HomeMy Public PortalAbout08964 O R D I N A N C E NO. 8964
AN ORDINANCE, amending Ordinance No. 8660, as adopted
May 13, 1992, by adding certain language to Section Two (G) in
order to provide for Group Performance Bonds for trade
associations.
WHEREAS, by Ordinance No. 8660, as adopted May 13,
1992, the District has increased the requirement for performance
bonds to Ten Thousand Dollars ($10,000.00) for each permittee; and
WHEREAS, the District has further provided that a
permittee may elect to maintain a bond for all jobs occurring
during the term of the bond; and
WHEREAS, certain contractor associations have in the
past been able to provide bond protection for members of the
association; and
WHEREAS, such group bonds require an aggregate exposure
limit.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. Section Two (G) of Ordinance No. 8660, as
adopted May 13, 1992, is hereby amended by inserting the following
language: "A trade association may submit a performance bond complying with the terms of this section on behalf of its members provided that the aggregate limit on such bond shall be at least Two Hundred Fifty Thousand Dollars ($250,000.00)" and shall now read as follows:
(G)Performance Bond. No construction or connection permit shall be issued unless the applicant shall first have filed the District a cash or corporate bond in an amount not less than Ten Thousand Dollars ($10,000.00). A trade association may submit a performance bond complying with the terms of this section on behalf of its members provided that the aggregate limit on such bond shall be at least Two Hundred Fifty Thousand Dollars ($250,000.00). Such bond shall run to the District and shall be conditioned as follows: That the permittee, his agents and servants, shall comply with all of the terms, conditions, provisions, requirements and specifications of this Ordinance and applicable rules and regulations. A permittee may elect to maintain such bond with respect to all permits issued hereunder during the period of the bond or with respect to a single permit. Before acceptance, all bonds shall be approved by the Executive Director. All bonds must be executed by a surety company satisfactory to the District and duly authorized to transact business in Missouri as evidenced by a Certificate of Authority granted by the Insurance Commissioner, Department of Insurance, State of Missouri. The surety company must have a policyholder's rating of "A" or better and a financial rating of Class V or higher in BEST'S KEY RATING GUIDE, latest edition. If a cash bond is offered, it shall be deposited with the Secretary-Treasurer, who shall give his official receipt therefor, reciting that the cash has been deposited in compliance with and subject to the provisions of this Ordinance and applicable rules and regulations."
The foregoing Ordinance was adopted May 12, 1993.