CT SB00830

Establishes a surety bond guarantee program administered by the Commissioner of Administrative Services, effective October 1, 2015, to help minority-owned emerging contractors obtain bonding for state and municipal contracts exceeding $500,000.

Defines "emerging contractor" as a minority-owned business that is not prequalified and cannot obtain required bonding or perform as a substantial subcontractor on public construction projects (excluding highways and bridge projects administered by DOT).

Limits emerging contractor participation in the surety bond guarantee program to a maximum of five years from the date of initial application.

Appropriates $100,000 to the Department of Administrative Services, effective July 1, 2015, to establish and fund the surety bond guarantee program.

Exempts emerging contractors participating in the surety bond guarantee program from compliance with standard bonding requirements under Connecticut General Statutes Section 49-41.