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S.B. 391
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ROBERT L. EHRLICH, JR., Governor
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1. ARE ISSUED IN ACCORDANCE WITH THE UNIFORM
CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS OF THE INTERNATIONAL
CHAMBER OF COMMERCE § 9-109 OF THE COMMERCIAL LAW ARTICLE; AND
2. CONTAIN A PAYOUT CLAUSE IN THE EVENT THAT
DEFAULT CANNOT BE REMEDIED; AND
3. IDENTIFY THE SOLICITATION OR CONTRACT NUMBER FOR
WHICH THE SECURITY INTEREST IS PROVIDED;
(III) UNITED STATES GOVERNMENT SECURITIES AT MARKET
VALUE;
(IV) STOCKS AND BONDS THAT:
1. ARE ACTIVELY TRADED ON A NATIONAL UNITED STATES
SECURITY EXCHANGE;
2. ARE ACCOMPANIED BY CERTIFICATES ISSUED IN THE
NAME OF THE INDIVIDUAL SURETY; AND
3. ARE PLEDGED AT 90% OF THEIR 52-WEEK LOW, AS
REFLECTED AT THE TIME OF SUBMISSION OF THE BOND;
(V) REAL PROPERTY THAT:
1. IS LOCATED IN THE UNITED STATES OR ITS OUTLYING
AREAS;
2. THAT IS OWNED BY THE CONTRACTOR OR INDIVIDUAL
SURETY IN FEE SIMPLE OR WITH COTENANTS THAT ALL AGREE TO ACT JOINTLY;
AND
2, THAT MAY INCLUDE THE GRANTING OF A MORTGAGE OR
DEED OF TRUST ON REAL PROPERTY LOCATED WITHIN THE STATE IF SATISFACTORY
TO THE UNIT;
3. A. IS PLEDGED AT 100% OF THE MOST CURRENT REAL
ESTATE TAX ASSESSMENT VALUE OF THE PROPERTY, EXCLUSIVE OF
ENCUMBRANCES; OR
B. IS PLEDGED AT 75% OF THE UNENCUMBERED MARKET
VALUE OF THE PROPERTY, AS DETERMINED BY AN APPRAISAL DATED NO EARLIER
THAN 6 MONTHS BEFORE THE DATE OF THE BOND; OR
3. FOR WHICH THE FACE AMOUNT OF THE MORTGAGE OR
DEED OF TRUST ON THE REAL PROPERTY LOCATED WITHIN THE STATE DOES NOT
EXCEED 75% OF THE CONTRACTOR'S OR INDIVIDUAL SURETY'S EQUITY INTEREST IN
THE PROPERTY; AND
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- 3081 -
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