§ 85.47d. Guaranty capabilities of program--Terms of guaranty--Establishment of indemnity fund
Oklahoma Statutes AnnotatedTitle 74. State Government
74 Okl.St.Ann. § 85.47d
§ 85.47d. Guaranty capabilities of program--Terms of guaranty--Establishment of indemnity fund
A. Subject to the restrictions of the Oklahoma Small Business Surety Bond Guaranty Program Act, the Administrator, on application, may guarantee any surety which qualifies pursuant to this act for any losses incurred as a result of a principal's breach of a bid bond, a payment bond, a defect or maintenance bond, or a performance bond required for a public construction contract for the state, federal agencies and political subdivisions of the State of Oklahoma. Provided, the guaranty shall not be extended to any bond with a face value in excess of Two Hundred Fifty Thousand Dollars ($250,000.00), nor shall the total face value of the bonds to which the guaranty is extended for any one principal exceed Five Hundred Thousand Dollars ($500,000.00). Provided further, the guaranty shall not be granted to an issuer of a letter of credit used in lieu of said bonds.
Credits
Laws 1990, c. 236, § 5, eff. July 1, 1991; Laws 1992, c. 197, § 2, eff. Sept. 1, 1992; Laws 2012, c. 304, § 771.
74 Okl. St. Ann. § 85.47d, OK ST T. 74 § 85.47d
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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