is AID Insurance Company (Mutual) of <br />Des Moines, Iowa. <br />WHEREAS, the above said performance bonds protect the City of <br />Clive from the failure ot the Principal thereunder to construct the <br />sidewalks within the designated Plat as required by law; and <br />WHEREAS, according to the Director of Public Works of the <br />City, the above said Principal under said bonds has completed a <br />portion of the sidewalk construction as so required; and <br />WHEREAS, the City of Clive, due to the completion of such <br />portion ot the construction ot said sidewalks as so required, is <br />desirous or reducing the amount ot the above said bonds to an <br />amount which more aaequately reflects the actual footage of side- <br />walk yet to be constructed. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CLIVE CITY COUNCIL: <br />That the City of Clive hereby approves the reduction of the <br />following bonds in the following amounts and further hereby <br />authorizes the Mayor and the City Clerk to execute the necessary <br />endorsements in order to implement this approval: <br />As to Bond No. 34473, dated March 15, 1976, relating to <br />Indian Hills Plat No. 6, the amount thereof shall be reduced <br />$36,645 from $38,545 to $1,900; and <br />