Resolved
(1) That it be approved in principle that the Council act as surety forGraven Hill Development Company (Dev Co) in respect of a performance bond (up to the sum referred to in the exempt Annex to the Minutes, as set out in the Minute Book) relating to the construction of highway works by Dev Co on land at A41 Pioneer Roundabout pursuant to an agreement between Dev Co and Oxfordshire County Council (as local highway authority) to be made under section 278 of the Highways Act 1980.
(2) That authority be delegated to the Shareholder Representative to negotiate and agree the formal documentation in relation to that bond, in consultation with the s.151 Officer and the Monitoring Officer (or, in the event they are conflicted, their nominated deputies).
(3) That it be agreed that Graven Hill Development Company (Dev Co) be requested to pay to the council 1% of the value of the agreed bond for use of the facility.