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i 033' Federal Funds All bidders will be informed that Federal funds will be used to assist in construction. This can be accomplished in the "special provisions" of the specifications or in the bidding documents. Bonding and Insurance For contracts exceeding $100,000 the following applies: A. A bid guarantee from each bidder equivalent to five percent of the bid price. The "bid guarantee" shall consist of a firm commitment such as a bid bond, certified check, or other nego- tiable instrument accompanying a bid as assurance that the bidder will, upon acceptance of his bid, execute such con- tractual documents as may be required within the time specified. B. A _performance bond on' the part of the •contractor 'for' 100 percent of the contract price. A "performance bond" is one executed in connection with a contract to secure fulfillment of all the contractor's obligations under such contract. C. A payment bond on the part of the contractor for 100 percent of the contract price. A "payment bond" is one executed in connection with a contract to assure payment as required by law of all persons supplying labor and material in the execution of the work provided for in the contract. D. Additional conditions governing construction contracts are contained in the General Provisions. Contract Provisions The grantee shall include, in addition to provisions to define a sound and complete agreement, the following provisions in all contracts: A. Contracts shall contain such contractual provisions or conditions which will allow for administrative, contractual, or legal remedies in instances where contractors violate or breach contract terms, and provide for such sanctions and penalties- as may be appropriate. B. All contracts, anounts for which are in excess of $10,000, shall contain suitable provisions for termination by the grantee including the manner by which it will be effected and the basis for settlement. In addition, such contracts shall describe conditions under which the contract may be terminated for default as well as conditions where the contract may be terminated because of circumstances beyond the control of the contractor. Mayor Malone requested the Council's consideration of a Resolution authorizing acquisition of drainage and utility easements for 17th Street S. E. Drainage Project. Resolution No. 2026 authorizing and directing the City Attorney to proceed to condemn property for the 17th Street S. E. Drainage Project was presented. A motion was made by Councilman Burnett, seconded by Councilman Kyle for adoption of the Resolution. The motion carried 7 ayes, 0 nays.