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S,. <br />RESOLUTION NO. 83- 50 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA, ACCEPTING CASH <br />BOND IN LIEU OF FLORIDA STATUTES 5255.05 PUBLIC <br />WORKS PERFORMANCE AND PAYMENT BOND. <br />WHFRFnC_ }hA r --+-.%y is presently lett-ing a contract for <br />the Division I work on the Tracking Station Park Recreational <br />Improvements, which contract documents require the posting of a <br />performance and payment bond in accordance with Florida Statutes <br />§255.05; and <br />WHEREAS, the cited statute permits the County Commission <br />to exempt a contractor from the statutory bond requirement for any <br />job which has a contract price not exceeding ONE HUNDRED THOUSAND <br />DOLLARS ($100,000.00); and <br />WHEREAS, J. B. Walker Construction, Inc. is the only <br />bidder on the Division I work, has placed a bid for less than ONE <br />HUNDRED THOUSAND DOLLARS ($100,000.00), and has requested <br />permission to provide a cash bond to the County in lieu of the <br />statutory surety bond; and <br />WHEREAS, the Board finds that the cash bond agreement as <br />attached hereto is an acceptable security form under the <br />circumstances of this particular job. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that the <br />aforementioned contractor is hereby exempted from the statutory <br />performance and payment bond requirements of §255.05, Florida <br />Statutes, and that the County approves in lieu thereof the <br />attached cash bond arrangement. <br />The foregoing resolution was offered by Commissioner <br />Scurlock who moved its adoption. The motion was seconded <br />by Commissioner Lyons and, upon being put to a vote, the <br />vote was as follows: <br />Chairman Richard N. Bird Aye <br />Vice -Chairman Don C. Scurlock, Jr. Aye <br />Commissioner Margaret C. Bowman Aye <br />Commissioner Patrick B. Lyons Aye <br />Commissioner William C. Wodtke, Jr. Aye <br />The Chairman thereupon declared the resolution duly <br />