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<br />e <br /> <br />.' <br /> <br />ORDINANCE NO. 1773 <br />AN ORDINANCE ESTABLISHING QUALIFICATIONS FOR CORPORATE SURETIES ISSUING <br />PERFORMANCE AND PAYMENT BONDS TO THE CITY OF LA PORTE FOR PUBLIC WORKS <br />PROJECTS; ESTABLISHING CRITERIA FOR REQUIREMENT OF PERFORMANCE AND PAYMENT <br />BONDS; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN <br />EFFECTIVE DATE HEREOF. <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: <br /> <br />Section 1. Corporat~ sureties issuing performance and payment bonds <br />payable to the City of La Porte on public works projects shall meet all of the <br />following criteria: <br />a. The surety company must be authorized to do business in the State of <br />Texas, which authorization must be recorded in the files of the Texas <br />State Board of Insurance; <br /> <br />b. The surety company must ,be an approved surety company listed in the <br />current United States Department of Treasury list of approved corporate <br />sureties for performance and payment bonds for federal jobs, including <br />specifically the rules related to the underwriting limitation; <br />c. The surety company must be authorized to issue payment and performance <br />bonds in the amount required for the Contract, which authorization must <br />be recorded in the files of the Texas State Board of Insurance; <br /> <br />d. The person executing the Payment and Performance Bonds must be a <br /> <br />licensed Texas local recording agent and such licensing must be recorded <br />in the files of the Texas State Board of Insurance; and <br /> <br />e. The person executing the Payment and Performance Bonds must be <br />authorized by the surety company to execute performance and payment <br />bonds on behalf of the company in the amount required for the Contract <br />and such authorization must be recorded in the files of the Texas State <br /> <br />Board of Insurance. <br />