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RESOLUTION NO. 8,041
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN AGREEMENT WITH JAMES AND HELEN
PATE AND INSURANCE COMPANY OF NORTH AMERICA
TO SETTLE A LAWSUIT ARISING OUT OF THE FAILURE
TO INSTALL IMPROVEMENTS IN RIVER SUBDIVISION
AND TO PAY INSURANCE COMPANY OF NORTH AMERICA
A SUM NOT TO EXCEED $150,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is hereby authorized to pay
to Insurance Company of North America a sum not to exceed
$150,000.00 from the $175,000.00 originally paid by INA to the
City of Little Rock for breach of the performance bond insuring
such completion. This money shall be paid upon receipt of
certification from the Public Works Department that the
improvements have been accepted by the City pursuant to the
terms and conditions approved by the City Attorney's Office.
ADOPTED: October 18, 1988
ATTEST:
-,Q�Af 0 J
CIIK CLERK JAN CZECH
AS TO FORM:
MARK STODOLA, CITY ATTORNEY
APPROVED:
MAYOR LOTTIE SHACKELFORD
440
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