General Assembly Substitute Bill No. 948
January Session, 2015 *_____SB00948GAE___033115____*
General Assembly
Substitute Bill No. 948
January Session, 2015
*_____SB00948GAE___033115____*
AN ACT INCREASING OPPORTUNITIES FOR SMALL CONTRACTORS AND MINORITY BUSINESS ENTERPRISES UNDER THE SET-ASIDE PROGRAM.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (i) of section 4a-60g of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2015):
(i) In lieu of a performance, bid, labor and materials or other required bond, (1) a contractor or subcontractor awarded a contract under this section may provide to the awarding authority, and the awarding authority shall accept a letter of credit, [. Any] provided any such letter of credit [shall be] is in an amount equal to ten per cent of the contract for any contract that is less than one hundred thousand dollars and in an amount equal to twenty-five per cent of the contract for any contract that exceeds one hundred thousand dollars; or (2) the Commissioner of Administrative Services may waive any such bond requirements for the award by the commissioner of a contract under this section that is less than five hundred thousand dollars to a contractor or subcontractor certified under this section who (A) has been selected to be on a list established pursuant to subdivision (5) of subsection (a) of section 4b-91, and (B) has applied for a waiver in the form and manner prescribed by the commissioner. The commissioner shall determine whether to grant such waiver based on objective criteria, including, but not limited to, (i) the applicant's past performance on projects of a similar size, scope and complexity; (ii) the applicant's compliance with financial obligations applicable to construction projects; and (iii) the size, scope and complexity of the specific project for which the applicant is seeking a waiver. The commissioner shall adopt regulations in accordance with the provisions of chapter 54 establishing procedures and criteria for the application and waiver process.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2015 4a-60g(i)
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2015
4a-60g(i)
GAE Joint Favorable Subst.
GAE
Joint Favorable Subst.