FILE:  FGE

SURETY BONDS

The Monroe City School Board shall require all persons contracting for the building or repairing of school property, when the contract exceeds $20,000, to execute a bond, with approved security, in the amount of the contract.

PERFORMANCE BONDS

Performance bonds shall be required for all public works project bids as required by statute.  Purchases in excess of $20,000 but less than $100,000 shall not require a performance bond for goods that are delivered complete and where no payments are made in advance to the vendor.  The staff may require a performance bond if it is deemed in the best interest of the School Board, providing such requirement is included in the bid advertisement and specifications.

Ref:     La. Rev. Stat. Ann. §38:2219

Board minutes 2-6-73, 2-6-90, 11-16-92, 2-19-02

Monroe City School Board