Res 559 .~'~EoOLUT~0.~ i~0.
"~'~'- ..... ~. B~ker doin~z business as Gulf
wH~o the bid of Orover ,~ ,
Stream Engineers, for the p~::rformance of certain street work was
accept~.~d bv'~ the City~ r'o,~ncil~,., on ~..:_ndsy,'n ~ ~'uece~,ber'-, 17, 1945, and
~'~:~'"' tae soecifications for said street imorovement ca, led
for a performa~oce bond for 50 ~[~ of tt~e contract price and
.,~-~=~o the contractor has offered ta reduce kis bid by one-half
of the amount of savings to be made by furnishing e performance bond
for 25:~,. of the contract ~rice, and
,,:.~,~o t~e City Council is of th~ opinion that a 25~] p~r~ormance
bond is sufficient due to the fact that the contraOtor is accepting
improvement certificates in payment of his services.
NOW, ~:~vD~:~..~vu_:~ ~..~., BE~r~-~:,~.. 30LVED by the City .curtail of the ,.ity
of Delray Beach as follows:
'~ m k dOill~' Ousines~
1. That the ~ity will accept from Grover ~..~a...er, ..
ct. earn ~n~-'ineers,~ a oerfor~ance, bond in the amoont of .~,,~% of
the contract price for the improvement provided in the c~ntract, to
be executed by said contractor anG City.
2. Upon the furnishing of a properly executem perf,,~rmance bond
amoun,~ of 25% o~' the contract price
by a reputable surety company in the
for sai~:~ work, the_ ~qayor a:~d ~'~itv~ ~_~erk of this City will be authorized
to execute, in duplicate, the contract which has been submitted by the
Aoti~ City Engineer.
3. It is understood that the amount to be paid. the contractor
will be redan, ced by one-half of the saving to be effected by the
acceptance of a 25~ performance bond instead of a 50~ perfor~nce bond.
PASSED in special session on this the 28th day of December, 1945.
F~esident of'C~
Att est: ~;~pr Oved