Senate Bill sb1742

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    Florida Senate - 2004                                  SB 1742

    By Senator Dockery





    15-1450-04                                          See HB 581

  1                      A bill to be entitled

  2         An act relating to high-speed rail system

  3         surety bonds; creating s. 341.843, F.S.;

  4         providing that contractors entering into

  5         specified contracts with the Florida High-Speed

  6         Rail Authority must provide a performance and

  7         payment bond in an amount determined by the

  8         authority; providing requirements with respect

  9         to such surety bonds; amending ss. 255.05 and

10         337.18, F.S.; specifying that surety bonds for

11         construction of a high-speed rail system

12         authorized pursuant to the Florida High-Speed

13         Rail Authority Act shall be governed by the

14         provisions of s. 341.843, F.S.; providing an

15         effective date.

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17  Be It Enacted by the Legislature of the State of Florida:

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19         Section 1.  Section 341.843, Florida Statutes, is

20  created to read:

21         341.843  Surety bonds; requirements.--

22         (1)  The authority shall require, upon entering into a

23  DBOM or DBOM&F contract, that the contractor provide a

24  performance and payment bond in an amount determined by the

25  authority.

26         (2)  Prior to the commencement of any construction work

27  by a contractor under a DBOM or DBOM&F contract with the

28  authority, the contractor shall provide to the authority a

29  payment and performance bond that covers 100 percent of the

30  costs of the construction. However, if such level of surety is

31  not commercially available, the authority, notwithstanding ss.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2004                                  SB 1742
    15-1450-04                                          See HB 581




 1  255.05 and 337.18, may require a monetary surety amount of

 2  less than 100 percent of such costs or may authorize that

 3  surety bonds be provided on a phased basis. Such bond shall be

 4  conditioned upon the contractor's performance of the

 5  construction work in the time and manner prescribed in the

 6  contract and the prompt payment of all persons defined in s.

 7  713.01 who furnish labor, services, or materials for the

 8  prosecution of the work provided for in the contract.

 9         (3)  The surety on such bonds shall be from a surety

10  company authorized to do business in the state. All surety

11  bonds shall be payable to the authority and conditioned for

12  the prompt, faithful, and efficient performance of the

13  contract according to plans and specifications and within the

14  time period specified, and for the prompt payment of all

15  persons furnishing labor, material, equipment, and supplies

16  therefor.

17         (4)  A payment and performance bond required under this

18  section may be substantially in the form provided in s.

19  255.05(3).

20         Section 2.  Subsection (10) is added to section 255.05,

21  Florida Statutes, to read:

22         255.05  Bond of contractor constructing public

23  buildings; form; action by materialmen.--

24         (10)  Surety bonds for construction of a high-speed

25  rail system authorized pursuant to the Florida High-Speed Rail

26  Authority Act shall be governed by the provisions of s.

27  341.843.

28         Section 3.  Subsection (6) is added to section 337.18,

29  Florida Statutes, to read:

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2004                                  SB 1742
    15-1450-04                                          See HB 581




 1         337.18  Surety bonds for construction or maintenance

 2  contracts; requirement with respect to contract award; bond

 3  requirements; defaults; damage assessments.--

 4         (6)  Surety bonds for construction of a high-speed rail

 5  system authorized pursuant to the Florida High-Speed Rail

 6  Authority Act shall be governed by the provisions of s.

 7  341.843.

 8         Section 4.  This act shall take effect July 1, 2004.

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CODING: Words stricken are deletions; words underlined are additions.