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Home My WebLink AboutPERFORMANCE AND PAYMENT BOND - PETERSON CONTRACTORS INC Bond No. 105384371 PERFORMANCE AND PAYMENT BOND KNOW ALL MEN BY THESE PRESENTS: That we, Peterson Contractors, Inc. of Reinbeck, IA (hereinafter called the Principal), and Travelers Casualty and Surety Company of America of Hartford, CT (hereinafter called the Surety), are held and firmly bound unto City of Waterloo, Black Hawk County, Iowa (hereinafter called the Obligee), in the penal sum of Four Hundred Seventy Seven Thousand One Hundred Ninety Seven Dollars and 01/100 Dollars ($ 477,197.01 ), lawful money of the United States, to payment of which sum, well and truly be made, the Principal here firmly binds himself/themselves, his/their heirs, executors and administrators, and the said Surety binds himself, his successors, assigns, executors and administrators,jointly and severally, fii,nly by these presents. THE CONDITION OF THIS OBLIGATION is such that, WHEREAS the above bounden Principal did, on the day of Enter into a written Contract with City of Waterloo, Black Hawk County, Iowa for PCC Sidewalk/Trail - F.Y. 2010 River Renaissance Trail -Contract No. 761, Contract ID: 07-8155-709; Project: ESL-8155(709)--7S-07 copy of which Contract, together with all of its ternns, covenants, conditions, and stipulations, is incorporated herein and made a part hereof as full and completely as if said Contract were recited at length herein; and WHEREAS, the Principal and Surety on this bond hereby agree to pay to all persons, firms or corporations having Contracts directly with the Principal or with the Subcontractors, all just claims due them for labor performed or materials furnished in the performance of the Contract on account of which bond is given when the same are not satisfied out of the portion of the Contract price which the public corporation is required to retain until completion of the public improvement but the Principal and Surety shall not be liable to said persons, firms or corporations unless the claims of said claimants against said portion of the Contract price shall have been established as provided by law. (lof2) 1 � Now, if the Principal shall in all respects fulfill his said Contract according to the terms and tenor thereof, and shall satisfy all claims and demands incurred for the same and shall fully indemnity and save harmless the Obligee from all costs and damages which it may suffer by reason of failure to do so, and shall fully reimburse and repay the Obligee all outlays and expenses which it may incur in making good any such default, then the obligation is to be void and of no effect, otherwise to remain in full force and effect. Every Surety on this bond shall be deemed and held, any Contract to the contrary notwithstanding, to consent without notice: 1. To any extension of time to the Contract in which to perform the Contract. 2. To any change in the Plans, Specifications, or Contract when such change does not involve an increase of more than twenty(20%) of the total Contract prince, and shall then be released only as to such excess increase. 3. That no provision of this bond or of any other Contract shall be valid which limits to less than one (1) year from the time of the acceptance of the work the right to sue on this bond for defect in workmanship or material not discovered or known to the Obligee at the time such work was accepted. IN WITNESS WHEREOF, we have hereunto set our hands and seals this day of Peterson C ctors, Inc. Principal Co:ae\1 C). ?e,A-ev-5tn, Travelers Casualty and Surety Company of America Surety BY Attorney-in-fact Dianne S. Riley (2of2) _ :. ,. . : TRAVELERSJ POWER OF ATTORNEY Farmington Casualty Company St. Paul Mercury Insurance Company Fidelity and Guaranty Insurance Company Travelers Casualty and Surety Company Fidelity and Guaranty Insurance Underwriters,Inc. Travelers Casualty and Surety Company of America St. Paul Fire and Marine Insurance Company United States Fidelity and Guaranty Company St. Paul Guardian Insurance Company Surety Bond No. 105384371 Principal: Peterson Contractors, Inc. OR City of Waterloo,Black Hawk County,Iowa for PCC Sidewalk/Trail-F.Y.2010 River Project Description: Re,aissanceTrail- ntra No 61,Contra lo.B2.8155-2o9,P�e Obligee: City of Waterloo, Black Hawk County, Iowa KNOW ALL MEN BY THESE PRESENTS: That St. Paul Fire and Marine Insurance Company, St. Paul Guardian Insurance Company and St. Paul Mercury Insurance Company are corporations duly organized under the laws of the State of Minnesota, that Farmington Casualty Company,Travelers Casualty and Surety Company, and Travelers Casualty and Surety Company of America are corporations duly organized under the laws of the State of Connecticut, that United States Fidelity and Guaranty Company is a corporation duly organized under the laws of the State of Maryland,that Fidelity and Guaranty Insurance Company is a corporation duly organized under the laws of the State of Iowa, and that Fidelity and Guaranty Insurance Underwriters, Inc. is a corporation duly organized under the laws of the State of Wisconsin (herein collectively called the "Companies"), and that the Companies do hereby make,constitute and appoint Dianne S. Riley of the City of West Des Moines ,State of IA ,their true and lawful Attorney(s)-in-Fact, each in their separate capacity if more than one is named above, to sign, execute, seal and acknowledge any and all bonds, recognizances, conditional undertakings and other writings obligatory in the nature thereof on behalf of the Companies in their business of guaranteeing the fidelity of persons, guaranteeing the performance of contracts and executing or guaranteeing bonds and undertakings required or permitted in any actions or proceedings allowed by law. IN WITNESS WHEREOF, the Companies have caused this instrument to be signed and their corporate seals to be hereto affixed, this 5th day of August,2009. Farmington Casualty Company St. Paul Mercury Insurance Company Fidelity and Guaranty Insurance Company Travelers Casualty and Surety Company Fidelity and Guaranty Insurance Underwriters, Inc. Travelers Casualty and Surety Company of America St. Paul Fire and Marine Insurance Company United States Fidelity and Guaranty Company St. Paul Guardian Insurance Company ;Lc° .i psy+r'�i. ^ 1. tp%% _ t4r, p1��4� �s `tCi r ;� ,A• e . 1k °ptra.�, �,,, r.��,y� iiiiiif., e MG• ��,, State of Connecticut By: City of Hartford ss. Ge ge . ompson, or Vice President On this the 5th day of August, 2009, before me personally appeared George W. Thompson, who acknowledged himself to be the Senior Vice President of Farmington Casualty Company, Fidelity and Guaranty Insurance Company, Fidelity and Guaranty Insurance Underwriters,Inc.,St. Paul Fire and Marine Insurance Company, St. Paul Guardian Insurance Company, St. Paul Mercury Insurance Company,Travelers Casualty and Surety Company, Travelers Casualty and Surety Company of America, and United States Fidelity and Guaranty Company,and that he,as such, being authorized so to do, executed the foregoing instrument for the purposes therein contained by signing on behalf of the corporations by himself as a duly authorized officer. In Witness Whereof,I hereunto set my hand and official seal. t�EN My Commission expires the 30th day of June, 2011. aTg�" * 0.N.L.. C i+�0ueu�4- Marie C.Tetreault,Notary Public t CCP This Power of Attorney is granted under and by the authority of the following resolutions adopted by the Boards of Directors of Farmington Casualty Company, Fidelity and Guaranty Insurance Company, Fidelity and Guaranty Insurance Underwriters, Inc., St. Paul Fire and Marine Insurance Company, St. Paul Guardian Insurance Company, St. Paul Mercury Insurance Company, Travelers Casualty and Surety Company, Travelers Casualty and Surety Company of America, and United States Fidelity and Guaranty Company,which resolutions are now in full force and effect, reading as follows: RESOLVED,that the Chairman,the President,any Vice Chairman,any Executive Vice President,any Senior Vice President,any Vice President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary may appoint Attorneys-in-Fact and Agents to act for and on behalf of the Company and may give such appointee such authority as his or her certificate of authority may prescribe to sign with the Company's name and seal with the Company's seal bonds, recognizances, contracts of indemnity,and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking,and any of said officers or the Board of Directors at any time may remove any such appointee and revoke the power given him or her; and it is FURTHER RESOLVED, that the Chairman, the President, any Vice Chairman, any Executive Vice President, any Senior Vice President or any Vice President may delegate all or any part of the foregoing authority to one or more officers or employees of this Company, provided that each such delegation is in writing and a copy thereof is filed in the office of the Secretary;and it is FURTHER RESOLVED, that any bond, recognizance, contract of indemnity, or writing obligatory in the nature of a bond, recognizance, or conditional undertaking shall be valid and binding upon the Company when (a)signed by the President,any Vice Chairman,any Executive Vice President, any Senior Vice President or any Vice President, any Second Vice President, the Treasurer, any Assistant Treasurer, the Corporate Secretary or any Assistant Secretary and duly attested and sealed with the Company's seal by a Secretary or Assistant Secretary; or(b) duly executed (under seal, if required) by one or more Attorneys-in-Fact and Agents pursuant to the power prescribed in his or her certificate or their certificates of authority or by one or more Company officers pursuant to a written delegation of authority; and it is FURTHER RESOLVED,that the signature of each of the following officers: President,any Executive Vice President,any Senior Vice President, any Vice President, any Assistant Vice President, any Secretary, any Assistant Secretary, and the seal of the Company may be affixed by facsimile to any Power of Attorney or to any certificate relating thereto appointing Resident Vice Presidents, Resident Assistant Secretaries or Attorneys-in-Fact for purposes only of executing and attesting bonds and undertakings and other writings obligatory in the nature thereof,and any such Power of Attorney or certificate bearing such facsimile signature or facsimile seal shall be valid and binding upon the Company and any such power so executed and certified by such facsimile signature and facsimile seal shall be valid and binding on the Company in the future with respect to any bond or understanding to which it is attached. I, Kori Johanson, the undersigned, Assistant Secretary, of Farmington Casualty Company, Fidelity and Guaranty Insurance Company, Fidelity and Guaranty Insurance Underwriters,Inc.,St. Paul Fire and Marine Insurance Company,St. Paul Guardian Insurance Company,St. Paul Mercury Insurance Company, Travelers Casualty and Surety Company, Travelers Casualty and Surety Company of America, and United States Fidelity and Guaranty Company 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 in full force and effect and has not been revoked. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seals of said Companies this day of - Kori M.Johanson,Assistant Secretary r�Gyrr-�.GU-..Itl y.;.�1Tr F7�Ea�R� ., i.ro P71M�Y i 0V 14 8 2 o < i 977 �' '�� C CC�'"ht.'t R+ � c ., � �.f..�,� ^ �,. � ST`� EE 1951 seta, q SEAL c' I' s C w 1 � k • ^ In A To verify the authenticity of this Power of Attorney, call 1-800-421-3880 or contact us at www.travelersbond.com. Please refer to the Attorney-In-Fact number,the above-named individuals and the details of the bond to which the power is attached.