HomeMy WebLinkAboutResolution - 012777P - Release - Fidelity & Deposit Company Of Maryland - MTC Bankruptcy Lawsuit - 01_27_1977r ( KJ:bsb
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RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the MAYOR of the CITY OF LUBBOCK, BE and is hereby authorized and
directed to execute for and on behalf of the CITY OF LUBBOCK a Release to
Fidelity and Deposit Company of Maryland covering the Modular Technology
Corporation bankruptcy lawsuit, attached herewith which shall be spread upon
the Minutes of the COUNCIL and as spread upon the Minutes of this COUNCIL
shall constitute and be a part of this Resolution as if fully copied herein
in detail.
Passed by the,City Council this 27t1day of January 1977.
ROY BASS, MAYOR
ATTEST:
Treva Phillips, City Secretary -Treasurer
APPROVED AS TO FORM:
0. Senter, Jr., y ttorney
R E L E A S E
KNOW ALL MEN BY THESE PRESENTS, that the undersigned,
CITY OF LUBBOCK, TEXAS, for and in consideration.of the sum
of FORTY-ONE THOUSAND SEVEN HUNDRED TWENTY-ONE DOLLARS
($41,721.00) to it in hand paid by FIDELITY AND DEPOSIT COMPANY
OF MARYLAND,..the receipt whereof is. hereby acknowledged, has
remised, released, and forever discharged, and by these presents
does hereby remise, release, and forever discharge, the
FIDELITY AND DEPOSIT COMPANY OF MARYLAND of, from and against
any and all claims, demands, suits, and causes of action, at
law or in equity, -that it now has, may or can hereafter have,
for and on account of that certain Performance Bond No.
592 12 24 dated May 11, 1973, executed by FIDELITY AND DEPOSIT -
COMPANY OF MARYLAND as surety on behalf of MODULAR TECHNOLOGY
CORPORATION as principal to the undersigned obligee in the
amount of One Million Seven Hundred Ninety -One Thousand Dollars .
($1,791,000.00) securing the performance of contract of
MODULAR TECHNOLOGY CORPORATION with the CITY OF LUBBOCK dated.
May 11, 1973.
IN WITNESS WHEREOF, the undersigned, CITY OF LUBBOCK,
TEXAS, has caused this Release to be executed by its Mayor
and attested by its City Secretary -Treasurer, and its Seal
hereunto affixed, pursuant to the authorization of the Statutes
of the STATE OF TEXAS and the ordinances of the CITY OF LUBBOCK,
TEXA$;` this t 2'7th',•- day of January 1977.
CITY OF LUBBOCK, TEXAS
By
ATTEST: Mayor
City Secretar -Treasurer