AN ACT

RELATING TO PUBLIC PURCHASES; ENACTING A NEW SECTION OF THE PROCUREMENT CODE TO PROVIDE FOR BONDING OF SUBCONTRACTORS.

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

     Section 1. A new section of the Procurement Code is enacted to read:

     "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) or more."