IN HB1117

Legislative Description

Performance bond requirements. Provides that a local governmental unit and a land developer may agree to the partial release of a performance bond or other surety required of the land developer to ensure the completion of certain unfinished improvements and installations in a subdivision on a more frequent basis than an annual basis. (Under current law, a performance bond or other surety may be partially released on an annual basis, which would continue to be permitted.) Provides that a contractor is not required to submit a payment bond for a public works contract of a state educational institution if the

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Committee Referrals