Surety Bond News

Colorado state enacted a new law relating to reinvestment finance authorities on June 2nd, 2009. The new law is named HB 1346 and allows for the utilization of the funds supplied to Colorado under the federal economic stimulus package, the American Recovery and Reinvestment Act. HB 1346 authorizes state agencies to group together and develop individual legal entities identified as recovery and reinvestment finance authorities for projects funded through the stimulus package. Individuals selected as the custodians of a finance authority’s funds have to obtain a surety bond in the amount that the authority’s board of directors will determine.