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Council approves setting money aside for bond

April 19, 2012
By DAVID ALEXANDER - Staff Writer (dalexander@timesrepublican.com) , Times-Republican

The Marshalltown City Council adopted a resolution to set aside money for a bond requirement in relation to the suit the city filed against the owner of 135 E. Main St. following a closed meeting Monday night.

As part of the lawsuit it filed, the city asked for a temporary injunction freezing the money the property owners' insurance company awarded, said Curt Ward, city attorney.

A hearing to grant or deny that injunction is set for 9 a.m. Friday. If the judge grants the injunction, he will also set the amount in damages the city must pay the property owner for tying up his money should the court find in their favor.

Ward said, to the best of his knowledge, the insurance company paid the property owner roughly $400,000. The bond could be as high as $500,000.

The council decided to set aside the money to avoid paying the $8,500 premium set by the insurance company at the expense of the taxpayers, Ward said.

The council is still assessing contractors and costs, Ward said, and no date has been set to start the cleanup.

The hearing will be open to the public.

 
 

 

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