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S.B. 391 VETOES
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(3) The amount of bid security required for a procurement contract for
services, supplies, or construction related services shall be an amount determined by
the procurement officer. If a bid or proposal states a rate but not a total price, the
procurement officer shall determine the dollar amount of the bid security.
(d) Bid security under this section shall be:
(1) a bond provided by a surety company authorized to do business in the
State;
(2) A BOND PROVIDED BY AN INDIVIDUAL SURETY THAT MEETS THE
REQUIREMENTS OF SUBSECTION (E) OF THIS SECTION;
[(2)] (3) cash; or
[(3)] (4) another form of security allowed by regulation:
(I) AUTHORIZED BY FEDERAL OR STATE REGULATION; OR
(II) THAT IS SATISFACTORY TO THE UNIT AWARDING THE
CONTRACT.
(E) A BOND PROVIDED BY AN INDIVIDUAL SURETY SHALL BE ACCEPTABLE AS
BID SECURITY UNDER THIS SECTION IF:
(1) THE INDIVIDUAL SURETY PROVIDES A SECURITY INTEREST IN ONE
OR MORE OF THE ASSETS LISTED IN PARAGRAPH (2) OF THIS SUBSECTION TO THE
PROCUREMENT OFFICER AT THE TIME THE BOND IS FURNISHED; AND
(1) THE CONTRACTOR HAS BEEN DENIED CORPORATE SURETY CREDIT;
(2) THE INDIVIDUAL SURETY ONLY TRANSACTS BUSINESS THROUGH AN
INSURANCE AGENCY LICENSED BY THE MARYLAND INSURANCE ADMINISTRATION;
(3) THE INDIVIDUAL SURETY ATTACHES THE GSA STANDARD FORM 28.
AFFIDAVIT OF INDIVIDUAL SURETY. TO THE BID SECURITY;
(4) THE INDIVIDUAL SURETY PROVIDES A UCC-1 FILING SECURITY
INTEREST TO THE UNIT FOR ONE OR MORE OF THE ASSETS LISTED IN ITEM (5)(I)
THROUGH (IV) AND (VI) OF THIS SUBSECTION AT THE TIME THE BOND IS FURNISHED;
AND
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(2) (5) THE INDIVIDUAL SURETY PLEDGES ONE OR MORE OF THE
FOLLOWING ASSETS IN AN AMOUNT EQUAL TO OR GREATER THAN THE AGGREGATE
PENAL AMOUNTS OF THE BONDS REQUIRED BY THE SOLICITATION, INCLUDING:
(I) CASH OR CERTIFICATES OF DEPOSIT;
(II) CASH EQUIVALENTS HELD WITH A FEDERALLY INSURED
FINANCIAL INSTITUTION, INCLUDING OR ASSETS THAT ARE EVIDENCED BY A
SECURITY INTEREST, INCLUDING AN IRRREVOCABLE TRUST RECEIPTS RECEIPT
ISSUED BY THE FINANCIAL INSTITUTION OR BY AN INDEPENDENT TRUSTEE IN THE
NAME OF THE UNIT THAT:
- 3080 -
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