HomeMy WebLinkAboutR-76-0538RESOLUTION NO, 7` s5)s
A RESOLUTION WAIVING THE REQUIREMENT OF
THE CONTRACT DOCUMENTS FOR THE DOUGLAS
PAIV-IMPROVEMENTS-1976 WHICH REQUIRE
THAT A FINANCIAL RATING OF A+AAA BE
POSSESSED BY THE INSURANCE CARRIER ISSU-
ING THE PERFORMANCE BOND AND INSURANCE
FOR SAID PROJECT, AND AUTHORIZING THE
AMENDMENT OF THE CONTRACT DOCUMENTS TO
REQUIRE THAT THE INSURANCE CARRIER ISSU-
ING THE PERFORMANCE BOND AND INSURANCE
FOR SAID PROJECT ONLY POSSESS A B:AA+
FINANCIAL RATING.
WHEREAS, on AprJil 23, 1976 the City of Miami received
J
bids for constructionof DOUGLAS PARK - IMPROVEMENTS - 1976;
and
WHEREAS, on May 23, 1976 the City Commission by
Resolution No. 76-464 awarded a contract for this improvement
to Metro Contractors Co., Inc. in the amount of $119
"DOCUMENT
ITEM NO.
WHEREAS, present City contract documents require that
performance bonds, insurance or City contracts be issued by
insurance carriers possessing a financial rating of A+AAA; and
WHEREAS, Metro Contractors Co., Inc. is able to provide
the City with a performance bond and insurance issued by an
insurance carrier possessing a financial rating of only B:AA+;
and
and
WHEREAS, it is the City's stated intention to help
all qualified minority contractors to perform work for the City;
and
WHEREAS, Metro Contractors Co., Inc. has met all the
technical qualifications for being a licensed and insured
contractor; and
WHEREAS, the Small Business Administration has declared
in writing that it would guarantee up to 90% of the contract
if the Metro Contractors Co., Inc, were to default;
Cc)St
NOV, THEREFORE, BE IT RESOLVED BY TBE COMMISSION
OF TBE CITY OF MIAMI, FLORIDA
Section 1. The requirement that the insurance
carrier issuing a performance bond or insurance possess the
financial rating of A+AAA, as provided for in the proposed
contract documents for the DOUGLAS PARK - IMPROVEMENTS - 1976
awarded to Metro Contractors Co., Inc. is hereby waived.
Section 2. The proposed contract documents for the
DOUGLAS PARK - IMPROVEMENTS - 1976 are hereby authorized to
be amended to provide that the insurance carrier issuing the
performance bond and insurance under said contract be only
required to possess a B:AA+ financial rating.
PASSED AND ADOPTED this 27 day of MAY
1976.
ATTEST:
CITY C RK
PREPARED AND APPROVED BY:
ROBERT F. CLARK
Assistant City Attorney
APPROVED AS TO FORM AND CORRECTNESS:
e-14) jr)_'17
S . LLOYD
y Attorney
MAURICE A. FERRE
MAYOR
iNTEi- -C-1F =IC`i t.1":itiiC_;
P , ?•i . Andrews
City :Tanager
r
jYncent E,:Grimnc *Jr., Director
Depl.rtent of Public Works
t4669
y 26, 1976 Contract
DOUGGLAS PARK - IMPROVEMENTS
1976 - Waiving Requirement of
Contract Documents
The City of Miami received bids for the Douglas Park - Improvernents -
1976 on April 23, 1976 and awarded a contract to Metro Contractors
Co., Inc, on I ay 23, 1976 by Resolution No. 7G-IEG14 .
i•.ii per the contract documents the insurance carrier that writes
the performance bond and insurance must be rated Al -AAA. Metro Con-
tractors Co., Inc. subm r tt ad an insurance carrier with a rating of
B:AA+ and also a letter from the :mall Business Association saying
they would guarantee: up to 90 of the contract if they were to
default.
:Metro Contractors Co., Inc. i r a minority contractor and it is the
City's stated intention to help all qualified minority contractors
to perform work for the City.
THE DEPARTMENT OFPU ILIC. WORKS RECOMENDS ADOPTION OF A RESOLUTION
!'� "; f T fl i f;�--r� Nt• .-? CST C , H S 1 T( �
WAIVING `i.:r, ttE�,iiTt�r:EiL:I'i G;~ .-:�: CONTRACT DO..Cii Idr[',, FOR ll�,r, DJL"G'LAS
PARK - II:TRO ;'E TENTS - 1976 WHICH REQUIRE THAT A FINAIJCIAL RATING OF
i;-3 AAA i ; POSSESSED BY THE INSURANCE CARRIER ISSUING THE PERFORMANCE
BOLD AND INSURANCE FOR SAID PROJECT, AND AUTHORIZING THE AMENDMENT
NDMENT
OF THE CONTRACT DOCUMENTS TO REQUIRE TTiIAT THE INSURANCE CARRIER
ISSUING THE PERFOR:''Ai•ICE BOND AND INSURANCE FOR SAID PROJECT ONLY
POSSESS A B:AA± FINANCIAL RATING.