Resolved
(1) That it be approved in principle that the Council act as surety for Graven Hill Development Company (Dev Co) in respect of three performance bonds (up to the sum referred to the exempt Annex to the Minutes, as set out in the Minute Book) relating to the construction of highway works by Dev Co pursuant to agreements between Dev Co and Oxfordshire County Council (as local highway authority) to be made under section 38 of the Highways Act 1980.
(2) That authority be delegated to the Shareholder Representative to agree the formal documentation in relation to the bonds, in consultation with the s.151 Officer and the Monitoring Officer.
(3) That it be agreed that Dev Co be requested to pay to the council 1% of the value of the agreed bonds for use of the facility.