HomeMy WebLinkAboutresolution.council.025-83RECORD OF PROCEEDINGS 100 Leaves
RESOLUTION NO..
(Series of 1983)
A RESOLUTION RATIFYING THE TERMS OF THE "TAKEOVER AGREEMENT"
BETWEEN THE FIDELITY AND DEPOSIT COMPANY OF MARYLAND ("F&D") AND
THE CITY OF ASPEN, A COPY OF WHICH IS ANNEXED AS EXHIBIT A", WHICH
PROVIDES THAT F&D, AS SURETY FOR TROXEL CONSTRUCTION COMPANY
(wHICH DEFAULTED UNDER A 1982 "PHASE II" WATER MAIN EXTENSION CON-
TRACT WITH THE CITY), WILL ASSUME THE OBLIGATIONS OF THE DEFAULT-
ING CONTRACTOR AND COMPLETE THE ORIGINAL CONTRACT; AND AUTHORIZING
AND DIRECTING THE MAYOR OR THE CITY MANAGER TO EXECUTE EXHIBIT "A"
OR SUCH OTHER DOCUMENTS AS MAY BE NECESSARY TO EFFECT THE TAKEOVER
TRANSACTION
WHEREAS, the City of Aspen and the Troxel Construction Com-
pany in July, 1982, entered into a contract for the construction
of Phase II, 1982 Water Main Extensions, and thereafter the
contractor defaulted on his obligations thereunder; and
WHEREAS, the Fidelity and Deposit Company of Maryland
("F&D"), as surety for the contractor under a Performance, Labor
and Material Payment and Maintenance bond, has responded to the
City's demands for performance under that bond; and
WHEREAS, the F&D will perform its obligations pursuant to the
Takeover Agreement annexed hereto as Exhibit "A"; and
WHEREAS, the City Council determines that it is in the best
interests of the City to adopt the Takeover Agreement, which is in
furtherance of the original Contract;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
That the Takeover Agreement between City and Fidelity and
Deposit of Maryland, annexed hereto as Exhibit "A", is hereby
approved and adopted.
Section 2
That the Mayor or
to execute Exhibit "A"
the City Manager is authorized and directed
and such other documents as are necessary
RECORD OF PROCEEDINGS
100 Leaves
to complete the transaction after such documents
to form by the City Attorney.
Dated:
are approved as
/~illiam L. Stirling, Ma~or
I, Kathryn S. Koch, duly appointed and acting City Clerk do
certify that the foregoing is a true and accurate copy of that
resolution adopted by the City Council of the City of Aspen,
Colorado, at a meeting held '
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