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Resolution 600 1 ,,<. ':'!: '" 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 - 1 - (c 00 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: ,f~ " OR ATTEST: (f' /J .0 l<<!c('lJ1U/ 0 r;~../ CITY CLE - 2 - I, 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~ , "