HomeMy WebLinkAboutM1982-0064 - 04/07/19820 0
MOTIONS - 4/7/82
14. An indemnity agreement be accepted from Champlin Petroleum Company and
the requirements of the Land and Bay Drilling Ordinances for bonds and
insurance be waived. The ordinances provide for operators to be
self- insured, subject to approval of the City Council, if the net
worth of the operator is in excess of $20 million. The annual report
of Union Pacific Corporation and subsidiary companies, one of which is
Champlin Petroleum Company, indicates that stockholders equity
amounted to over $3 billion as of December 31, 1981. (See staff memo)
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