Okla. Stat. tit. 74, § 74-85.47d: Guaranty capabilities of program - Terms of guaranty -

Establishment of indemnity fund.

A. Subject to the restrictions of the Oklahoma Small Business

Surety Bond Guaranty Program Act, the Administrator, on application,

may guarantee any surety which qualifies pursuant to this act for

any losses incurred as a result of a principal's breach of a bid

bond, a payment bond, a defect or maintenance bond, or a performance

bond required for a public construction contract for the state,

federal agencies and political subdivisions of the State of

Oklahoma. Provided, the guaranty shall not be extended to any bond

with a face value in excess of Two Hundred Fifty Thousand Dollars

($250,000.00), nor shall the total face value of the bonds to which

the guaranty is extended for any one principal exceed Five Hundred

Thousand Dollars ($500,000.00). Provided further, the guaranty

shall not be granted to an issuer of a letter of credit used in lieu

of said bonds.

B. The terms of a guaranty under the Oklahoma Small Business

Surety Bond Guaranty Program Act shall not exceed the terms of the

contract for which bonding is obtained.

C. The Office of Management and Enterprise Services shall

establish an indemnity fund for this program using a public trust or

other entity capable of creating a fund which is not subject to the

constitutional prohibitions of Sections 15 and 23 of Article X of

the Oklahoma Constitution.