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4. The amount of this bond shall be reduced by and to the extent of any payment or payments <br />made in good faith hereunder. Surety's liability hereunder is limited, singly, or in the aggregate, to the <br />penal sum of the bond set forth herein. <br />5. This bond is provided to comply with a statutory or other legal requirement for performing <br />construction contracts for public owners in the location where the construction work is being <br />performed. Except as provided in paragraph 3 above, all provisions in the bond which are in addition <br />to or differ from those statutory or legal requirements shall be read out of this bond, and all pertinent <br />statutes and other legal requirements shall be read into the bond. This bond is a statutory bond , not <br />a common law bond . <br />Signed this 31st day of August, 2016 . <br />CS-1011 -0905 <br />Belsaas & Smith Construction, Inc. <br />(Principal) <br />BY:~~ <br />Travelers Casualty and Surety Company of America <br />By: ---"-"=.:....:..''--~---=-_......:..-..:...l _rY\.....:"..-~~ ______ _ <br />Lori McKimmy, Attorney-in ct <br />Payment Bond -Page 2 of 2