HB 1301 is a new bill that was introduced in the State of South Dakota relating to the South Dakota Ellsworth Development Authority. The new bill produces the South Dakota Ellsworth Development Authority; it states that the depository retaining the Authority’s funds must acquire a surety bond in an amount equivalent to at least the greatest sum anticipated to be on deposit at any one moment. The surety bond is conditioned on the safekeeping and punctual reimbursement of the funds.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.