Okla. Stat. tit. 74, § 74-85.47d
This is the official text of Okla. Stat. tit. 74, § 74-85.47d, part of Oklahoma’s Stat. tit. 74, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 74,." Browse the sections below, each linked to its official government source.
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Guaranty capabilities of program - Terms of guaranty -
Official statutory text
Establishment of indemnity fund.
A. Subject to the restrictions of the Oklahoma Small Business
Surety Bond Guaranty Program Act, the Administrator, on application,
may guarantee any surety which qualifies pursuant to this act for
any losses incurred as a result of a principal's breach of a bid
bond, a payment bond, a defect or maintenance bond, or a performance
bond required for a public construction contract for the state,
federal agencies and political subdivisions of the State of
Oklahoma. Provided, the guaranty shall not be extended to any bond
with a face value in excess of Two Hundred Fifty Thousand Dollars
($250,000.00), nor shall the total face value of the bonds to which
the guaranty is extended for any one principal exceed Five Hundred
Thousand Dollars ($500,000.00). Provided further, the guaranty
shall not be granted to an issuer of a letter of credit used in lieu
of said bonds.
B. The terms of a guaranty under the Oklahoma Small Business
Surety Bond Guaranty Program Act shall not exceed the terms of the
contract for which bonding is obtained.
C. The Office of Management and Enterprise Services shall
establish an indemnity fund for this program using a public trust or
other entity capable of creating a fund which is not subject to the
constitutional prohibitions of Sections 15 and 23 of Article X of
the Oklahoma Constitution.
Oklahoma Statutes - Title 74. State Government Page 201
A. Subject to the restrictions of the Oklahoma Small Business
Surety Bond Guaranty Program Act, the Administrator, on application,
may guarantee any surety which qualifies pursuant to this act for
any losses incurred as a result of a principal's breach of a bid
bond, a payment bond, a defect or maintenance bond, or a performance
bond required for a public construction contract for the state,
federal agencies and political subdivisions of the State of
Oklahoma. Provided, the guaranty shall not be extended to any bond
with a face value in excess of Two Hundred Fifty Thousand Dollars
($250,000.00), nor shall the total face value of the bonds to which
the guaranty is extended for any one principal exceed Five Hundred
Thousand Dollars ($500,000.00). Provided further, the guaranty
shall not be granted to an issuer of a letter of credit used in lieu
of said bonds.
B. The terms of a guaranty under the Oklahoma Small Business
Surety Bond Guaranty Program Act shall not exceed the terms of the
contract for which bonding is obtained.
C. The Office of Management and Enterprise Services shall
establish an indemnity fund for this program using a public trust or
other entity capable of creating a fund which is not subject to the
constitutional prohibitions of Sections 15 and 23 of Article X of
the Oklahoma Constitution.
Oklahoma Statutes - Title 74. State Government Page 201
Status: in_force · Read it on the official government site
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