Text: HF02230 Text: HF02232 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 573.2, unnumbered paragraph 1, Code 1 2 1995, is amended to read as follows: 1 3 Contracts for the construction of a public improvement 1 4 shall, when the contract price equals or exceedstwenty-five1 5 fifty thousand dollars, be accompanied by a bond, with surety, 1 6 conditioned for the faithful performance of the contract, and 1 7 for the fulfillment of other requirements as provided by law. 1 8 The bond may also be required when the contract price does not 1 9 equal that amount. However, if a contractor provides a 1 10 performance or maintenance bond as required by a public 1 11 improvement contract governed by this chapter and subsequently 1 12 the surety company becomes insolvent and the contractor is 1 13 required to purchase a new bond, the contractor may apply for 1 14 reimbursement from the governmental agency that required a 1 15 second bond and the claims shall be reimbursed from funds 1 16 allocated for road construction purposes. 1 17 EXPLANATION 1 18 This bill increases from $25,000 to $50,000 the threshold 1 19 contract price amount for requiring a bond on a contract for 1 20 the construction of a public improvement. 1 21 LSB 4025HH 76 1 22 ec/jw/5
Text: HF02230 Text: HF02232 Text: HF02200 - HF02299 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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