General Insurance Co. of America v. City of Colorado Springs

QUINN, Justice.

We granted certiorari to review the decision of the Court of Appeals in City of Colorado Springs v. General Insurance Co., Colo.App., 616 P.2d 147 (1980), which reversed a summary judgment entered in favor of corporate sureties and individual defendants on a surety bond issued pursuant to a municipal ordinance in order to secure a municipal corporation against a subdivision developer’s noncompletion of certain street improvements. The Court of Appeals, construing the bond to be a penalty bond, held that nonperformance by the subdivision developer entitled the city to recover…