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<br />I <br />I 15.2 <br />I <br /> 15.3 <br />I <br />I 15.4 <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> 15.5 <br />I <br />I <br />07/04 <br />I <br /> <br />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 /> <br />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 /> <br />Qualifications: As to companies being rated acceptable: <br /> <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 /> <br />In addition to the above - minimum qualifications, the Surety Company must <br />meet the following additional qualifications. <br /> <br />a. 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 /> <br />b. The Surety Company shall have at least the following minimum <br />ratings: <br /> <br />Amount of Bond <br />100,000 to 1,000,000 <br />higher <br />1,000,001 to 2,000,000 <br />higher <br />2,000,001 to 5,000,000 <br />higher <br /> <br />Policyholder's Ratin!1 <br />B+ + <br /> <br />Financial Size Cate!1ory <br />Class V or <br /> <br />A- <br /> <br />Class VI or <br /> <br />A <br /> <br />Class VII or <br /> <br />c. All Surety Companies are subject to review and approval by the <br />Owner and may be rejected without cause. All bonds signed by an <br />Agency must be accompanied by a certificate of authority to act. <br /> <br />The Surety Company shall submit verification from the Department of <br />Insurance Office of the Treasurer stating the surety company's license and <br />certificate of authorization to do business in the State of Florida. <br /> <br />00100-6 <br /> <br />03-4174 <br />