Okla. Stat. tit. 74, § 74-85.47e

Applications.

A. To qualify for a surety bond guaranty pursuant to the

program, a surety and principal shall meet the requirements of this

section.

B. A surety shall meet the following requirements:

1. Be a company which writes bid, payment, defect or

maintenance, or performance bonds in its normal course of business;

2. Has not refused to provide said bonds for which the

principal is submitting application to the program; and

3. Has been licensed to do surety business in the State of

Oklahoma prior to July 1, 1991.

C. The principal shall satisfy the Administrator that:

1. As determined from creditors, employers and other

individuals who have personal knowledge of the principal, the

principal has a reputation for financial responsibility;

2. The principal is a resident of this state;

3. The principal is unable to obtain adequate bonding on

reasonable terms and conditions through normal channels and has been

denied such bonding by two sureties that write contract bonds.

4. Bonding is required in order for the principal to bid on

public construction contracts or to serve as a prime contractor or

subcontractor on such contracts.

D. The surety and principal shall submit to the Administrator

an application for each contract on the form that the Administrator

provides. The application for each contract shall include:

1. A detailed description of the project for which the contract

is to be let;

2. An itemization of known and estimated costs;

3. The total amount of investment required to perform the

contract;

4. The funds available to the principal for working capital;

5. The amount of bonding assistance sought from the program;

6. Information that relates to the financial status of the

principal, including:

a. a current balance sheet,

b. a profit and loss statement, and

c. credit references;

7. A schedule of all existing and pending contracts and the

current status of each; and

8. Any other relevant information that the Administrator

requests.

E. After receipt of an application for assistance from the

Oklahoma Small Business Surety Bond Guaranty Program, the

Oklahoma Statutes - Title 74. State Government Page 202

Administrator may require that a principal shall provide an audited

balance sheet before the Administrator makes a decision on the

application.