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HomeMy WebLinkAboutR-01906' A RESOLUTION. AP2R0V/NO ,AI D. ACCEPTING .TIC . D TY • BOND mU11UI8 ED RY CbRAL `GARtt3 .:C P0RA1ION PURSUANT TO AND REQUIRED .I3Y R$8CLUTI0N NO.:1905, ADOPTU ARON 24TR, ' 1$26. AREAS, by ieeolutidn No. 1906, adopted Tdarrh'' 4 the Commission of the City of Miami authorizWari agreifenli Abe... tweem the said City and the Coral Gables Utilities Corporation whereby the said Corporation is required to furnish to`the Clliyy.. prior to the time the said Company is to place in operation the street railway line described in said agreeinetit, a good 'and sufficient surety bond in the amount of 126,000.00, indemnify- ing said City of Miami against all loss, cost, damage and expense. as provided in said agreement, and to renew or otherwise obtain such surety bond or bonds at such times and for such periods as may be necessary to so indemnify said City of Miami, and WHEREAS, the said Coral Gables Utilities Corporation has submitted and filed with the City the surety bond so re- quired, same being in the following form, to -wit: i2TOW LLL :LAN BY TT -'ESE PR::SENTS that we, CORAL GA3LES UTILITIES CcR_?OLAT'ION, a Florida Corporation, of Coral Gables, Florida, hereinafter called the "Principal", as principal, and THE L TNA CASUALTY AND SJP::TY COMPANY, here- inafter called the "Surety", as surety , are held and firm- ly bound unto the City of Miami, a municipal corporation of the :fate of Florida, hereinafter called the "Obligee", in the eMa of 2•:enty-five tho?end 025,000) Dollars, for the gay .ae •it whereof said Sri:iciprr1 and Surety; bind themselves .J fir.,ly by ;hese ore2eate. "SUPPORTIVE DOCUMENTS FOLLOW" '.._.EELS, the _'riucioal aaa the City of Miami have ent:::re6 into & contract, dated :larch 23rd, •:r:;ereiii and whereby, ar,oa otY:er thinirs, the_'rin- cia 1 i:a.. a; reed as folio e : "DOCUMENT INDEX ITEM NO. '' CITY COMMISSION MEETING OF MAR2 4-/ 4 54. 11010wnON NO... .19�.( the City of Miami. t municipal corporation, fated al lost, cost, damage and expensi of any °kind;' •whether: to property, life or limb, caused 'by '.di arising • ou `of the oonstruc tion, operation or maintenance of Said railway line, upon and b'ver its traoke from the 'present western olty limite of Miami, Florida, west.. ward along West Flagler Street to Ponds de=Leon Souls ✓ vard and then South westerly along i 'aid ;3boulevgfd to the Administration Building situated at Coral Goblet:, as well as over the lines owned by the` City of Miami, a municipal corporation, within the City limits and at the cost and expense of the Coral Gables Corpora- tion, and without cost or expense to the City of Miami, to defend all actions or suite of any kind which may be instituted or brought against the City of Miami by or on account of damages of any kind arising out of such construction, operation or maintenance, and to pay off, discharge and satisfy any juci emene, includ- ing the cost and expense thereof, which may be had or recovered against the City of Miami, on account of any claim or damage so arising, and upon the payment of any such judgement, cost or expense by the City of Miami, Florida, the Coral Gabies Corporation shall owe the City of Miami the amount so paid anu the same shall be im- mediately due and parable by the Coral Gabies Corpora- tion to the Cite of Miami. i'rovided, however, that the Coral Gables Coraor tion shall not be responsible for anz; clain for da::;a ;e of alv ;:iud :made against the City of Miami due to or arising out of the operation or main. "SUPPORTIVE_ enance of said i ail.va a line, unless the Coral Sables DOCUMENTS � Corporation he notified of the same by the City of Miami as soon as circumstances perinitand :iven the right to acjust, compromise or otherwise settle the same, and in the case of suit unless iven the right to appear by its councel, either alone or in conjunction with the councel of the City of :iiami in d€fenee of said suit FOLLOW" Said Ooral AOles ,Oorppratisn, eleatA Cables Corporation further agrees to furnish to City of Miami, prioi tO the time the eaid 'railway . , line is plased in operations.a geOil and s'affioierit „ surety bond in the amount ofptenty7fiVe IhOimand ($25,000.00) Dollare, indeMnifyingiaid City of Miami against all such lost,-dost,damage an& ex- pense as hereinahove in this paragraph provided, and to renew or otherwise Obtaila; sucli'varety bon&. or bonds at suoh times and for suoh periods ae may' be neoessary to so indemnify said City of Miami. It is expressly understood and agreed and Made one of the provisions of this bond that the same is to continue in force and effect for a period not to exceed five years from the date of the contract be- tween the principal and obligee herein and after which period offive yearE above referred to no liabilit of any character shall aocrue under said bond. Provided, further, hoever, that in case the agree- ment between the Coral Gables Utilities Corporation and the City of Miami may be continued or renewed for an additional period after thF.., expiration of said five year terra, this bond may likewise be re- newed or continued at the option of the surety up- on its written renewal certificate attached hereto. j0a, the condition of this obligation is such that if the principal .hall indemnify and save harmless the Obligee fro a all loss, cost, da:hage and expense, as provided in said contract betwech the riuoipa1 and the City of Miami, dated'alch 23, 1:.425, directly or indirectly Eu2fered or in- inouYred by the Oblie'ee, this obli2ation shall be void other- wise to realain in full force and effect. PliOVIDa;D, however, and upou the followinE express conditions, the perfori,lances of each of 7:hich Lhall 'le a condition precedent to any riOat to recovery hereon, "SUPPORTIVE DOCUMENTS FOLLOW" trntiiiiIWatetiles4_ n the barb' o the Prino1paL, P. ,� .: ; � written statement of the partiou- ,.,. lar ,faots shoring such default ant. the ;date thereof shall be deliver ed to the Surety by registered mail: at its: O fide - in the City of Hart- ford, Conneotiout, promptly nad it any event within thirty (3©)rdays Ailtit-the ,Obligee: shall learn of snob' -Se oUtt. ` 'Th4t:the- prinoipal shall be made a ,Oarty to any suit or aotion by'rea- son of any default and shall be serv- ed with process commencing the same _if the Principal can, with reason- able'diligence, be found, that' no - Judgement shall be rendered against the Surety in excess of `'the peUalty of this instrument. Signed and sealed this 23rd day of March,.A. D. 1925... (CORPORATE SEAL) CORAL GABLES UTILITIES CORPORATION, By =(Signed) 'GEORGE E. £3.ERRtCN ' President ATTEST:(Signed) EVIIN G. BISHOP Secretary THE AETNA CASUALTY & SURETY CO. (CORPORATE SEAL) By (Signed) EDGAR N. TAYLOR Its Attorney in Fact AND WHEREAS, the Surety bond furnished by the said Coral Gables Utilities Corporation pursuant to said agreement and in compliance with the terms and conditions thereof is•satisfectory to the Com- mission of the City of _`iami. '101, THEE:FORE, BE I2 'i': SOiVEL, by the Commission of the City of LIiami: That the Surety bond furnisheu by the Coral Gables Utilities Corporation pursuant to and in compliance with the terms of the a`ree.aent authorized entered into an., executed by Resolution No. 1905 of the Commission, and adopted ::arch 24th, 1925, be, and the sae is hereby, approved, confirmed and accepted by the City of . -22 " L) t;_ie 24th dig;, of ..:arch r,. D. 1925.