Resolution 600
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RESOLUT ION NO. 600
RESOLUTION TERMINATING L~ILITY UNDER BOND GIVEN FOR
FAITHFUL PERFORMANCE OF OBLIGATIONS OF COAST COUNTIES
GAS ARD ELECTRIC COMPANY I ASSUMED BY PACIFIC GAS AND
ELECTRiIC: COMPANY IN FRANCHISE AGREEMENT AUTHORIZED BY
ORDINANCES NO. 453 AND NO. 454, AND RELEASING SURETY UNDER
SAm BONDS FROM ALIt:"LIABILITY.
WHEREAS, COAST COUNTIES GAS AND ELECTRIC COMPANY
was heretofore granted a franchise for furnishing and distri-
buting gas to the people of the City of Gilroy under Ordinance
No. 453, and also granted a franchise for furnishing and dis-
tributing electricity to the said area under Ordinance No.
454 of the City of Gilroy, and the law at the time said
Franchises were granted required the Franchise holder to
furnish a bond for the faithful performance of the obligations
set forth in the Franchise Agreement, and the said COAST
COUNTIES GAS AND ELECTRIC COMPANY did heretofore furnish a bond
under each of said Franchises in the sum of ONE THOUSAND ($1,000.00)
DOLLARS, with the Pacific Indemnity Company as the Surety on
each of the bonds; and,
WHEREAS, the said COAST COUNTIES GAS AND ELECTRIC
COMPANY was thereafter succeeded by PACIFIC GAS AND ELECTRIC
COMPANY which assumed the obligations of said CQNST COUNTIES
GAS AND ELECTRIC COMPANY; and,
WHEREAS, in the year 1957, the said Franchises to the
COAST COUNTIES GAS AND ELECTRIC COMPANY were terminated and
a new franchise under Ordinance No. 550, covering the transmission
and distribution of gas, and Ordinance No. 551 covering the trans-
mission and distribution of electricity were awarded to said
PACIFIC GAS AND ELECTRIC COMPANY, and said Franchises are now
in effect; and,
WHEREAS, the law under which the said Franchises granted
in 1957 does not require the furnishing of any bond and it is
not necessary that said bonds heretofore given be continued in
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effect, and no benefit will derive to the City of Gilroy
by continuing said bonds in effect, and it is the wish of
all parties concerned that said bonds be terminated.
NOW, THEREFORE, BE IT RESOLVED:
That the aforementioned bonds are no longer required
by the City of Gilroy and that all liability of the surety
on each of said bonds be, and the same is hereby terminated,
released and cancelled, and the surety is hereby exonerated
from all further obligation under said bonds and each of them.
PASSED AND ADOPTED this 6th day of February, 1961,
by the following vote:
NOES:
MEMBERS OF COUNCIL: Goodrlch,Jordan,Pate,
Petersen,Rush,Wentworth, and Sanchez.
MEMBERS OF COUNCIL: None
AYES:
ABSENT:
MEMBERS OF COUNCIL: None
APPROVED:
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ATTEST:
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CITY CLE
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SUSANNE E. PAYNE
,
City Clerk of the City of Gilroy, do hereby certify that
the attached Resolution No. 600 is an original
resolution, duly adopted by the Council of the City of
Gi1r07 at a regular meeting of said Council held on the
6th day of February ; 19..2l, at '-1hich
meeting a quorum was present.
IN l-IITNESS ~'JHEREOF, I have hereunto set my hand
and affixed the official seal of the City of Gilroy, this
7th day of F~bruar~
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