Introduced by
Assembly Member
Bonnie Lowenthal |
February 23, 2012 |
(a)Each bond shall equal at least one-half of the contract price, except as otherwise provided in Section 3248 of the Civil Code, in the California Toll Bridge Authority Act (Chapter 1 (commencing with Section 30000) of Division 7 of the Streets and Highways Code), or in subdivision (b).
(b)Notwithstanding subdivision (a), for projects with a contract price greater than two hundred fifty million
dollars ($250,000,000), the Department of Transportation shall have the discretion to specify that the payment bond shall equal not less than one-half of the contract price or five hundred million dollars ($500,000,000), whichever is less.