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IN HB1374
Bill
Status
Passed
5/2/2019
Primary Sponsor
Matthew Lehman
Click for details
AI Summary
- Requires public-private agreements entered into after June 30, 2019 to include mandatory payment bonds of at least 100% of design and construction costs
- Requires performance bonds of at least 50% of design and construction costs for the same agreements
- Applies to three types of agreements: Build-Operate-Transfer (BOT) agreements, toll road public-private agreements, and transportation project public-private partnerships
- BOT agreements entered into before July 1, 2019 may require a performance bond but are not subject to the new mandatory bonding requirements
- Effective date is July 1, 2019
Legislative Description
Performance and payment bonds. Provides that for public-private BOT agreements, public-private agreements for toll road projects, and public-private partnership agreements for transportation projects entered into after June 30, 2019, a performance bond must be for not less than 50% of the cost to design and construct the project and a payment bond must be for not less than 100% of the cost to design and construct the project.
Last Action
Public Law 208
5/2/2019
Committee Referrals
Homeland Security & Transportation3/4/2019
Roads and Transportation1/15/2019
Insurance1/14/2019
Full Bill Text
No bill text available