SENATE BILL 35

50th legislature - STATE OF NEW MEXICO - first session, 2011

INTRODUCED BY

Vernon D. Asbill and Larry A. Larrañaga

FOR THE PUBLIC SCHOOL CAPITAL OUTLAY OVERSIGHT TASK FORCE

AND FOR THE LEGISLATIVE EDUCATION STUDY COMMITTEE

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, as amended) 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 [one hundred twenty-five thousand dollars ($125,000)] two hundred fifty thousand dollars ($250,000) or more."

.182974.1