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Resolution 416 RESOLUTION NO. 416 WHEREAS, the Common Council of the City of Gilroy has heretofore approved the plat and map of the subdivision of certain property within the City of Gilroy owned by GILROY HOMES COMPANY, a co-partnership consisting of the DeBell Corporation and Arnold-Day Corporation, known and designated as''''Tract No. 1784-, Sherwood park, Unit Noo lit, upon the condition that the owners of said tract shall furnish and install sewer and water mains, storm drainage facilities, grade and pave streets, construct sidewalks, curbs and t,'Utters, furnish and install fire hydrants and alarm boxes, and electroliers, all to the satisfaction of the said Co~non Council of the City of Gilroy, and furnish a satisfactory bond condit- ioned upon the faithful performance of the aforesaid conditions; and, WHEREAS, the said GILROY HOMES COMPANY has heretofore and prior to the approval of tne aforesaid map entered into a written agreement with the City of Gilroy, dated the 26th day of JUly, 1956, in which one M. CHIESA is also a party, that it will furnish and install all of the aforesaid facilities and improvements, and in addi tion furnish a bond to be executed by a responsible surety company in the sum of Fifty ($50,000) Thousand DOllars, to be conditioned upon the faithful performance of said agreement; and, WHEREAS, the said agreement als 0 provides that the said Gilroy Homes Company and said M. Chiesa and the said City of Gilroy will also furnish and install certain water mains with the cost thereof to be shared by the said Gilroy Homes Company, M. Chiesa, and the City of Gilroy in certain proportions; and, WHEREAS, the said Gilroy Domes Company has fully perfo rmed all the condi tions and agreements set forth in the aforesaid agreement made with the said City of Gilroy, and the conditions upon which said bond was issued have been fulfilled and the said Gilroy Homes Company should be released from any --,. further obligations thereunder and the bond declared terminated and no longer in effecto NOW, THEREFORE, BE IT HESOLVED: That the Common Council of the City of Gilroy does hereby declare that all the conditions set forth in the said agreement dated July 26, 1956, have been complied with by the said Gilroy Homes Company, and that the said bond which has heretofore been executed by Gilroy Homes Company in the swn of $50,000 shall be terminated and declared to be no longer in effect and the surety thereon exonerated and released from all liabilityo PASSED and ADOPTED this 7th day of January, 1957, by the following vote: AYES : NOES : Councilmen Pate, Sanchez, Petersen, Rush, Wentworth Councilmen None ABSENT: Gallo e III Attest: City Clerk 2