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M ALTMMT= AND ANALYSIS In commmmucations with the County Attorney's Office, the County mcgy elect to accept the Cash Bond (in the, form of a Certificate of Deposit) if the following conditions are :met: 1) The Contract amount must be $100,000 or less, as mandate.'i.by Vozjda Statutes 2) The County should assure that a portion of the Bond remain acicive through the one (1) year warranty period. The Public Works Division 4l;aff recommtends holding 10% of the Contract amount during the one (1.) year warranty period. 3) The Public Works Division should provide close administrata'_ori of 'rhe Contract. This will -be performed by a full time resident insjr_--.:.,-Or on the job. Also, the County will be assured that all mmiaterja.? .�z�ppliers and suu=ntractors are paid prion 'w the payment 'thF �'ontrartc,�r'ti c a work performed. 4) Amending the Contract Documents to allow for the Cash Bond. 5) The County adopt a Resolution authorizing the Cash Bond. Ir, analyzing the above request, the Public Works Division has no objection to the Cash Bond substitution. The Contractor is incurring equal, if nu(,-- greater, cost by posting the Cash Bond as opposed to a Surety Bond, and the county is protected from default. In conversations with the Florida D.N.R., the Grants coordinator has no problem with the substitution. To reduce the amount of the Contract to less than $100,000, one picnic shelter will be deleted fran the Contract. The County can have this shelter built under a separate contract or "in-house". The alternative to the substitution would be to require the Surety Bond (whereby the project would be delayed), the bidder may possibly not be able to secure the bond and would have to default, and the project w wld tave to be rebid. Based on the Contractors past reputation (successful completion of South Beach Park, the Turtle Trail and Seagrape Trail crossovers, etc.), the Staff feels comfortable in allowing the substitution. The Public Works Division Staff recommends: 1) That the Board of county commissioners allow the substitution of a Cash Bond in lieu of a Surety Bond. 2) That the Contract be amended to delete one (1) picnic shelter (item 7 - bid price $6,800), thereby reducing the contract amount to $99,733. Also, wording shall be included in the Contract Agreement to allow substitution of a Cash Bond, and the Cash Bond form prepared by the County Attorney's office be made a part of the Contract Documents. 3) The County requires that 10a of the Cash Bond be held by the county during the one (1) year warranty period. 4) Adopt the attached resolution to waive the Surety Bond in lieu of acceptance of the Cash Bond There are no additional funding considerations applicable. JUL 57 1983 Mox 53 ?ACE 1237 I\