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ROBERT L. EHRLICH, JR., Governor
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S.B. 391
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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 PUBLIC BODY;
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
4. FOR WHICH A MORTGAGE OR DEED OF TRUST ACCEPTED
UNDER THIS SUBSECTION IS RECORDED BY AN OFFICIAL DESIGNATED BY THE UNIT
WHERE THE REAL PROPERTY IS SITUATED IN ACCORDANCE WITH § 3-103 OF THE
REAL PROPERTY ARTICLE; OR
(VI) IRREVOCABLE LETTERS OF CREDIT THAT:
1. ARE ISSUED BY A FEDERALLY INSURED FINANCIAL
INSTITUTION IN THE NAME OF THE CONTRACTING AGENCY; AND
2. IDENTIFY THE AGENCY AND THE SOLICITATION OR
CONTRACT NUMBER FOR WHICH THE IRREVOCABLE LETTER OF CREDIT IS
PROVIDED; AND
3. CONTAIN A PAYOUT CLAUSE IF THAT DEFAULT CANNOT
BE REMEDIED.
(D) ANY ASSET LISTED UNDER SUBSECTION (C)(5) OF THIS SECTION SHALL BE
PLEDGED ONLY FOR THE INTENDED SECURITY AND MAY NOT BE PLEDGED FOR ANY
OTHER SECURITY OR CONTRACT IN OR OUTSIDE THE STATE UNTIL THE ASSET IS
RELEASED BY THE PUBLIC BODY.
- 3085 -
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