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RESOLUTION NO. 2164 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION AUTHORIZING THE RELEASE OF PERFORMANCE <br />BOND FOR DEVELOPMENT AGREEMENT NO. 85-71, <br />ELECTRIC EQUIPMENT SERVICE CORPORATION <br />WHEREAS, the Developer, Electric Equipment Service <br />Corporation, submitted a Performance Bond in the amount of <br />$10,000 as required by Development Agreement No. 85-71; and <br />WHEREAS, the Developer has requested release of the bond <br />(No. RCN278736); and <br />WHEREAS, the Developer has submitted a $1,000 7-year <br />Letter of Credit for ponding and drainage maintenance; and <br />WHEREAS, the Developer has completed the requirements of <br />Development Agreement No. 85-71; <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of <br />( the City of Mounds View authorizes the release of Performance <br />Bond No. RCN278736; <br />BE IT FURTHER RESOLVED that the Developer's security be <br />reduced to $1,000 for the maintenance and operation of the storm <br />water holding pond; <br />BE IT FINALLY RESOLVED that the City of Mounds View <br />accepts the water and sewer mains installed on the Mustang Drive <br />extension right-of-way to the south that are completed and <br />operational. <br />ATTEST: <br />(SEAL) <br />Adopted this 23rd day of February, 1987. <br />Mayor <br />Clerk -Administrator <br />