SENATE PUBLIC AFFAIRS COMMITTEE SUBSTITUTE FOR

SENATE BILL 227

48th legislature - STATE OF NEW MEXICO - first session, 2007

AN ACT

RELATING TO PUBLIC WORKS; RAISING THE MINIMUM CONTRACT AMOUNT FOR WHICH A SUBCONTRACTOR IS REQUIRED TO PROVIDE A BOND.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 13-1-148.1 NMSA 1978 (being Laws 2005, Chapter 99, Section 1) is amended to read:

     "13-1-148.1. BONDING OF SUBCONTRACTORS.--A subcontractor shall provide a performance and payment bond on a public works building project if the subcontractor's contract for work to be performed on a project is [fifty thousand dollars ($50,000)] one hundred twenty-five thousand dollars ($125,000) or more."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2007.

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