Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. CS for CS for SB 824
       
       
       
       
       
       
                                Ì523542ÆÎ523542                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/21/2015           .                                
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       The Committee on Fiscal Policy (Hays) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Before line 35
    4  insert:
    5         Section 1. Section 287.0935, Florida Statutes, is amended
    6  to read:
    7         287.0935 Surety bond insurers.—When the contract amount of
    8  a project that uses public funds does not exceed $5 million
    9  $500,000 and when public funds are utilized for the project, a
   10  person, the state, or a political subdivision may shall not
   11  refuse, as surety for the project, bid bonds, performance bonds,
   12  labor and materials payment bonds, or any other surety bonds as
   13  surety for the project if such bonds which are issued by a
   14  surety company that meets all which fulfills each of the
   15  following requirements provisions:
   16         (1) The surety company is licensed to do business in this
   17  state. the State of Florida;
   18         (2) The surety company holds a certificate of authority
   19  authorizing it to write surety bonds in this state.;
   20         (3) The surety company has twice the minimum surplus and
   21  capital required by the Florida Insurance Code at the time the
   22  invitation to bid is issued, or has an “A-” minimum rating of
   23  performance in the latest publication of Best’s Key Rating Guide
   24  by A.M. Best Company.;
   25         (4) The surety company is otherwise in compliance with the
   26  provisions of the Florida Insurance Code.; and
   27         (5) The surety company holds a currently valid certificate
   28  of authority issued by the United States Department of the
   29  Treasury under 31 U.S.C. ss. 9304-9308.
   30  
   31  ================= T I T L E  A M E N D M E N T ================
   32  And the title is amended as follows:
   33         Delete line 2
   34  and insert:
   35         An act relating to public procurement practices;
   36         amending s. 287.0935, F.S.; increasing the dollar
   37         threshold for a contract amount of a project for which
   38         a person, the state, or a political subdivision is
   39         prohibited from refusing a surety bond issued by a
   40         surety company that meets certain criteria; revising
   41         requirements for surety companies with respect to
   42         bonds issued for certain publicly funded contracts;