HomeMy WebLinkAbout76-06CITY OF LAKEVILLE
DAKOTA COUNTY, MINNESOTA
RESOLUTION REDUCING THE AMOUNT OF THE CERTIFICATE OF
DEPOSIT ASSIGNED TO THE CITY FOR STORM SEWER IMPROVE-
MENT IN WOODBURY 1ST ADDITION.
WHEREAS, in compliance with its contract with the City for
the construction of storm sewer in Woodbury 1st Addition Dakota Land
and Development, Inc. (Contractor) has furnished a Certificate of
Deposit in the amount of $93,037.50 to guarantee the performance of
its contractual obligations; and
WHEREAS, the Contractor has requested that the Certificate
of Deposit be reduced by $16,000.00; and
WHEREAS, the City Engineer has informed the City Council
that the certificate can be reduced by $16,000.00 without jeopardizing
the City's need for security.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COU14CIL:
The Certificate of Deposit assigned to the City by the Con-
tractor in the amount of $93,037.50 to secure completion of storm sewers
in Woodbury lst Addition shall be reduced to $77,037.50.
Adopted this 2nd day of February, 1976.
CITY OF LAKEVILLE
BY: Eyt�ti j
Edward Mako, Mayor
ATTEST:
Marceline Hemstrom, Clerk