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HomeMy WebLinkAboutR-75-1156ARrCafl 12/12_/5 "SU"POPT!\!E • • • f r 'L. `t i. 4r r. RESOLUTION NO. 75-115fi-A A RESOLUTION WAIVING THE REQUIREMENT OF THE CONTRACT DOCUMENTS FOR THE DRAINAGE PROJECT A-5 IMPROVEMENT WHICH REQUIRE THAT A FINANCIAL RATING OF A+AAA BE POSSESSED BY THE INSURANCE CARRIER ISSUING THE PERFORMANCE BOND FOR SAID PROJECT, AND AUTHORIZING THE AMENDMENT OF THE CONTRACT DOCUMENTS TO R)EOUIRE THAT THE INSUR- ANCE CARRIER ISSUING THE PERFORMANCE BOND FOR SAID PROJECT ONLY POSSESS A B+BBB FINANCIAL RATING. WHEREAS, the City of Miami received bids for Drainage Project A-5, a local surface drainage structure project, on November 7, 1975: and WHEREAS, the City Commission by Resolution No. 75-1076 awarded a contract to Irpco Paving Corporation in the amount of $28,471.00 for the construction of said project; and WHEREAS, it is the City's stated intention to help all qualified minority contractors to perform work fo C htlEx STENc. WHEREAS, Irpco Paving Corporation has met M all the technical qualifications for being a licensed and insured contractor: and WHEREAS, Irpco Paving Corporation is only able to provide the City with a performance bond issued by an insurance carrier possessing a financial rating of B+BBB: and WHEREAS, present City contract documents require that per- formance bonds or City contracts be issued by insurance carriers possessing a financial rating of A♦AAA; NOW, THEREFORE, BE IT RESOLVE© BY THE: COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The requirement that the insurance carrier issuing a performance bond possess the financial rating of A+AAA, as provided for in the proposed contract documents for and 11 WI-WM ire the Drainage Project A-5 Improvement awarded to irpco Paving Corporation, be and is hereby waived. Section 2. The proposed contract documents for the Drainage Project A-5 Improvement are hereby authorized to be amended to provide that the insurance carrier issuing the performance bond under said contract be only required to possess a B+BBB financial rating. PASSED AND ADOPTED this 19 day of December , 1975 Maurice A. Ferre MAYOR H. D. Southern CITY CLERK PREPARED AND APPROVED BY: Robert F. Clark, Assistant City Attorney APPROVED AS TO FORM AND CORRECTNESS: r John S. Lloyd, Zity Attorney CI"tt► OF MIAMI, leLorti�A NTER•OFFICe MEM©RAN©t, to Honorable Members of the City Commission F,5M P. Ws Rndrews City t ianager Ntinurity Contractor Performance Bond - Agenda Item #46 hF.F t.P.:.'..E ., The Miami City Commission has Awarded a Paving Contract Bid and a Drainage Con- tract Bid to Irpco Paving Company, a minority contractor. After bid award, in the process of procession of the Contract documents, trpco was unable to obtain a Pe rformance Bond for these projects from a fors- Company rated Ai.AAA as called for in the City's Specifications. trpco is able to obtain a Performance Bond from a Bond Company with a B}BBB rating and is able to provide the City with a Federal Small Business Men's Association guarantee of 90 "; of the Performance Bond. In order to give assistance to tnin9rity co. tractrp- participation in City work, the C.!ty `:..r a'F . �'t'�. �.:: t!:•• t �.7 ,'� �' i'. ..;t i l:. T Ose r'.•C!' .:rid..."t s {lf thF. �. _i . .. '�'........ r. ... �. • ��i i; !.�:.1't''. '�.�.a tfl:... tr:�°.'.Cutl!)Ft of the Contract documents.