5499-S AMH HUDG MATM 312

SSB 5499 - H AMD 491

By Representative Hudgins

ADOPTED 4/25/2009

    On page 3, line 25, after "project." insert "Before the secretary may approve any bond authorized to be less than the full contract price of a project, the office of financial management shall review and approve the analysis supporting the amount of the bond set by the department to ensure that one hundred percent of the state's exposure to loss is adequately protected."

EFFECT:   Requires the Office of Financial Management to separately review and approve the analysis by the Department of Transportation to set a bond amount for contracts where the bond is less than the full contract price, in order to ensure that 100 percent of the state's exposure to loss is protected.

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