HomeMy WebLinkAbout~Master - Performance Bond for Water Plant Clarifier Painting and Repair RESOLUTION NO. 06-484
RESOLUTION EXECUTING RELEASE AND ASSIGNMENT OF CLAIMS
IN EXCHANGE FOR PAYMENT OF FULL AMOUNT OF PERFORMANCE BOND ON
WATER PLANT CLARIFIER PAINTING AND REPAIR PROJECT
FOR THE CITY OF AMES
WHEREAS, in 2005, Area Professional Painting and Sandblasting submitted the low bid of
$61,052 and was awarded the contract for the Water Plant Clarifier Painting and Repair Project; and,
WHEREAS,when the contract was not completed more than a year later,the City sent a notice
of default to the contractor and to Western Surety Company, which had provided the performance
bond; and,
WHEREAS, Western Surety Company has now completed its investigation and obtained
estimates for having the project completed by another qualified contractor; and,
WHEREAS,because the estimates far exceed the amount of the performance bond,Western
Surety has offered to pay the entire amount of the bond to the City; and,
WHEREAS,it is staff s recommendation that Council approve the execution ofthe release and
assignment of claims in exchange for payment of the full amount of the performance bond from
Western Surety company.
NOW,THEREFORE,BE IT RESOLVED by the City Council ofthe City of Ames,Iowa, that
the execution of the release and assignment of claims in exchange for payment of the full amount of
the performance bond from Western Surety Company is hereby approved.
ADOPTED THIS 121h day of December, 2006.
'�.�1 I • U� `� tom' V�e�
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Larson
Seconded by: Goodman
Voting aye: Doll, Goodman, Larson, Mahayni, Popken, Rice
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 12t'day of December, 2006.