State Codes and Statutes
Statutes > Maryland > Economic-development > Title-5 > Subtitle-5 > 5-569§ 5-569. Surety - Authority as surety [Amendment subject to abrogation].
(a) Authorized.- 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.
(b) Limitation.-
(1) This subsection does not apply if the sources of funding for the bonds are grants.
(2) The bonds may not exceed $5,000,000 each.
(c) Approval required.- Bonds are subject to the approval of the Authority based on the bond worthiness of the principal.
[An. Code 1957, art. 83A, § 5-1035(d); 2008, ch. 306, § 2; ch. 266.]
