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| 1 | A bill to be entitled | ||
| 2 | An act relating to high-speed rail system surety bonds; | ||
| 3 | creating s. 341.843, F.S.; providing that contractors | ||
| 4 | entering into specified contracts with the Florida High- | ||
| 5 | Speed Rail Authority must provide a performance and | ||
| 6 | payment bond in an amount determined by the authority; | ||
| 7 | providing requirements with respect to such surety bonds; | ||
| 8 | amending ss. 255.05 and 337.18, F.S.; specifying that | ||
| 9 | surety bonds for construction of a high-speed rail system | ||
| 10 | authorized pursuant to the Florida High-Speed Rail | ||
| 11 | Authority Act shall be governed by the provisions of s. | ||
| 12 | 341.843, F.S.; providing an effective date. | ||
| 13 | |||
| 14 | Be It Enacted by the Legislature of the State of Florida: | ||
| 15 | |||
| 16 | Section 1. Section 341.843, Florida Statutes, is created | ||
| 17 | to read: | ||
| 18 | 341.843 Surety bonds; requirements.-- | ||
| 19 | (1) The authority shall require, upon entering into a DBOM | ||
| 20 | or DBOM&F contract, that the contractor provide a performance | ||
| 21 | and payment bond in an amount determined by the authority. | ||
| 22 | (2) Prior to the commencement of any construction work by | ||
| 23 | a contractor under a DBOM or DBOM&F contract with the authority, | ||
| 24 | the contractor shall provide to the authority a payment and | ||
| 25 | performance bond that covers 100 percent of the costs of the | ||
| 26 | construction. However, if such level of surety is not | ||
| 27 | commercially available, the authority, notwithstanding ss. | ||
| 28 | 255.05 and 337.18, may require a monetary surety amount of less | ||
| 29 | than 100 percent of such costs or may authorize that surety | ||
| 30 | bonds be provided on a phased basis. Such bond shall be | ||
| 31 | conditioned upon the contractor's performance of the | ||
| 32 | construction work in the time and manner prescribed in the | ||
| 33 | contract and the prompt payment of all persons defined in s. | ||
| 34 | 713.01 who furnish labor, services, or materials for the | ||
| 35 | prosecution of the work provided for in the contract. | ||
| 36 | (3) The surety on such bonds shall be from a surety | ||
| 37 | company authorized to do business in the state. All surety bonds | ||
| 38 | shall be payable to the authority and conditioned for the | ||
| 39 | prompt, faithful, and efficient performance of the contract | ||
| 40 | according to plans and specifications and within the time period | ||
| 41 | specified, and for the prompt payment of all persons furnishing | ||
| 42 | labor, material, equipment, and supplies therefor. | ||
| 43 | (4) A payment and performance bond required under this | ||
| 44 | section may be substantially in the form provided in s. | ||
| 45 | 255.05(3). | ||
| 46 | Section 2. Subsection (10) is added to section 255.05, | ||
| 47 | Florida Statutes, to read: | ||
| 48 | 255.05 Bond of contractor constructing public buildings; | ||
| 49 | form; action by materialmen.-- | ||
| 50 | (10) Surety bonds for construction of a high-speed rail | ||
| 51 | system authorized pursuant to the Florida High-Speed Rail | ||
| 52 | Authority Act shall be governed by the provisions of s. 341.843. | ||
| 53 | Section 3. Subsection (6) is added to section 337.18, | ||
| 54 | Florida Statutes, to read: | ||
| 55 | 337.18 Surety bonds for construction or maintenance | ||
| 56 | contracts; requirement with respect to contract award; bond | ||
| 57 | requirements; defaults; damage assessments.-- | ||
| 58 | (6) Surety bonds for construction of a high-speed rail | ||
| 59 | system authorized pursuant to the Florida High-Speed Rail | ||
| 60 | Authority Act shall be governed by the provisions of s. 341.843. | ||
| 61 | Section 4. This act shall take effect July 1, 2004. | ||