Loading...
HomeMy WebLinkAboutPaulsen, Edward-01.12.1986 • 4e WATERLOO r , i:. WATER WORKS .reyg Y ¢ I�{$o z K y3` 325SYCAMORESTREET { . MAILING ADDRESS: P.O. Box 27 WATERLOO, IOWA 50704 TEL.(319)232-6280 February 5, 1986 Mr. Larry Burger City Clerk City Hall 715 Mulberry Waterloo, IA. 50703 Dear Larry: Transmitted herewith is the bond for Waterloo Water Works Board Member, Edward D. Paulsen, for the term of two years from January 12, 1986. Respectfully, WATERLOO WATER WORKS Reed G. Craf , General Manager RGC/cm Enclosure REED G.CRAFT TRUSTEES SECRETARY AND GENERAL MANAGER EDWARD D.PAULSEN,CHAIRMAN TELEPHONE 232-6280 ARNOLD BECKER,VICE CHAIRMAN P.O.BOX 27 MARSHALL C.HARMON MIDWESTERN CASUALTY AND SURETY COMPANY A RECIPROCAL INSURANCE EXCHANGE DES MOINES,IOWA IOWA OFFICIAL BOND Cfl KNOW ALL MEN BY THESE PRESENTS: Ln That we, EDWARD PAULSEN ,as Principal, and Midwestern Casualty and Surety Company, Midwestern Underwriters, Ltd., Attorney-in-fact, duly licensed to do business in the State of Iowa,as Surety,are held and firmly bound unto the State of Iowa,and the City of Waterloo ,Iowa,in the sum of Fq (County.School District,City,Township) Five Thousand and No/100* Dollars ($ 5,000.00* ). Dated this 12th day of January 19 86 THE CONDITION OF THE ABOVE OBLIGATION IS SUCH,That whereas,the above named Principal has been duly appointed to the office of Trustee (elected or appointed) in and for Waterloo Waterworks, City of Waterloo State of Iowa, (Insert name of political subdivision) for the term beginning January 12 , 19 86 and ending January 12 , 1988 . NOW THEREFORE, if the said Principal will rend a true account of the office and of the doings therein to the proper authority, when required thereby or by law; and will promptly pay over to the person or officer entitled thereto, all moneys which may come into hand by virture of the said office; and will promptly account for all balances of money remaining in hand at the termination of the office; and will exercise all reasonable diligence and care in the preservation and lawful disposal of all money, books, papers, securities, or other property appertaining to the said office, and deliver them to the successor or to any other person authorized to receive the same; and will faithfully and impartially, without fear, favor, fraud or oppression, discharge all duties now or hereafter required of the office by law, the Surety on this bond to be liable for all money or property that may come into the hands of said Principal at any time during the possession of said office; then this bond to be void, otherwise to remain in full force. Principal Midwestern Casualty and Surety Company Midwestern Underwriters,Ltd. Countersigned Attorney-In-Fa.et By By— "3-1/1/14/ — Iowa Resident Agent PRESIDENT OATH OF OFFICE OF PRINCIPAL STATE OF IOWA County of BLACK HAWK 1l ss I do 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 all the duties of the office of Trustee, Waterloo Waterworks, City of Waterloo in Waterloo, Iowa as now or hereafter required by law. Subscribed and sworn to before me this day of , 19 My Commission expires Notary Public ,Imo-1r78 MSC 23.midwest2/clarendon(c12),/12.31:84 nary • • • • • • • • SUBSCRIBER'S AGREEMEP • The applicant.ass Subscriber at MIDWESTERN CASUALTY AND SURETY COMPANY of Des Moines,Iowa does herebyapf IN UNDERWRITERS.LTD of Des Moines.!awaits my Attorney-in- Fact(herein called Ann rney)with power to issue and exchange contracts of insurance or reinsurance with other Subscribers at MID' ALTY AND SURETY COMPANY in accordance with the provisions of Chapter 520.of the Code ofIowa.and acts amendatory thereof containing such terms and conditions therein as may be specified d approved by the Advisory Committee,and to perform all acts and do all things incidental to or in connection with the exchange of insurance,and the management,operations and qualifications of .ASUALTY AND SURETY COMPANY. Such Subscribers shall not be severally liable,generally liable orjointly liable with any other Subscriber.Without in any way l' .neral powers,the Attorney and its successors and assigns shall have power to appoint or substitute other attorneys in fact for specific purposes,to reinsure the whole or any pan of the liability of the DW ESTERN CASUALTY AND SURETY COMPANY. The Attorney shall have the poster to transfer the office to any place or places in the United States. The judgment and acts of the Attorney in and by the mangement,operation and control of MIDWESTERN CASUALTY :OMPANY.in the absence of actual fraud.shall be binding upon all Subscribersst MIDWESTERN CASUALTY AND SURETY COMPANY. The annual meeting of the Subscribers at MIDWESTERN CASUALTY AND SURETY COMPANY,shall he held at Des Moines.Iowa.at the office of MIDWESTERN CASUALTY AN D SUR ETY COMPANY at 1010- a.m.on the second Tuesday of February of each year.The Subscribers present at such meeting shall annually elect not less than three nor more than seven Subscribers as members of an Advisory Committee,The Advisory Committee shall have power to adopt such regulations and bylaws as it shall see fit for the government of said Committee.the Subscribers at MIDW[STERN CASUALTY AND SURETY COMPANY and said Attorney not inconsistent nor in conflict with the provisions of this agreement.Said Committee shall direct the Attorney in the disposal and investment of all monies and other assets belonging to MIDWESTERN CASUALTY AND SURETY COMPANY in whose interest the Committee shall act as aforesaid.Such money shall be deposited or invested by said Attorney in such form and manner as said Advisory Committee may.from time to time, approve.and Committee to have full discretion in regard to the changing of tnvestments and the safeguarding of monies and securities.All members of such Committee,as Subscribers at MIDWESTERN CASUALTY AND SURETY COMPANY shall be required to be and continue as active holden of policies or contracts of insurance at MIDWESTERN CASUALTY ANDSURETY COMPANY to fill vacancies occurring in said Committee. subject to approval of such Committee at the next meeting thereof.Notice of the Subscribers meeting other than as contained in this agreement shall not be required. The aggregate premiums of all Subscribers shall first be used for the payment of losses,and all expenses,and the accumulation of legal reserves required by law.Thereafter any unused premiums shall be applied to the accumulation of an earned free surplus equal to the aggregate premiums in force,but this shall not prevent the return of savings periodically. Thereafter,all sums in excess of such earned free surplus as determined by any annual statement or similar intermediary statement may be distributed prouu as dividends or savings,upon approval of the Advisory Committee. to Subscribers whose policies or contracts have been in force during the twelve(12)months immediately preceding the dale of such statement In the event of liquidation or the one hundred percent reinsurance of MIDWESTERN CASUALTY AND SURETY COMPANY,such earned free surplus shall be determined and approved by the Advisory Committee.and shall he distributed prorate to active Subscribers at such time. Subscriber's risks maybe divided into classes or groups in accordance with the nature of their business and.'or their liability assumed and.or their loss experience_Premiums may be determined and!or adjusted,and the losses and expense incurred distributed on the basis of the groups so determined. Upon termination of Subscribers insurance,except in the event of reinsurance of MIDWESTERN CASUALTY AND SURETY COMPANY,the Subscriber waives all rights in MIDWESTERN CASUALTY AND SURETY COMPANY other than Subscriber's right to the adjustment or settlement of pending losses,the Subscriber's right to payment of dividends or savings as herein provided and the Subscriber's right to return of premium if any,as provided in such policy or contract.This agreement shall also apply moony additional insurance hereinafter applied for or provided,or to any issuance,renewal or reinstatement of any policy or contract now or hereafter in effect in the same manner as if such insurance were applied for,issued,renewed,or reinstated at the time of this Agreement The MIDWESTERN UNDERWRITERS.LTD.shall be paid,as full compensation for services rendered as Attomey-in-Fan,not to exceed ten percent o(the net premiums.service charges and fees written in each quarter.A resolution of the Board of Directors of the Attorney.lining in advancet he ram of compensation of leas than the above ten percent foronear more quarterly periods.shall be final and binding on said Attorney for such period of periods. The executive offices of the Attorney shall not be paid any compensation by M I O WESTER N CASUALTY AN D Sll RETY COMPANY.het premiums,service charges and fees written,as used herein,shall mean gross direct and reinsurance assumed premiums.service charges and fees returned. Policies or contracts issued pursuant to this agreement shall not be subject to assessment.