HomeMy WebLinkAboutCity Council Resolution 1979-075CITY OF PLYMOUTH
Pursuant to dui- call and notice thereof, a Special meeting of
the City Council of the City of Plymouth, Minnr esota was heTd on the
29th day of January , 19 79. The following members were
present: Mayor Hunt, Councilmembers Hoyt, Neils and Spaeth
The following members were absent: Councilmember Seibold
Councilmember Spaeth introduced the t— lowing Resolution and
moved its adoption:
RESOLUTION 79- 75
ESTABLISHING POLICY REGARDING REQUIRED NOTICE TO CITY AS A TERM OF FINANCIAL GUARANTEE
SUBMITTED TO ASSURE COMPLETION OF APPROVED IMPROVEMENTS
WHEREAS, City ordinances require the submission of financial guarantees to assure for
completion of approved public and private improvements; and
WHEREAS, said financi1 guarantees are normally instruments such as irrevocable letters
of credit and 'bonds which may establish automatic expiration dates when 'he instrument
becomes totally null and void unless fully drawn upon by the City; and
WHEREAS, the monitoring of the expiration dates of such financial guarantees represents
an administrative burden and cost to the City which can be effectively borne by the
individual or institution providing the financial guarantee;
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, that it should and hereby does, establish a Policy requiring all instruments
submitted as financial guarantees to assure the completion of approved public and private
improvements to contain the following language:
It is a condition of this financial guarantee that it shall be deemed automatically
extended without change for six months from the present or any future expiration
date(s) unless sixty days prior to the expiration date(s) we shall notify the
City in writing by certified mail that we elect not to consider this financial
guarantee renewed for an additional period.
The motion for the adoption of the foregoing Resolution was duly seconded by
and upon vote being taken thereon, the
following voted 171 rayor thereof', Ma9 nr Hent_ Councilmembers Hoyt.
T9*0110WIng Voted against orabstained;
Whereupon the Resolution was declared duly pa%%ed and a opte ,
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