HomeMy WebLinkAbout1243 Amending City Code Section 135.110 Bid Security BILL NO. 2013-066 ORDINANCE NO. Ja�3
AN ORDINANCE AMENDING CITY CODE SECTION 135.110 RELATING TO
BID SECURITY AND PERFORMANCE/PAYMENT BONDS FOR
CONSTRUCTION CONTRACTS
BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF
RIVERSIDE, MISSOURI AS FOLLOWS:
SECTION 1 - AMENDMENT OF SECTION 135.110 OF THE CITY CODE. Title
I, Chapter 135, Section 135.110 of the Riverside City Code is hereby amended to read as
follows (language to be added is underlined; language to be deleted contains a
strikethrough):
SECTION 135.110: BID SECURITY,
PERFORMANCE /PAYMENT BONDS FOR CONSTRUCTION
CONTRACTS
A. Bid Security. Bid security, in the form of a bond provided by a
surety company authorized to do business in Missouri or the
equivalent in cash, shall be required for all competitive sealed bidding
for construction contracts. Bid security shall be in an amount equal to
at least five percent (5 %) of the amount bid. After bids are opened,
they shall be irrevocable for the period specified in the invitation for
bids. The bid security shall be forfeited to the City if the bidder to
whom an award is made fails to enter into the required contract or fails
to deliver a required performance or payment bond.
B. Contract Performance And Payment Bonds. When a construction
contract is awarded, the following bonds or security shall be delivered
to the City and shall become binding on the parties upon execution of
the contract:
1. A performance bond satisfactory to the City Attorney, executed
by a surety company authorized to do business in Missouri and
having a rating of at least "A —" A+" from A.M. Best's or "AA"
:..: • :: ' ' • • - • , in an amount equal
to one hundred percent (100 %) of the portion of the contract that
does not include the cost of operation, maintenance and money,
along with; and
2. A payment bond satisfactory to the City Attorney, executed by a
surety company authorized to do business in Missouri and having
o .,.
rating of at least "A-" �- from A.M. Bests or- �- a-
' :: , for the protection of all
persons supplying labor and material to the contractor or its
subcontractors for the performance of constriction work provided
for in the contract. The bond shall be in an amount equal to one
hundred percent (100 %) of the portion of the contract price that
does not include the cost of operation, maintenance and money.
3. In lieu of a surety bond as provided in subsections 1 and 2, the
following forms of securities may be delivered in an amount equal
to one hundred percent (100 %) of the portion of the contract that
does not include the cost of operation, maintenance and money : i)
cash, or ii) an irrevocable letter of credit drawn on a local financial
institution acceptable to and in a form approved by the City
Attorney. 4, .. .. _ . - -
thc execution of a contract for furnishing supplies or services for
the best interests of thc City.
4. Return of bid surety. Bonds and checks shall be returned to the
unsuccessful bidders after an award has been made or bids have been
rejected.
SECTION 2 — REPEAL OF ORDINANCES IN CONFLICT. All ordinances or parts
of ordinances in conflict with this ordinance are hereby repealed.
SECTION 3 — SEVERABILITY CLAUSE. The provisions of this ordinance are
severable and if any provision hereof is declared invalid, unconstitutional or
unenforceable, such determination shall not affect the validity of the remainder of this
ordinance.
SECTION 4 — EFFECTIVE DATE. This ordinance shall be in full force and effect
from and after the date of its passage and approval.
BE IT REMBERED that the above was read two times by heading only, PASSED AND
APPROVED by a majors of the Board o Aldermen and APPROVED by the Mayor of
the City of Riverside this r day of , 2013.
hp.....),rkz.,
yor Kathleen L. Rose
- ATTEST: .,
Robin Littrell, City Clerk