Res 1998-022 - Laserfiche WebLink

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Attachment D Payment Bond BOND NO. U272 11 40 STATE OF TEXAS COUNTY OF TARRANT WHECO ELECTRIC, INC. of 3200 JOYCE DRIVE. FORT WORTH, TX 76116 as Principal, and UNITED PACIFIC INSURANCE COMPANY (bond company name), as Surety, are held and firmly bound unto t~e City of San Marcos, Texas, as Owner, in the penal sumof **FIFTY-EIGHT THOUSAND. THREE HUNDRED TWENTY- SEVEN AND. NO/ 1 OO*********************dollars ($ ***58.327.00***) for the payment of which the Principal and Surety bind themselves and their heirs, administrators, executors, successors and assigns, jointly and severally, by this bond. The Principal has entered into a Contract with the Owner dated JANUARY 27. 1998 for the construction of the INTEGRATION OF FRESHWATER WELLS AND BOOSTER PUMPING STATIONS IN THE CITY I S SCADA SYSTFM Project, which is fully incorporated into this bond by reference. The condition of this obligation is that if the Principal pays all persons who supply public work labor or material for the Project, then this obligation will be satisfied; otherwise this bond will remain in full force and effect. This bond is provided under the provisions of Chapter 2253 of the Texas Government Code, as amended and all liabilities on this bond shall be determined in accordance with the provisions of that statute to the same extent as if it were copied at length in this document. The Surety, for value received, stipulates and agrees that no change, extension of time, alteration or addition to the terms of the Contract, or the plans, specifications, drawings or other Contract Documents, or to the work performed under the Contract Documents, shall in any way affect its obligation on this bond, and the Surety waives notice of any such change, extension of time, alteration or addition. The Surety certifies that it is authorized and admitted to write surety bonds in Texas. If this bond exceeds $100,000.00 the surety certifies that it either 1) holds a certificate of authority from the United States Secretary of the Treasury to qualify as a surety on obligations permitted or required under federal law, or 2) has obtained qualified reinsurance for any liability in excess of $100,000.00 from a reinsurer that is authorized and admitted as a reinsurer in the State of Texas, and is the holder of a certificate of authority from the United States Secretary of the Treasury to qualify as a surety or reinsurer on obligations permitted or required under federal law. This bond is governed by Chapter 2253 of the Texas Government Code, and it is provided solely for the protection of the Owner. Mandatory venue for any legal action filed upon this bond is in Hays County, Texas. Executed and sealed by the Principal and Surety on FEBRUARY 10. 1998 (Contractor name), (address), 15