1. (a) The Authority may execute and perform a bid bond, performance bond, and payment bond as a surety for the benefit of a principal in connection with a contract financed by the federal government or a state government, a local government, a private entity, or a utility regulated by the Public Service Commission.

2. (b)

   1. (1) This subsection does not apply if the sources of funding for the bonds are grants.
   2. (2) The bonds may not exceed $2,500,000 each.
3. (c) Bonds are subject to the approval of the Authority based on the bond worthiness of the principal.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008. Amended by Acts 2008, c. 266, § 1, eff. Oct. 1, 2008; Acts 2008, c. 306, § 4; Acts 2015, c. 106, § 1, eff. July 1, 2015.