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ROBERT L. EHRLICH, JR., Governor S.B. 391
certain assets in an amount equal to or greater than the aggregate penal
amounts of the bonds required by the solicitation; expanding bid security to
include another form of security satisfactory to a certain public body, expanding
payment and performance security to include another form of security allowed
by regulation; requiring the Procurement Advisor appointed by the Board of
Public Works to report to the Governor and certain committees by certain dates
regarding the implementation of this Act; providing for the application of this
Act; providing for the termination of this Act; and generally relating to bid,
payment, and performance security requirements.
BY repealing and reenacting, with amendments,
Article 83A - Department of Business and Economic Development
Section 5-1035
Annotated Code of Maryland
(2003 Replacement Volume and 2005 Supplement)
BY repealing and reenacting, without amendments,
Article 83A - Department of Business and Economic Development
Section 5-1037
Annotated Code of Maryland
(2003 Replacement Volume and 2005 Supplement)
BY repealing and reenacting, with amendments,
Article - State Finance and Procurement
Section 13-207 and 17-104
Annotated Code of Maryland
(2001 Replacement Volume and 2005 Supplement)
BY repealing and reenacting, without amendments,
Article - State Finance and Procurement
Section 13-208 and 13-216
Annotated Code of Maryland
(2001 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 83A - Department of Business and Economic Development
5-1035.
(a) Subject to the restrictions of this Part VI, the Authority, on application,
may guarantee any surety up to the lesser of 90 percent or $1,350,000 of its losses
incurred under a bid bond, a payment bond, or a performance bond on any contract,
the majority of the funding for which is provided by the federal government or a state
government, a local government or a utility regulated by the Public Service
Commission.
- 3077 -
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