HomeMy WebLinkAboutResolution No. R25-43 RESOLUTION NO. R25-43
RESOLUTION OF CITY COUNCIL APPROVING THE PERFORMANCE BOND
PROVIDED BY LOVE'S TRAVEL STOPS & COUNTRY STORES, INC. AS
PRINCIPAL AND THE CITY OF LAUREL AS SURETY.
WHEREAS, Love's Travel Stops & Country Stores, Inc., an Oklahoma corporation,
(hereinafter "Love's") desires to construct a water main and sanitary sewer, to connect to the
City's existing system at the 7th Avenue/ Old US Highway 10 intersection for the sewer
connection, and the 8th Avenue/Old US Highway 10 intersection for the water connection both
to extend to +/- 1,450 feet east of the Old Highway 10/19th Avenue W intersection with said
system to serve property which Love's intends to seek annexation of within the City of Laurel
(hereinafter "the City") (collectively, the "Improvements");
WHEREAS, the parties have entered into a Late-Comer's and Development
Agreement, previously approved by the Laurel City Council; and
WHEREAS, in order to effect the annexation and ensure the proper completion of the
Improvements, Love's has provided a Performance Bond by and between Love's, as Principal,
and the City of Laurel, as Surety, in the amount of Three Million Four Hundred Nineteen
Thousand One Hundred Forty Three Dollars and Seventy-Five Cents ($3,419,143.75), a copy
attached hereto and incorporated by reference herein.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Laurel,
Montana:
Section 1: Approval. The Performance Bond by and between the City of Laurel and
Love's, a copy attached hereto and incorporated herein, is hereby approved.
Section 2: Acceptance. The Mayor is hereby given authority to accept such
Performance Bond on behalf of the City of Laurel.
Introduced at a regular meeting of the City Council on the 241h day of June, 2025, by
Council Member Wilke.
PASSED and APPROVED by the City Council of the City of Laurel the 24th day of
June, 2025.
APPROVED by the Mayor the 24th day of June, 2025.
R25-43 Approve Performance Bond by Love's
CITY OF LAUREL
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Dave Waggoner, M• r
ATTEST:
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APPROVED AS TO FORM: co
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Michele L. Braukmann, Civil City Attorney
R25-43 Approve Performance Bond by Love's
Bond No. LPM9454166
Performance Bond
KNOW ALL 3\/MN BY THESE PRESENTS:
That LOVE'S TRAVEL STOPS&COUNTRY STORES, INC.
(Here insert the name and address or legal title of the Contractor)
10601 N.Pennsylvania Ave Oklahoma City,OK 73120
as Principal,hereinafter called Principal,and FIDELITY AND DEPOSIT COMPANY OF MARYLAND ,
a corporation of the State of IL ,with its home office in the City of Schaumburg
U_S.A.,as Surety,hereinafter call Surety,are held and firmly bound unto
CITY OF LAUREL. MT
(Here insert the name and address or legal ti a ofthe(hvner)
City Clerk 115 West 1st St Laurel MT 59044
as Obligee,hereinafter called Owner,in the amount of
Three Million Four Hundred Nineteen Thousand One Hundred Forty Three and 75/100
Dollars($$3,419,143.75 ),for the payment whereof Principal and Surety bind themselves,their heirs,executors,
administrators,successors and assigns,jointly and severally,firmly by these presents.
WHEREAS,Principal has by written agreement dated entered into a contract with
Owner for Water and Sewer Extensions-Laurel, Montana site.
in accordance with drawings and specifications prepared by
NIA
(Here insert full name,title and address)
which contract is by reference m ade a part thereof,and is hereinafter referred to as the Contract.
NOW, THEREFORE,THE CONDITION OF THIS OBLIGATION IS SUCH,That,if Principal shall promptly and
faithfully perform said contract,then this obligation shall be null and void;otherwise it shall remain in full force and
effect.
Whenever Principal shall be,and be declared by Obligee to be in default under the contract,the Obligee having
performed Obligee's obligations thereunder:
(1) Surety may promptly remedy the default subject to the provisions of Paragraph 3 herein,or;
(2) Obligee after reasonable notice to Surety may,or Surety upon demand of Obligee may arrange for the
performance of Principal's obligation under the contract subject to the provisions of Paragraph 3 herein;
(3) The balance of the contract price,as defined below,shall be credited against the reasonable cost of completing
performance of the contract,if completed by the Obligee,and the reasonable cost exceeds the balance of the contract price,
the Surety shall pay to the Obligee such excess,but in no event shall the aggregate liability of the Surety exceed the amount
of this bond.If the Surety arranges completion or remedies the default,that portion of the balance of the contract price
as may be required to complete the contract or remedy the default and to reimburse the Surety for its outlays shall be
paid to the Surety at the times and in the manner as said sums would have been payable to Principal had there been no
default under the contract.The term"balance of the contract price,"as used in this paragraph,shall mean the total amount
payable by Obligee to Principal under the contract and any amendments thereto,less the amounts heretofore properly paid
by Obligee under the contract.
PRF76010ZZ0115f
Any suit under this bond must be instituted within one(1)year after(i)completion of the contract,including the
expiration of all warranties and guarantees,or(ii)discovery of the defect or breach of warranty,if the action be for
such,whichever is the shorter period,it being understood,however,that if any limitation embodied in this bond is
prohibited by any law controlling the construction hereof such limitation shall be deemed to be amended so as to be
equal to the minimum period of limitation permitted by such law.
No right of action shall accrue on this bond to or for the use of any person or corporation other than the Owner
named herein or the heirs,executors,administrators or successors of Owner.
Signed and sealed this 5th day of June A.D. 2025
In the presence of:
LOVE'S TRAVEL STOPS&C /NTRY STORES, INC.
Principal
� P (Seal)
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
Uh,0- /7w"- � By ���-��re�AAn (Seal)
Tina McEwan
Tonie Petranek ,Attorney-in-Fact
ZURICH AMERICAN INSURANCE COMPANY
COLONIAL AMERICAN CASUALTY AND SURETY COMPANY
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS:That the ZURICH AMERICAN INSURANCE COMPANY,a corporation of the State of New York,the
COLONIAL AMERICAN CASUALTY AND SURETY COMPANY,a corporation of the State of Illinois,and the FIDELITY AND DEPOSIT COMPANY
OF MARYLAND a corporation of the State of Illinois(herein collectively called the"Companies"),by Christopher Nolan,Vice President,in pursuance of
authority granted by Article V,Section 8,of the By-Laws of said Companies,which are set forth on the reverse side hereof and are hereby certified to be in full
force and effect on the date hereof,do hereby nominate,constitute,and appoint Ricardo J.REYNA,Tina MCEWAN,Don E.CORNELL,Joshua
SAUNDERS,Robbi MORALES,Sophinie HUNTER,Kelly A.WESTBROOK,Tonie PETRANEK,Mikaela PEPPERS of Dallas,Texas,its true and
lawful agent and Attorney-in-Fact,to make,execute,seal and deliver,for,and on its behalf as surety,and as its act and deed: any and all bonds and
undertakings,and the execution of such bonds or undertakings in pursuance of these presents,shall be as binding upon said Companies,as fully and amply,to
all intents and purposes,as if they had been duly executed and acknowledged by the regularly elected officers of the ZURICH AMERICAN INSURANCE
COMPANY at its office in New York,New York.,the regularly elected officers of the COLONIAL AMERICAN CASUALTY AND SURETY COMPANY
at its office in Owings Mills,Maryland.,and the regularly elected officers of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND at its office in
Owings Mills, Maryland.,in their own proper persons.
The said Vice President does hereby certify that the extract set forth on the reverse side hereof is a true copy of Article V,Section 8,of the By-Laws of
said Companies,and is now in force.
IN WITNESS WHEREOF, the said Vice-President has hereunto subscribed his/her names and affixed the Corporate Seals of the said ZURICH
AMERICAN INSURANCE COMPANY, COLONIAL AMERICAN CASUALTY AND SURETY COMPANY, and FIDELITY AND DEPOSIT
COMPANY OF MARYLAND,this 24th day of January,A.D.2025.
ATTEST:
ZURICH AMERICAN INSURANCE COMPANY
COLONIAL AMERICAN CASUALTY AND SURETY COMPANY
FIDELITY AND DEPOSIT COMPANY OF MARYLAND
i"
By: Christopher Nolan
Vice President
By: Dawn E.Brrnvn
Secretary
State of Maryland
County of Baltimore
On this 24th day of January, A.D.2025, before the subscriber,a Notary Public of the State of Maryland,duly commissioned and qualified,Christopher
Nolan,Vice President and Dawn E.Brown,Secretary of the Companies,to me personally known to be the individuals and officers described in and who
executed the preceding instrument,and acknowledged the execution of same,and being by me duly sworn,deposeth and saith,that he/she is the said officer of
the Company aforesaid,and that the seals affixed to the preceding instrument are the Corporate Seals of said Companies,and that the said Corporate Seals and
the signature as such officer were duly affixed and subscribed to the said instrument by the authority and direction of the said Corporations.
IN TESTIMONY WHEREOF,I have hereunto set my hand and affixed my Official Seal the day and year first above written.
„thy.
j�J:ICI r.[_ l��I �l:•l�fl`ri-
Genevieve M.Maison 1
Notary Publlc
My Commission Expire January 27,2029
Authenticity of this bond can be confirmed at bondvalidator.zurichna.com or 410-559-8790
EXTRACT FROM BY-LAWS OF THE COMPANIES
"Article V,Section 8,Attorneys-in-Fact. The Chief Executive Officer,the President,or any Executive Vice President or Vice President
may,by written instrument under the attested corporate seal,appoint attorneys-in-fact with authority to execute bonds,policies,recognizances,
stipulations,undertakings,or other like instruments on behalf of the Company,and may authorize any officer or any such attorney-in-fact to
affix the corporate seal thereto;and may with or without cause modify of revoke any such appointment or authority at any time."
CERTIFICATE
1,the undersigned,Vice President of the ZURICH AMERICAN INSURANCE COMPANY,the COLONIAL AMERICAN CASUALTY
AND SURETY COMPANY,and the FIDELITY AND DEPOSIT COMPANY OF MARYLAND,do hereby certify that the foregoing Power
of Attorney is still in full force and effect on the date of this certificate;and I do further certify that Article V,Section 8,of the By-Laws of the
Companies is still in force.
This Power of Attorney and Certificate may be signed by facsimile under and by authority of the following resolution of the Board of
Directors of the ZURICH AMERICAN INSURANNCE COMPANY at a meeting duly called and held on the 15th day of December 1998.
RESOLVED: "That the signature of the President or a Vice President and the attesting signature of a Secretary or an Assistant Secretary
and the Seal of the Company may be affixed by facsimile on any Power of Attorney...Any such Power or any certificate thereof bearing such
facsimile signature and seal shall be valid and binding on the Company."
This Power of Attorney and Certificate may be signed by facsimile under and by authority of the following resolution of the Board of
Directors of the COLONIAL AMERICAN CASUALTY AND SURETY COMPANY at a meeting duly called and held on the 5th day of May,
1994,and the following resolution of the Board of Directors of the FIDELITY AND DEPOSIT COMPANY OF MARYLAND at a meeting
duly called and held on the 10th day of May, 1990.
RESOLVED: "That the facsimile or mechanically reproduced seal of the company and facsimile or mechanically reproduced signature
of any Vice-Presidcnt, Secretary,or Assistant Secretary of the Company, whether made heretofore or hereafter, wherever appearing upon a
certified copy of any power of attorney issued by the Company,shall be valid and binding upon the Company with the same force and effect
as though manually affixed.
IN TESTIMONY WHEREOF,I have hereunto subscribed my name and affixed the corporate seals of the said Companies,
this 5th day of June . 2025 .
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Mary Jean Pethick
Vice President
TO REPORT A CLAIM WITH REGARD TO A SURETY BOND,PLEASE SUBMIT A COMPLETE DESCRIPTION
OF THE CLAIM INCLUDING THE PRINCIPAL ON THE BOND,THE BOND NUMBER,AND YOUR CONTACT
INFORMATION TO:
Zurich Surety Claims
1299 Zurich Way
Schaumburg,IL 60196-1056
rei)orisfclaims—zurichna.com
800-626-4577
Authenticity of this bond can be confirmed at bondvalidator.zurichna.com or 410-559-8790
o Fidelity and Deposit Company of Maryland
Home Office:P.O.Box 1227,Baltimore,MD 21203-1227
IMPORTANT NOTICE
To obtain information or make a complaint:
You may call the Fidelity and Deposit Company of Maryland, Colonial American Casualty and
Surety Company, and/or Zurich American Insurance Company's toll-free telephone number for
information or to make a complaint at:
1-800-654-5155
You may contact the Texas Department of Insurance to obtain information on companies,
coverages, rights,or complaints at:
1-800-252-3439
You may write the Texas Department of Insurance:
P.O.Sox 149104
Austin,TX 78714-9104
FAX#(512) 475-1771
PREMIUM OR CLAIM DISPUTES: Should you have a dispute concerning the premium or
about a claim, you should first contact Fidelity and Deposit Company of Maryland or Colonial
American Casualty and Surety Company. If the dispute is not resolved, you may contact the Texas
Department of Insurance.
ATTACH THIS NOTICE TO YOUR POLICY: This notice is for information only and does
not become a part or condition of the attached document.
S8543tjTX)(08/01)