The Florida Senate

287.0935  Surety bond insurers.--When the contract amount of a project does not exceed $500,000 and when public funds are utilized for the project, a person, the state, or a political subdivision shall not refuse, as surety for the project, bid bonds, performance bonds, labor and materials payment bonds, or any other surety bonds which are issued by a surety company which fulfills each of the following provisions:

(1)  The surety company is licensed to do business in the State of Florida;

(2)  The surety company holds a certificate of authority authorizing it to write surety bonds in this state;

(3)  The surety company has twice the minimum surplus and capital required by the Florida Insurance Code at the time the invitation to bid is issued;

(4)  The surety company is otherwise in compliance with the provisions of the Florida Insurance Code; and

(5)  The surety company holds a currently valid certificate of authority issued by the United States Department of the Treasury under 31 U.S.C. ss. 9304-9308.

History.--s. 29, ch. 85-104; s. 10, ch. 91-162.