§ 5-569
97 words·~1 min read·
/md/economic-development/5-569A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§5–569.
(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.
(1)This subsection does not apply if the sources of funding for the bonds are grants.
(2)The bonds may not exceed $2,500,000 each.
(c)Bonds are subject to the approval of the Authority based on the bond worthiness of the principal.