HomeMy WebLinkAboutNO RES # Bond DischargeRE'S 0LU`.0 I ON
WHEREAS, GENERAL DEVELOPMENT CORPORATION has made
certain surety bonds for the grading and paving of streets and
!� for the completion of canals in several plats of Sebastian
i
Highlands, and
WHEREAS,.a great savings in bond premiums can be.
obtained if said surety bonds are discharged and GENERAL
DEVELOPMENT CORPORATION makes a proper performance bond in lieu
thereof, and
WHEREAS, .GENERAL DEVELOPMENT CORPORATION and THE
CITY OF SEBASTIAN, through its City Council, have agreed to
equally share in said savings in surety bond premiums, and
WHEREAS, it is deemed in the best interest of the
CITY OF SEBASTIAN to accept a performance bond in lieu of said
surety bonds from GENERAL DEVELOPMENT CORPORATION;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF
SEBASTIAN, FLORIDA, BY AND THROUGH ITS CITY COUNCIL, as follows:
1.
GENERAL DEVELOPMENT
CORPORATION, as Principal,
and CONTINENTAL
CASUALTY COMPANY,.as
Surety, are hereby relieved
and discharged
from the following
surety bonds, effective as
of the date hereof, to -wit:
Surety Bond No.
Amount
Plat Designation
2108984
$38,330.00
Sebastian Highlands
Unit 2
2108981
$40,000.00
Sebastian Highlands
Unit 3
2108987
$27,000.00
Sebastian Highlands
Unit 4
21,08986
$16,000.00
Sebastian Highlands
Unit 5
2108985
$21,000.00
Sebastian Highlands
Unit 6
2108984
$7616.70.00
Sebastian Highlands
Unit 8
2117881
$16,406.00
Sebastian Highlands
Unit 9
2108982
$175,900.00
Sebastian Highlands
_
Unit 10
2. In
lieu of said surety bonds, GENERAL DEVELOPMENT
CORPORATION has
submitted its Performance Bond —,-,executed under
date of March 1,
1970, which is hereby accepted, ratified and
confirmed by THE
CITY OF SEBASTIAN,
and the Mayor and Clerk of
j, the City of Sebastian are hereby authorized and directed to
I; countersign said
Performance Bond.
THIS RESOLUTION was dulyado to
P y the Citon �ci �
.s