HomeMy WebLinkAboutCC Res 1971 1971-04-06
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RESOLUTION NO. 191/
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH APPROVING THE AMERICAN INSURANCE
COMPANY FRANCHISE BOND NO. SL-6223041 FILED
NOVEMBER 17, 1970 ON BEHALF OF STANDARD GAS
COMPANY UNDER ORDINANCE NO. 474; AND EXONERATING
PACIFIC INDEMNITY COMPANY FROM LIABILITY UNDER
ORDINANCE NO. 474 ARISING AFTER NOVEMBER 18, 1970.
WHEREAS, Ordinance No. 474 granted a certain thirty year pipe line and
related facilities franchise to Hancock Oil Company and its successors and
assigns on June 28, 1955, upon condition (Section 12 of Ordinance No. 474)
that said franchisee maintain with the City a $1,000.00 Franchise Bond
conditioned that franchisee will well and truly observe, fulfill and perform
each and every term and condition of said Franchise, and in case of a breach
of condition of said bond the whole amount of the penal sum therein named
shall be taken and deemed to be liquidated damages and shall be recoverable
from the principal and surety or sureties upon said bond, and
WHEREAS, Standard Gas Company, an Idaho corporation, a partial assignee
of said franchise from Hancock Oil Company, did, as principal, on Nov-
ember 1, 1955 file with the City of Seal Beach, Pacific Indemnity Company
Bond No. 311830 in compliance with the provisions of Section 12 of said
Ordinance No. 474, and
WHEREAS, on November 17, 1970, Standard Gas Company, an Idaho corpor-
ation, as principal, did file a new, substitute replacement bond, namely, The
American Insurance Company, a New Jersey corporation, Bond No. SL-6223041
with the City of Seal Beach, and
WHEREAS, the City Attorney of the City of Seal Beach has approved the form
of said The American Insurance Company Bond No. SL-6223041.
NOW, THEREFORE, the City Council of the City of Seal Beach does resolve
as follol~s:
Section 1. Pursuant to the provisions of Section 12 of Ordinance No. 474,
the City Council of the City of Seal Beach does hereby approve The American
Insurance Company Franchise Bond No. SL-6223041 filed herein November 17,
1970 on behalf of Standard Gas Company, an Idaho corporation, as principal,
and
ATTEST:
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