Revised per Minnesota Laws 2001









EXHIBIT

10.47




 




Revised per Minnesota Laws 2001




Chapter

215 - Effective for Bonds




Posted on or after January 1, 2002




 




STATE OF MINNESOTA




 




DEPARTMENT OF

COMMERCE




 




SURETY BOND OF

SELF-INSURER OF WORKERS’ COMPENSATION




 




IN THE MATTER OF

THE CERTIFICATE OF




 




	

  LABOR READY, INC.


  	

   


  	

   


  
	

  for its subsidiary


  	

   


  	

  SURETY BOND


  
	

  LABOR READY MIDWEST, INC.


  	

   


  	

  NO. 1316053


  
	

   


  	

   


  	

  PREMIUM:


  





 




$5,810.00




Employer,

Certificate No:




 




KNOW ALL PERSONS

BY THESE PRESENTS:




 




That LABOR READY MIDWEST, INC. whose address is

1015 A Street, Tacoma, Washington 




 




98402 as




(Employer)




Principal, and GREAT

AMERICAN INSURANCE COMPANY a corporation organized under the laws of Ohio

and authorized to transact a general surety business in the State of Minnesota,

as Surety, are held and firmly bound to the State of Minnesota in the penal sum


of EIGHT HUNDRED TWENTY-NINE THOUSAND NINE HUNDRED THIRTY AND 00/100—dollars

($829,930.00***)


for which payment we bind ourselves, our heirs, executors, administrators,

successors, and assigns, jointly and severally, firmly by these presents.




 




WHEREAS in accordance with Minnesota Statutes, chapter

176, the principal elected to self-insure, and made application for, or

received from the commissioner of commerce of the state of Minnesota, a

certificate to self-insure, upon furnishing of proof satisfactory to the

commissioner of commerce of ability to self-insure and to compensate any or all

employees of said principal for injury or disability, and their dependents for

death incurred or sustained by said employees pursuant to the terms, provisions,

and limitations of said statute;




 




NOW THEREFORE, the conditions of this bond or

obligation are such that if principal shall pay and furnish compensation,

pursuant to the terms, provisions, and limitations of said statute to its

employees for injury or disability, and to the dependents of its employees,

then this bond or obligation shall be null and void; otherwise to remain in

full force and effect.




 




FURTHERMORE, it is understood and agreed that:




 





























 




1.     This bond may be amended, by agreement between the parties

hereto and the commissioner of commerce as to the identity of the principal

herein named; and, by agreement of the parties hereto, as to the premium or

rate of premium. Such amendment must be by endorsement upon, or rider to, this

bond, executed by the surety and delivered to or filed with the commissioner.




 




2.     The surety does, by these presents, undertake and agree that the

obligation of this bond shall cover and extend to all past, present, existing,

and potential liability of said principal, as a self-insurer, to the extent of

the penal sum herein named without regard to specific injuries, date or dates

of injuries, happenings or events.




 




3.     The penal sum of this bond may be increased or decreased, by

agreement between the parties hereto and the commissioner of commerce, without

impairing the obligation incurred under this bond for the overall coverage of

the said principal, for all past, present, existing, and potential liability,

as a self-insurer, without regard to specific injuries, date or dates of

injuries, happenings or events, to the extent, in the aggregate, of the penal

sum as increased or decreased.  Such

amendment must be by endorsement.




 




4.     The aggregate liability of the surety hereunder on all claims

whatsoever shall not exceed the penal sum of this bond in any event.




 




5.     This bond shall be continuous in form and shall remain in full

force and effect unless terminated as follows:




 




(a)     The obligation of this bond shall terminate

upon written notice of cancellation from the surety, given by registered or

certified mail to the commissioner of commerce, state of Minnesota, save and

except as to all past, present, existing, and potential liability of the

principal incurred, including obligations resulting from claims which are incurred

but not yet reported, as a self-insurer prior to effective date of

termination.  This termination is

effective 60 days after receipt of notice of cancellation by the commissioner

of commerce, state of Minnesota.




 




(b)     This bond shall also terminate upon the

revocation of the certificate to self-insure, save and except as to all past,

present, existing, and potential liability of the principal incurred, including

obligations resulting from claims which are incurred but not yet reported, as a

self-insurer prior to effective date of termination.  The principal and the surety, herein named, shall be immediately

notified in writing by said commissioner, in the event of such revocation.




 




6.     Where the principal posts with the commissioner of commerce,

state of Minnesota, or the state treasurer, state of Minnesota, a replacement

security deposit, in the form of a surety bond, irrevocable letter of credit,

cash, securities, or any combination thereof, in the full amount as may be

required by the commissioner of commerce, state of Minnesota, to secure all

incurred liabilities for the payment of compensation of said principal under

Minnesota Statutes, chapter 176, the surety is released from obligations under

the surety bond upon the date of acceptance by the commissioner of commerce,

state of Minnesota, of said replacement security deposit.




 




7.     If the said principal shall suspend payment of workers’

compensation benefits or shall become insolvent or a receiver shall be

appointed for its business, or the commissioner of commerce, state of

Minnesota, issues a certificate of default, the undersigned surety will become

liable for the workers’ compensation obligations of the principal on the date

benefits are suspended.




 




2





























 




The surety shall begin payments within 14 days under paragraph 8, or 30

days under paragraph 10, after receipt of written notification by certified

mail from the commissioner of commerce, state of Minnesota, to begin payments

under the terms of this bond.




 




8.     If the surety exercises its option to administer claims, it

shall pay benefits due to the principal’s injured workers within 14 days of the

receipt of the notification by the commissioner of commerce, state of

Minnesota, pursuant to paragraph 7, without a formal award of a compensation

judge, the commissioner of labor and industry, any intermediate appellate

court, or the Minnesota supreme court and such payment will be a charge against

the penal sum of the bond. 

Administrative and legal costs and payment of assessments incurred by

the surety in discharging its obligations and payment of the principal’s

obligations for administration and legal expenses and payment of assessments

under Minnesota Statutes, chapters 79A and 176, shall also be a charge against

the penal sum of the bond.




 




9.     If any part or provision of this bond shall be declared

unenforceable or held to be invalid by a court of proper jurisdiction, such

determination shall not affect the validity or enforceability of the other

provisions or parts of this bond.




 




10.   If the surety does not give notice to the

(self-insurer’s security fund) (commercial self-insurance group security fund)

and the commissioner of commerce, state of Minnesota, within five business days

of receipt of written notification from the commissioner of commerce, state of

Minnesota, pursuant to paragraph 7, to exercise its option to administer claims

pursuant to paragraph 8, then the (self-insurer’s security fund) (commercial

self-insurance group security fund) will assume the payments of the workers’

compensation obligations of the principal pursuant to Minnesota Statutes,

chapter 176.  Administrative, legal,

actuarial, and other direct costs attributed to the principal shall also be a

charge against the penal sum of the bond. 

The surety shall pay, within 30 days of the receipt of the notification

by the commissioner of commerce, state of Minnesota, pursuant to paragraph 7,

to the (self-insurer’s security fund) (commercial self-insurance group security

fund) as an initial deposit an amount equal to 50 percent of the penal sum of

the bond, and shall thereafter, upon notification from the (self-insurer’s

security fund) (commercial self-insurance group security fund) that the balance

of the initial deposit, including interest earned as provided below with

respect to the segregated account, had fallen to ten percent of the penal sum

of the bond, remit to the (self-insurer’s security fund) (commercial

self-insurance group security fund) an amount equal to an additional ten

percent of the penal sum of the bond. 

All such payments will be a charge against the penal sum of the

bond.  The initial deposit and all

subsequent deposits shall be deposited by the (self-insurer’s security fund)

(commercial self-insurance group security fund) into a segregated,

interest-bearing account.  These

deposits, together with any interest earned thereon, shall be used to satisfy

all obligations of the surety hereunder. 

Upon determination that there are no remaining reserves for any known

claims covered under the bond, the balance of the account, including any

interest earned thereon, shall be paid to the surety.




 




Said repayment of the

funds to the surety will not discharge the bond, which shall remain in full

force and effect as to all past, present, existing, and potential liability of

the principal incurred, including obligations resulting from claims which are

incurred but not yet reported, as a self-insurer prior to the effective date of

termination of the bond.




 




11.   Disputes concerning the posting, renewal,

termination, exoneration, or return of all or any portion of the principal’s

security deposit or any liability arising out of the posting or failure to post

security, or the adequacy of the security or the reasonableness of

administrative costs, including legal costs, arising between or among a surety,

the issuer of an agreement of assumption and




 




3





























 




guarantee of workers’ compensation liabilities, the

issuer of a letter of credit, any custodian of the security deposit, the

principal, or the (self-insurer’s security fund) (commercial self-insurance

group security fund) shall be resolved by the commissioner of commerce pursuant

to Minnesota Statutes, chapters 79A and 176.




 




12.   Written notification to the surety required

by this bond shall be sent to:




 




	

   


  	

  GREAT AMERICAN INSURANCE COMPANY


  
	

   


  	

  Name of Surety


  
	

   


  	

   


  
	

   


  	

  SURETY CLAIMS DEPARTMENT


  
	

   


  	

  To the attention of Person or Position


  
	

   


  	

   


  
	

   


  	

  580 WALNUT STREET


  
	

   


  	

  Address


  
	

   


  	

   


  
	

   


  	

  CINCINNATI, OHIO 45202


  
	

   


  	

  City, State, Zip


  





 




Written notification to

the principal required by this bond shall be sent to:




 




	

   


  	

  LABOR READY, MIDWEST, INC.


  
	

   


  	

  Name of Principal


  
	

   


  	

   


  
	

   


  	

  DIRECTOR OF RISK MANAGEMENT


  
	

   


  	

  To the attention of Person or Position


  
	

   


  	

   


  
	

   


  	

  1015 A STREET


  
	

   


  	

  Address


  
	

   


  	

   


  
	

   


  	

  TACOMA, WASHINGTON 98402


  
	

   


  	

  City, State, Zip


  





 




13.   This bond is executed by the surety to comply

with Minnesota Statutes, chapter 176, and said bond shall be subject to all

terms and provisions thereof.




 




	

   


  	

  GREAT AMERICAN INSURANCE COMPANY


  
	

   


  	

  Name of Surety


  
	

   


  	

   


  
	

   


  	

  580 WALNUT STREET


  
	

   


  	

  Address


  
	

   


  	

   


  
	

   


  	

  CINCINNATI, OHIO 45202


  
	

   


  	

  City, State, Zip


  





 




THIS bond is executed

under an unrevoked appointment or power of attorney.




 




4





























 




I certify (or declare) under penalty of perjury under

the laws of the state of Minnesota that the foregoing is true and correct.




 




	

  DECEMBER 6, 2001


  	

   


  	

  /s/ Patrick D. Dineen


  	

   


  
	

  Date


  	

  Signature of Attorney-in-Fact


  
	

   


  	

   


  
	

   


  	

  Patrick D. Dineen


  	

   


  
	

   


  	

  Printed or Typed Name of Attorney-in-Fact


  
					





 




A copy of the transcript or record of the unrevoked

appointment, power of attorney, bylaws, or other instrument, duly certified by

the proper authority and attested by the seal of the insurer entitling or

authorizing the person who executed the bond to do so for and in behalf of the

insurer, must be filed in the office of the commissioner of commerce or must be

included with this bond for such filing.




 




This section is effective for bonds posted on or after

January 1, 2002.




 




GREAT

AMERICAN INSURANCE COMPANY®




Administrative Office: 

580 WALNUT STREET • CINCINNATI, OHIO 4522 • 513-369-5000

• FAX 513-723-2740




 




	

  The number of persons authorized by


  	

   


  	

   


  
	

  this power of attorney is not more than


  	

   


  	

   


  
	

  SEVEN


  	

   


  	

   


  	

  No. 0 17201


  
				





 




POWER OF

ATTORNEY




 




KNOW ALL

MEN BY THESE PRESENTS:  That the GREAT AMERICAN INSURANCE

COMPANY, a corporation organized and existing under and by virtue of the laws

of the State of Ohio, does hereby nominate, constitute and appoint the person

or persons named below its true and lawful  attorney-in-fact,

for it and in its name, place and stead to execute in behalf of the said

Company, as surety, any and all bonds, undertakings and contracts of

suretyship, or other written obligations in the nature thereof; provided that

the liability of the said Company on any such bond, undertaking or contract of

suretyship executed under this authority shall not exceed the limit stated

below.




 




	

  Name


  	

   


  	

  Address


  	

   


  	

  Address


  	

   


  	

  Limit of Power


  
	

  JAY A. MILEY


  	

   


  	

  KATHIE L. WIEGERS


  	

   


  	

  ALL OF


  	

   


  	

  ALL


  
	

  PATRICK D. DINEEN


  	

   


  	

  TEVY LOR


  	

   


  	

  SEATTLE, WASHINGTON


  	

   


  	

  UNLIMITED


  
	

  HEIDI BOCKUS


  	

   


  	

  SUZANNE HOLDEN


  	

   


  	

   


  	

   


  	

   


  
	

  KRISTA M. STROMBERG


  	

   


  	

   


  	

   


  	

   


  	

   


  	

   


  





 




This Power of Attorney revokes all previous powers

issued in behalf of the attorney(s)-in-fact famed above.




IN WITNESS WHEREOF the GREAT AMERICAN INSURANCE

COMPANY has caused these presents to  be

signed and attested by its appropriate officers and its corporate seal hereunto

affixed this 8th day of October, 2001




	

  Attest


  	

   


  	

  GREAT AMERICAN INSURANCE COMPANY


  





 




5





























 




STATE OF OHIO, COUNTY OF HAMILTON - ss:




On this 8th day of October, 2001, before me personally

appeared DOUGLAS R. BOWEN, to me known, being duly sworn, deposes and says that

he resides in Cincinnati, Ohio, that he is the Divisional Senior Vice President

of the Bond Division of Great American Insurance Company, the Company described

in and which executed the above instrument; that he knows the seal of the said

Company; that the seal affixed to the said instrument is such corporate seal;

that it was so affixed by authority of his office under the By-Laws of said

Company, and that he signed his name thereto by like authority.




 




This Power of Attorney is granted by authority of the

following resolutions adopted by the Board of Directors of Great American

Insurance Company by unanimous written consent dated March 1, 1993.




 




RESOLVED:  That the Division President, the several

Division Vice Presidents and Assistant Vice Presidents, or any, one of them, be

and hereby, is  authorized from time to time, to appoint  one or more Attorneys-in-Fact to execute on behalf of the Company, as

surety, any and all bonds, undertakings and contracts of suretyship, or other

written obligations in the nature thereof; to prescribe their respective duties

and the respective limits of their authority; and to revoke any such

appointment at any time.




 




RESOLVED

FURTHER:  That the Company seal and the

signature of any of the aforesaid officers and any Secretary or Assistant

Secretary of the Company may be affixed by facsimile to any power of attorney or

certificate of either given for the execution of any bond, undertaking,

contract or suretyship, or other written obligation in the nature thereof, such

signature and seal when so used being hereby adopted by the Company as the

original signature of such officer and the original seal of the Company, to be

valid and binding upon the Company with the same force and effect as though

manually affixed.




 




CERTIFICATION




 




I, Ronald C. Hayes, Assistant Secretary of Great

American Insurance Company, do hereby certify that the foregoing Power of

Attorney and the Resolutions of the Board of Directors of March 1, 1993 have

not been revoked and are now in full force and effect.




 




Signed and sealed this 6th day of December, 2001.




 




 




 




 




	

  All-Purpose


  
	

  Certificate

  of Acknowledgment


  





 




State of          Washington




 




 




6





























 




County of      King




 




On December 6, 2001

before me, Heidi Bockus




DATE                     NAME

OF NOTARY PUBLIC




 




personally appeared Patrick D. Dineen




NAME(S) OF SIGNER(S)




 




	

  ý 

  personally known to me – OR


  	

    proved to

  me on the basis of satisfactory evidence to be the person(s) whose name(s)

  is/are subscribed to the within instrument and acknowledged to me that

  he/she/they executed the same in his/her/their authorized capacity(ies), and

  that by  his/her/their signatures

  on the instrument the person(s), or the entity upon behalf of which the

  person(s) acted, executed the instrument.


  
	

   


  	

   


  
	

   


  	

  Witness my hand and official seal.


  
	

   


  	

   


  
	

   


  	

  /s/ Heidi Bockus


  	

   


  
	

   


  	

  SIGN URE OF NOTARY PUBLIC


  
	

   


  	

   


  





Though the data below is not required by law, it may prove valuable to

persons relying on the document and prevent fraudulent reattachment of this

form.




 




	

  CAPACITY

  CLAIMED BY SIGNER


  	

   


  	

  DESCRIPTION

  OF ATTACHED DOCUMENT(S)


  
	

   


  	

  Attorney-in-Fact


  	

   


  	

  Type of Document


  
	

   


  	

   


  	

   


  
	

   


  	

   


  	

   


  	

  Surety

  Bond of Self-Insurer of Workers’


  
	

   


  	

   


  	

   


  	

  Compensation – Bond No. 1316053


  
	

   


  	

   


  	

   


  
	

   


  	

   


  	

  Number of Pages


  
	

   


  	

   


  	

   


  
	

   


  	

   


  	

   


  	

  Six (6)


  
	

   


  	

   


  	

   


  
	

   


  	

   


  	

  Date of Document


  
	

   


  	

   


  	

   


  
	

   


  	

   


  	

   


  	

  December 6, 2001


  
	

   


  	

   


  	

   


  
	

   


  	

   


  	

  Signer(s) Other Than Named Above


  
	

   


  	

   


  	

   


  
	

   


  	

   


  	

   


  	

  Labor Ready Midwest, Inc.


  
									





 




7





























 




SIGNER IS REPRESENTING:




NAME OF

PERSON(S) OR ENTITY(IES)




 




Great American Insurance Company




 




8