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A RESOLUTION AUTHORIZING THE CITY OF JONESBORO TO ENTER INTO A FULL RELEASE AND ASSIGNMENT WITH AMERICAN CONTRACTORS INDEMNITY COMPANY
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WHEREAS, the City of Jonesboro and American Contractors Indemnity Company (ACIC) have entered into an agreement to provide for (ACIC) to act as surety for Chapel Hill Subdivision Phase II;
WHEREAS, The City of Jonesboro will be paid the sum of Forty Thousand One Hundred Forty Five Dollars ($40,145.00) to cover the cost of completing required improvements.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL FOR THE CITY OF JONESBORO, ARKANSAS THAT:
Section 1: That the City of Jonesboro shall enter into a Full Release and Assignment of Claim to surety, American Contractors Indemnity Company, in return for the payment of $40,145.00 to City of Jonesboro.
Section 2: Mayor Harold Perrin and City Clerk Donna Jackson are hereby authorized to execute such documents as are necessary to effectuate this Release and Assignment.
PASSED AND APPROVED this 2nd day of April, 2013.