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Home My WebLink AboutMerchants Bonding Company/Mary Potter-7/9/2012CITY OF WATERLOO Council Communication City Council Meeting: July 9, 2012 Prepared: June 28, 2012 Dept. Head Signature: Dennis Clark # of Attachments: 1 SUBJECT: Iowa Public Official Bond for Board of Trustees Member Submitted by: Dennis Clark, General Manager of Waterloo Water Works Recommended City Council Action: Receive and place on file the Iowa Public Official Bond for Trustee Mary Potter (Consent Agenda Item) Summary Statement: The Board of Trustees of the Waterloo Water Works approved the Bond at their regular Board meeting on June 27, 2012. Expenditure Required: No City funds are required for this action. The Water Works pays for the cost of the Bond. Source of Funds: Waterloo Water Works operating funds, generated from water sales. Policy Issue: Alternative: Background Information: The original signed Bond form is filed at the Waterloo City Clerk's Office with copies at the offices of the Waterloo Water Works. 1%\ MERCHAN1 BONDING COMPANY 2100 FLEUR DRIVE • DES MOINES, IOWA 50321-1158 (515) 243-8171 • (515) 243-3854 FAX IOWA PUBLIC OFFICIAL BOND Bond No. IA 596952 KNOW ALL PERSONS BY THESE PRESENTS: That we, MARY POTTER as Principal, and MERCHANTS BONDING COMPANY (Mutual), a corporation duly licensed to do business in the State of Iowa, as Surety, are held and firmly bound unto the CITY 0 WATERLOO , State of Iowa in the sum of FIVE THOUSAND DOLLARS ( $5,000 ) DOLLARS, lawful money of the United States, for the payment of which, well and truly to be made, we hereby bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally by these presents. THE CONDITION OF THIS OBLIGATION IS SUCH, That whereas, the above bounden Principal having been duly elected or appointed to the office of TRUSTEE in and for the CITY 0 WATERLOO and State of Iowa for the term beginning on 13TH day of JULY , 2012 and ending on 13TH day of JULY , 2014 . he/she will render a true account of his/her office and of his/her doings therein to the proper authority, when required, or by law; that he/she will promptly pay over to the officer or person entitled thereto all moneys which may come into his/her hands by virtue of his/her office; that he/she will promptly account for all balances of money remaining in his/her hands at the termination of his/her office; that he/she will exercise all reasonable diligence and care in the preservation and lawful disposal of all money, books, papers, securities, or other property appertaining to his/her said office, and deliver them to his/her successor or to any other person authorized to receive the same; and that he/she will faithfully and impartially, without fear, favor, fraud or oppression, discharge all duties now or hereafter required of his/her office by law, and the securities on such bond shall be liable for all money or public property that may come into the hands of such officer at any time during his/her possession of such office, then this bond to be void, otherwise to remain in full force and effect. PROVIDED, HOWEVER, that regardless of the number of years this bond may remain in force and the number of claims which may be made against this bond, the liability of the Surety shall not be cumulative and the aggregate liability of the Surety for any and all claims, suits, or actions under this bond shall not exceed the amount stated above. Any revision of the bond amount shall not be cumulative. PROVIDED, FURTHER, that this bond may be canceled by the Surety by sending written notice to the party to whom this bond is payable stating that, not less than thirty (30) days thereafter, the Surety's liability hereunder shall terminate as to subsequent acts of the Principal. Signed this 20TH day of JUNE , 2012 AA, /0getrxt) PRINCIPAL Merchants Bonding Company (Mutual) JANET WILLARD OATH OF OFFICE STATE OF IOWA BLACK HAWK County, ss. I, MARY POTTER solemnly swear that I will support the Constitution of the United States and the Constitution of the State of Iowa, and that I will faithfully and impartially to the best of my ability discharge the duties of the office of TRUSTEE in CITY 0 WATERLOO as now or hereafter required by law. Subscribed and sworn to before me this �$ day of /11/MIKA, Notary ' blic PO 0103 IA (1/09) Commission expires (4 i i , Principal MERCHANT 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, Janet Willard of Waterloo 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: TWENTY MILLION ($20,000,000.00) 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 Attorney -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 Attorney 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 20th day of February , 2012 STATE OF IOWA COUNTY OF POLK ss. MERCHANTS BONDING COMPANY (MUTUAL) MERCHANTS NATIONAL BONDING, INC. By 774_ President On this 20th day of February 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. 4 MARANDA GREENWALT ioii F Commission Number 770312 My Commission Expires 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. In Witness Whereof, I have hereunto set my hand and affixed the seal of the Companies on this 20th day of June , 2012 . POA 0014 (11111)