§ 36-91-71 — Acceptable substitutes for bond

When the amount of the performance bond required under this article does not exceed $750,000.00, the governmental entity may, in its sole discretion, accept an irrevocable letter of credit by a bank or savings and loan association, as defined in Code Section 7-1-4 , in the amount of and in lieu of the bond otherwise required under this article.

Legislative History

Amended by 2007 Ga. Laws 122,§ 2, eff. 7/1/2007. Former § 36-91-71 was renumbered as § 36-91-91 by 2001 Ga. Laws 261, § 12, eff. 7/1/2001. Renumbered from § 36-91-51 by 2001 Ga. Laws 261, § 12, eff. 7/1/2001.