Reso 2008-1280 - Laserfiche WebLink

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SUNNY ISLES BEACH CGA PROJECT 05-4893,10# 20124 Simultaneously with the conveyance of the sewer facilities, the CITY shall deliver to the COUNTY an executed maintenance bond, which guarantees the warranty. If it becomes necessary to repair and/or replace any of the facilities during the initial one (1) year period, then the warranty as to those items repaired and/or replaced shall continue to remain in effect for an additional period of one (1) year from the date of final acceptance by the COUNTY of those repairs and/or replacement. The bond shall be in the amount equal to the sum of those portions of the actual cost of construction of said facilities as follows: Types of Facilities Percentaqe of Actual Construction Cost Sewer force mains 25 Gravity sewers 50 Sewage pumping stations and related facilities 100 The bonds shall have as the surety thereon only such surety company as is acceptable to the COUNTY and which is authorized to write bonds of such character and amount under the laws of the State of Florida. A surety company must have a Best's Key Rating Guide General Policyholder's Rating of "A" or better and a Financial Category of Class "V" or better or be acceptable to the COUNTY. The attorney-in-fact or other officer who signs a bond must file with such bonds a certified copy of his power-of-attorney authorizing him to do so. The Maintenance Bond may be written with the CITY'S contractor as "Principal" and the CITY and the COUNTY as "Co-obligees" or the COUNTY as sole "Obligee". In the alternative, the CITY may be named as "Principal" and the COUNTY as "Obligee". The Maintenance Bond shall remain in force for one (1) year following the date of final acceptance by the COUNTY of the work done pursuant to this Agreement to protect the