{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-85.47d","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-85.47d","heading":"Guaranty capabilities of program - Terms of guaranty -","body":"Establishment of indemnity fund.\n\nA. Subject to the restrictions of the Oklahoma Small Business\n\nSurety Bond Guaranty Program Act, the Administrator, on application,\n\nmay guarantee any surety which qualifies pursuant to this act for\n\nany losses incurred as a result of a principal's breach of a bid\n\nbond, a payment bond, a defect or maintenance bond, or a performance\n\nbond required for a public construction contract for the state,\n\nfederal agencies and political subdivisions of the State of\n\nOklahoma. Provided, the guaranty shall not be extended to any bond\n\nwith a face value in excess of Two Hundred Fifty Thousand Dollars\n\n($250,000.00), nor shall the total face value of the bonds to which\n\nthe guaranty is extended for any one principal exceed Five Hundred\n\nThousand Dollars ($500,000.00). Provided further, the guaranty\n\nshall not be granted to an issuer of a letter of credit used in lieu\n\nof said bonds.\n\nB. The terms of a guaranty under the Oklahoma Small Business\n\nSurety Bond Guaranty Program Act shall not exceed the terms of the\n\ncontract for which bonding is obtained.\n\nC. The Office of Management and Enterprise Services shall\n\nestablish an indemnity fund for this program using a public trust or\n\nother entity capable of creating a fund which is not subject to the\n\nconstitutional prohibitions of Sections 15 and 23 of Article X of\n\nthe Oklahoma Constitution.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"e0dd95cc1724230633d0959fb6d7edfbaea346ab47eb3e059f2fde59f3308950","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-85.47c","next":"us-ok/okla.-stat.-tit.-74-74-85.47e"},"notice":"GroundRules: Original legal text. Not legal advice."}