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Jul-26-99 17:03 Frain-NIELSONS <br />Bond Number 21-68-31 <br />9705b50188 T-242 P.06/07 F-397 <br />Page 10 <br />State of Colorado <br />Department of Transportation <br />PAYMENT BOND <br />KNOW ALL MEN BY THESE PRESENTS, That we Nielson's Inc. of the <br />county of Moatexutna, in the State of Colorado, as Principal. and <br />American Home Assurance Cotgisny__ of NY NY __ _ _ ___ in the State of <br />_~ ?NY _r_ as surety, are held and firmly -bound unto the STATE OF <br />COLORADO, in the penal sum of FIFTEEN MILLION EIGHT HUNDRED THIRTY <br />SEVEN THOUSAND SIX HUNDRED DOLLARS ($13,839,600.00), with interest <br />thereon at the rate of eight percent (9%) per annum until paid, in good and lawful <br />money of the United States of America, for the payment whereof, well and truly to <br />be made, we bind ourselves, our and each of our heirs, administrators, executors, <br />successors and assigns, jointly and severally, firmly by these presents. <br />The condition of the obligation is that the Principal and the State of Colorado <br />acting by and through the Principal Representative have entered into a certain <br />Contract, dated 1999, for the construction of a PROJECT <br />described as Colorado State Project No. NH 1601-046, located on US 160 beginning <br />11 miles east of the Town of lYlancos and extending approximately 14.3 miles easterly to <br />the Durango City Limit in La Plata County in the State of Colorado. The work consists of <br />pavement rehabilitation, resurfaciag and intersection improvement; said work of <br />construction to be done according to the requirements of said contract; <br />NOW, THEREFORE, if the said Principal, his sub-contractor or sub- <br />contractors, and each and all of them, shall duly pay for 411 labor, materials, and <br />orber supplies used or consumed in the performance of the work contracted to be <br />done or any part thereof, and if the said Principal shall also fully indemnify and <br />save harmless the State of Colorado, and all persons as provided by the Statutes of <br />the State of Colorado, from any and all damages or loss which the said State of <br />Colorado or any persons as provided by the Statutes of the State of Colorado, may <br />or shall suffer by reason of the default of the Principal or anyone acting for him as <br />sub-contractor is connection with such payments, these presents shall become void, <br />otherwise to be and remain in full force and effect. <br />THE STATE OF COLORADO shall be under no obligation, except as <br />expressly provided by statute, to withhold any sums due the said Principal under <br />the Terms of this contract, or to protect in any other way the surety or sureties, <br />claimants or others. <br />cans Pam *a sat