R2021-106 Resolution Accepting the Bid and Authorizing the Execution of a Contract with Kinney Contractors, Inc. for Concrete and Brick Street Rehabilitation, City Project 2021-11

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Illinois Department of Transportation Contract Bond Route Various ' County Macon BOND#30132503 Local Agency City of Decatur Section 21-00111-00-RP We , Kinney Contractors Inc. ' a/an) ❑ Individual ❑ Co-partnership KI Corporation organized under the laws of the State of Illinois as PRINCIPAL, and Western Surety Company ' as SURETY, are held and firmly bound unto the above Local Agency (hereafter referred to as"LA") in the penal sum of One Million, One Hundred Sixty Seven Thousand Five Hundred Seventy Four and 43/100 ----------------------------------------- ----- ---------------------------------------------------------------------- Dollars ( $1,167,574.43 ), lawful money of the ' United States, well and truly to be paid unto said LA, for the payment of which we bind ourselves, our heirs, executors, administrators, successors,jointly to pay to the LA this sum under the conditions of this instrument. WHEREAS THE CONDITION OF THE FOREGOING OBLIGATION IS SUCH that, the said Principal has entered into a ' written contract with the LA acting through its awarding authority for the construction of work on the above section, which contract is hereby referred to and made a part hereof, as if written herein at length, and whereby the said Principal has promised and agreed to perform said work in accordance with the terms of said contract, and has promised to pay all sums of ' money due for any labor, materials, apparatus, fixtures or machinery furnished to such Principal for the purpose of performing such work and has further agreed to pay all direct and indirect damages to any person, firm, company or corporation suffered or sustained on account of the performance of such work during the time thereof and until such work is completed and accepted; and has further agreed that this bond shall inure to the benefit of any person, firm, company or corporation to whom ' any money may be due from the Principal, subcontractor or otherwise for any such labor, materials, apparatus, fixtures or machinery so furnished and that suit may be maintained on such bond by any such person, firm, company or corporation for the recovery of any such money. ' NOW THEREFORE, if the said Principal shall well and truly perform said work in accordance with the terms of said contract, and shall pay all sums of money due or to become due for any labor, materials, apparatus, fixtures or machinery furnished to him for the purpose of constructing such work, and shall commence and complete the work within the time prescribed in said ' contract, and shall pay and discharge all damages, direct and indirect, that may be suffered or sustained on account of such work during the time of the performance thereof and until the said work shall have been accepted, and shall hold the LA and its awarding authority harmless on account of any such damages and shall in all respects fully and faithfully comply with all ' the provisions, conditions and requirements of said contract, then this obligation to be void; otherwise to remain in full force and effect. Page 1 of 2 IL 494-0372 BLR 12321 (Rev.7/05) ' Printed on 5/27/2021 3:08:32 PM