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AR SB202
Bill
Status
Passed
2/27/2025
Primary Sponsor
Jimmy Hickey
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AI Summary
- Removes the fixed minimum bond requirement of one-fourth (25%) of the contract price for State Highway Commission construction project bidders
- Gives the State Highway Commission discretion to set bond amounts that ensure contracts are fully executed and completed while covering the state's exposure
- Eliminates the provision allowing personal bonds with deposited collateral (U.S. Government bonds, state highway bonds, or road improvement district bonds) as an alternative to surety bonds
- Approved on February 27, 2025, sponsored by Senator Hickey and Representative Beaty Jr.
Legislative Description
To Amend The Law Concerning Statutory Bonding Requirements For Construction Projects Of The State Highway Commission.
Last Action
Notification that SB202 is now Act 217
2/27/2025
Committee Referrals
Public Transportation2/18/2025
Transportation, Technology & Legislative Affairs2/5/2025
Full Bill Text
No bill text available