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' b. Labor and Material Payment Bond guaranteeing full and proper <br />protection of all claimants supplying labor and materials in the Work <br />in an amount equal to 100 percent of the Contract Sum. <br />' <br />15.2 Bonds shall be executed by Surety authorized to do business in the State of <br />Florida and listed on the latest U.S. Treasury Department list of companies <br />' holding certificates of authority as acceptable sureties on Federal Bonds. <br />15.3 Bonds executed by an Attorney -in -Fact on behalf of the Surety, shall have <br />' affixed thereto a certified and current copy of Power of Attorney, indicating <br />the monetary limit of such power. <br />' 15.4 Qualifications: As to companies being rated acceptable: <br />05/04 00100 -6 03 -4465 <br />A Bid Bond and Performance and Payment Bond must be executed by a <br />Surety Company of recognized standing, authorized to do business in the <br />State of Florida and having been in business with a record of successful <br />continuous operation for at least (5) years. <br />In addition to the above — minimum qualifications, the Surety Company must <br />meet the following additional qualifications. <br />Sa. <br />The City will accept a surety bond from a company with a rating of <br />B+ + or better for bonds up to $1 million, provided, however, that if <br />any Surety Company appears on the watch list that is published <br />quarterly by Intercom of the Office of the Florida Insurance <br />Commissioner, the City shall review and either accept or reject the <br />Surety Company based on the financial information available to the <br />City. A Surety Company that is rejected by the City may be <br />substituted by the bidder or proposer with a surety company <br />acceptable to the City, only if the bid amount does not increase. <br />b. The Surety Company shall have at least the following minimum <br />ratings: <br />Amount of Bond Policyholder's Rating Financial Size Category <br />100,000 to 1,000,000 B+ + Class V or <br />higher <br />1,000,001 to 2,000,000 A- Class VI or <br />higher <br />2,000,001 to 5,000,000 A Class VII or <br />higher <br />by <br />C. All Surety Companies are subject to review and approval the <br />Owner and may be rejected without cause. All bonds signed by an <br />' <br />Agency must be accompanied by a certificate of authority to act. <br />05/04 00100 -6 03 -4465 <br />