2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 5-569 - Surety -- Authority as surety [Amendment subject to abrogation]


MD Econ Dev Code § 5-569 (2013) What's This?

§5-569. IN EFFECT

(a) The Authority may execute and perform a bid bond, performance bond, and payment bond as a surety for the benefit of a principal in connection with a contract financed by the federal government or a state government, a local government, a private entity, or a utility regulated by the Public Service Commission.

(b) (1) This subsection does not apply if the sources of funding for the bonds are grants.

(2) The bonds may not exceed $5,000,000 each.

(c) Bonds are subject to the approval of the Authority based on the bond worthiness of the principal.

5-569. // EFFECTIVE SEPTEMBER 30, 2014 PER CHAPTER 266 OF 2008 //

(a) The Authority may execute and perform a bid bond, performance bond, and payment bond as a surety for the benefit of a principal in connection with a contract financed by the federal government or a state government, a local government, a private entity, or a utility regulated by the Public Service Commission.

(b) (1) This subsection does not apply if the sources of funding for the bonds are grants.

(2) The bonds may not exceed $1,000,000 each.

(c) Bonds are subject to the approval of the Authority based on the bond worthiness of the principal.

§ 5-569 - Surety -- Authority as surety (Abrogation of amendment effective September 30, 2014.)

(a) Authorized. -- The Authority may execute and perform a bid bond, performance bond, and payment bond as a surety for the benefit of a principal in connection with a contract financed by the federal government or a state government, a local government, a private entity, or a utility regulated by the Public Service Commission.

(b) Limitation. --

(1) This subsection does not apply if the sources of funding for the bonds are grants.

(2) The bonds may not exceed $ 1,000,000 each.

(c) Approval required. -- Bonds are subject to the approval of the Authority based on the bond worthiness of the principal.

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