HomeMy WebLinkAboutB & B Builders and Supply-1/28/2013MERCHANTS,
BONDING COMPANY,.
MERCHANTS BONDING COMPANY (MUTUAL) • MERCHANTS NATIONAL BONDING. INC.
2100 FLEUR DRIVE • DES MOINES. IOWA 50321-1158 • (800) 678-8171 • (S1S) 243-3854 FAX
MAINTENANCE BOND
KNOW ALL PERSONS BY THESE PRESENTS:
That B & B Builders & Supply
Bond No.IAC116624
of Waterloo, Iowa
as Principal, and the Merchants Bonding Comoanv (Mutual) of Des Moines, Iowa as Surety are
held and firmly bound unto the City of Waterloo, Iowa
in the penal sum of
—One Hundred Eight Thousand, Nine Hundred Fifty -Two and 08/100— (—$108,952.08—)
DOLLARS, lawful money of the United States of America, for the payment of which, well and truly to be
made, the Principal and Surety bind themselves, their and each of their heirs, executors, administrators,
successors and assigns, jointly and severally, firmly by these presents.
Signed and delivered this 8th day ofJanuary 2013
WHEREAS, the Principal entered into a certain contract, dated the 921 day of i).et
f3/ with the City of Waterloo, Iowa
to furnish all the material and labor necessary for the construction of
F. Y. 2012 Sidewalk Repair Program - Zone 2, City of Waterloo, Iowa, Contract No. 824
in conformity with certain specifications; and
WHEREAS, a further condition of said contract is that the Principal should famish a bond of indemnity,
guaranteeing to remedy any defects in workmanship or materials that may develop in said work within a
period of two (2) years from the date of acceptance of the work under said contract; and
WHEREAS, the above work has been completed and accepted and if not accepted will be automatically
accepted upon the filing of this maintenance bond; and
WHEREAS, the Merchants Bonding Company (Mutual) of Des Moines, Iowa for valuable
consideration, has agreed to join with said Principal in such bond or guarantee, indemnifying said
City of Waterloo, Iowa as aforesaid;
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal does
and shall, at the Principal's own cost and expense, remedy any and all defects that may develop in said
work, within the period of two (2) years from the date of acceptance of the work under said contract, by
reason of bad workmanship or poor material used in the construction of said work, and shall keep all
work in continuous good repair during said period, and shall in all other respects, comply with all the
terms and conditions of said contract with respect to maintenance and repair of said work, then this
obligation to be null and void; otherwise to be and remain in full force and virtue in law.
It is agreed that while the Principal shall be and remain liable for failure to adhere to the specifications
which form the basis for the work, the Surety, inasmuch as the original work was not bonded, shall be
obligated only to assure the maintenance of the work in the condition in which it existed at the time the
work was accepted. Any obligation beyond this shall be that of only the Principal.
Approved�
By eeelA
B & B Builders & Supply
BPnncipal„ a A 9izzrty
By
CON 0304 (2/12) John R. Fay, Atto ney-in-Fact & Iowa Resident Agent
Merchants Bondi g Company (Mutual)
MERCHANTS
BONDING COMPANY.
POWER OF ATTORNEY
Know All Persons By These Presents, that MERCHANTS BONDING COMPANY (MUTUAL) and MERCHANTS NATIONAL BONDING,
INC., both being corporations duly organized under the laws of the State of Iowa (herein collectively called the "Companies"),
and that the Companies do hereby make, constitute and appoint, individually,
John W. Ahrold, John R. Fay, Matthew R. Fay, Karlene K. Kentner, Lauri A. Meneough,
Abigail R. Mohr, Jennifer D. Stark
of Des Moines and State of Iowa their true and lawful Attomey-in-Fact, with full power
and authority hereby conferred in their name, place and stead, to sign, execute, acknowledge and deliver in their behalf as surety
any and all bonds, undertakings, recognizances or other written obligations in the nature thereof, subject to the limitation that any
such instrument shall not exceed the amount of:
FIFTEEN MILLION ($15,000,000.00) DOLLARS
and to bind the Companies thereby as fully and to the same extent as if such bond or undertaking was signed by the duly
authorized officers of the Companies, and all the acts of said Attomey-in-Fact, pursuant to the authority herein given, are
hereby ratified and confirmed.
This Power-of-Attomey is made and executed pursuant to and by authority of the following By -Laws adopted by the Board of
Directors of the Merchants Bonding Company (Mutual) on April 23, 2011 and adopted by the Board of Directors of Merchants National
Bonding, Inc., on October 24, 2011.
"The President, Secretary, Treasurer, or any Assistant Treasurer or any Assistant Secretary or any Vice President shall have
power and authority to appoint Attomeys-in-Fact, and to authorize them to execute on behalf of the Company, and attach the
seal of the Company thereto, bonds and undertakings, recognizances, contracts of indemnity and other writings obligatory in
the nature thereof.
The signature of any authorized officer and the seal of the Company may be affixed by facsimile or electronic transmission to
any Power of Attomey or Certification thereof authorizing the execution and delivery of any bond, undertaking, recognizance,
or other suretyship obligations of the Company, and such signature and seal when so used shall have the same force and
effect as though manually fixed."
In Witness Whereof, the Companies have caused this instrument to be signed and sealed this 17th day of October , 2012 .
STATE OF IOWA
COUNTY OF POLK ss.
MERCHANTS BONDING COMPANY (MUTUAL)
MERCHANTS NATIONAL BONDING, INC.
By
/7;-/Z,
President
On this 17th day of October , 2012 , before me appeared Larry Taylor, to me personally known, who being by me duly sworn did
say that he is President of the MERCHANTS BONDING COMPANY (MUTUAL) and MERCHANTS NATIONAL BONDING, INC.; and
that the seals affixed to the foregoing instrument is the Corporate Seals of the Companies; and that the said instrument was signed and
sealed in behalf of the Companies by authority of their respective Boards of Directors.
In Testimony Whereof, I have hereunto set my hand and affixed my Official Seal at the City of Des Moines, Iowa, the day and year
first above written.
MARANDA GREENWALT
• • Commission Number 770312
My Commission Expires
ow
October 28,2014
STATE OF IOWA
COUNTY OF POLK ss.
Notary Public, Polk County, Iowa
I, William Warner, Jr., Secretary of the MERCHANTS BONDING COMPANY (MUTUAL) and MERCHANTS NATIONAL BONDING, INC.,
do hereby certify that the above and foregoing is a true and correct copy of the POWER-OF-ATTORNEY executed by said Companies,
which is still in full force and effect and has not been amended or revoked.
this
In Witness Whereof, I have hereunto set my hand and affixed the seal of the Companies on
8th day of January , 2013 .
POA 0014 (11/11)
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