TITLE 36 LOCAL GOVERNMENT

Chapter 91 information not found

ARTICLE 3 BONDS

36-91-71. Acceptable substitutes for bond.

When the amount of the performance bond required under this article does not exceed $750,000.00, the governmental entity may, in its sole discretion, accept an irrevocable letter of credit by a bank or savings and loan association, as defined in Code Section 7-1-4, in the amount of and in lieu of the bond otherwise required under this article.

(Code 1981, §36-91-51, enacted by Ga. L. 2000, p. 498, § 1; Code 1981, §36-91-71, as redesignated by Ga. L. 2001, p. 820, § 12; Ga. L. 2007, p. 209, § 2/HB 134.)