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HomeMy WebLinkAbout1696 RESOLUTION NO. 1696 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, APPROVING AND ACCEPTING BOND TO GUARANTEE PERFORMANCE OF CONDITIONS OF FRANCHISE BY PACIFIC ELECTRIC RAILITAY COMPANY. THE CITY COUNCIL OF THE CITY OF ARCADIA DOES RESOLVE AS FOLLOWS:' SECTION 1. iVHEREAS, by the terms of Ordinamce No. 297 of the City of Arcadia, Pacific Electric Railway Company, was awarded a franchise to maintain a spur track across Huntington Drive in said city for a period of fifty (50) years. and WHEREAS, said railway company has heretofore fur- nished to the City of Arcndia a surety bond executed by Pacific' Electric Railway Company, as Principal, and St. Paul-Mercury In- demnity Company, as Surety, for the sum of One Thousand Dollars ($1000.00) guaranteeing the performance of the conditions of such franchise, as provided in said Ordinance No. 297, anill WHEREAS, said railway company has requested that the aforesaid surety bond be replaced by a new bond for the same purpo s es :. NOW, THEnEFORE. BE IT RESOLVED that the surety bond executed by Pacific Electric Railway COMpany, as Principal, and Indemnity Insurance Company of North America, as Surety dated July 3, 194~, for the sum of One Thousand Dollars ($1000.00), guaranteeing thffi faithful performance by said Pacific Electric Railway Company of each and every item and condition of said franchise, and as des- cribed in said bond, be. and the same is hereby, approved and ac- cepted upon the terms and conditions therein stated. BE IT FURTIIER RESOLVED that the City Clerk be, and he is hereby, authorized and directed to furnish to the Pacific Electric. Railway Company and the St. Paul-Mercury Indemnity Company a release of liability under the terMS of Bond No. M-4530, which said bondl shall be concelled and superseded by the aforesaid bond dated July 3, 1947, and numbered 122232, effective August 21, 1947. .."~'... ' '....,..... SECTION 2. The City Clerk shall certify to the adoption of this Resolution. I HEREBY CERTIFY that the foregoing Resolution was adopted at a regular meeting of the City Council of the City of Arcadia held on the 19th day of August, 1947.. by the affirmative vote o~ at least three CounCilmen, to wit:- AYES:- CounCilmen, Adcock, OrlJ1sby and :Jlussell NOES: None ABSENT:: Councilmen Leeper and Nugent ~ r L5~ City Clerk of the Cit~ Arcadia SIGNED and APPROVED this 19th day of August, 194~. /11. :<<~/ Mayor of the City 0 Arcadia ATTEST :: $. t: /1+ City Glerk" -2- ~.. . / ...