Requirements for a Public Official Surety BondThe one little thing that seems to have tripped up the elected county clerk is that she must be able to provide a bond to secure her position. Most states require any public official to provide a surety bond to guarantee their honesty and faithful performance of their duties to the public. The amount of the public official surety bond differs from state to state. In Texas, the surety bond amount required is $400,000. While Garza-Perez was able to obtain a surety bond for $100,000, she does not have the liquid assets to qualify for the larger surety bond amount.
Exploring Other OptionsThe Commissioners office has stated that they are exploring other options to assist in meeting the legal requirements; including obtaining four separate $100,000 surety bonds instead of one bond of $400,000. The stumbling block may be resolving the need for $400,000 in liquid assets as opposed to net worth. The difference between the two may be the reason behind Ms. Garza-Perez’s current dilemma.
Finding Surety Bonds Quickly at BuySuretyThis is a good example of why it is so important to talk to a surety bond provider such as BuySurety whenever you are aware you may need a surety bond in the near future. Getting prequalified for a surety bond such as the public official surety bond that was required here would have bypassed this problem altogether. Don’t wait until you are up against a deadline before you look into your surety bond needs. While BuySurety can provide you with fast easy service, it is always better to be sure you will qualify for the amount of surety bond you need as soon as you know you will need it. From an Administrator Bond to a Yacht Salesman Bond, we have every kind of surety bond you can need. Contact one of our helpful Customer Service Agents today and find out just how fast and easy it is to get bonded with BuySurety.
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Texas Nature Center Restarts ConstructionWith accusations of fraudulent billing and subcontractors unpaid, the construction of the long awaited Weslaco Valley Nature Center ground to a halt last March. Luckily GAS Contractors was bonded and those surety bonds were used to continue construction once an assessment of the problems was completed. Subcontractors will need to file a lien on the surety bonds that GAS put into place in order to get paid on outstanding invoices, but the work will continue with a new general contractor in place. Since most of the outside work had been completed before work halted, the new contractor expects to complete the project within the next two months.
Surety Bonds in Place for Road Completion in KentuckySurety bonds will play another role in the completion of road work in Lewis County Kentucky on the Straight Fork Road. The contractor had asked for an extension of the original October 31st deadline, but even with that extension it was obvious that BRC Group would not be able to complete the project. They were expected to return to work on March 3rd but no word has been heard from them to this date. When a certified letter informing the company of their impending default on the project was returned, other plans were put into place. The surety bonds on the project will cover the remaining costs for gravel and blacktop work, expected to be completed soon.
Performance Bonds Guarantee CompletionAs is obvious from these two examples, surety bonds such as a performance bond can be invoked to pay for the completion of a project when a contractor is unable to meet their obligations. Since just about any government-funded project will require surety bonds such as a performance bond, finding them fast and within your budget can be a key to landing that next project. Don’t take chances with your next project. BuySurety has fast and friendly customer service folks who can find you the right surety bonds at the best price. Come by our site, talk to our reps and know that with BuySurety you will always have the solid security of surety bonds to back you up on that next project.
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This information came home for veterinarian Tiffany Olsen Pearson lately when she made the decision to run against incumbent Renee Calhoun for Randall County Clerk in Texas. It didn’t matter that the problem was in dispute, that it existed at all could be grounds for Olsen to not be bondable, according to several experts in the matter. That could be a big obstacle to taking office should she get elected.
Don’t Mess with the IRSIt probably doesn’t help her situation any that the reason she may be considered ineligible for public official surety bonds is that she is in the midst of an ongoing dispute with the IRS over a tax lien. There is a tax lien against Pearson and her husband regarding a 2009 return. The government organization claims she owes them a little over $20,000 in back taxes along with the penalties and interest charged for the unpaid taxes. Some of this has been paid down but the couple is currently in dispute with the IRS over the remainder. It is this final amount that may in the end be her undoing if she cannot find a surety company willing to cover her surety bond with the lien still intact. The chances for that don’t look good right now.
Public Official Bonds Protect TaxpayersThis situation is a good example of why public official surety bonds are so important when it comes to anyone in public office. The intention is to protect the taxpayers should someone in office fail to comply with the regulations pertaining to their office. As a County Clerk, whoever gains the office would be recording deeds and birth certificates which entail handling money. To do so in the public trust means they must be “bondable”, able to get bonded for a public official surety bond. But with the current lien by the IRS against Ms. Pearson, that is in doubt.
Know if You Are BondableDo you know if you are bondable right now? While the case above is one where the person running for office should probably have checked first, we don’t always know ahead of time when a surety bond might be part of a job or situation. Contractors in the construction industry use bonds to bid on government projects, ensure they can fulfill the project and even guarantee that their subcontractors will be paid. Car Dealers must be bonded to ensure the public that what they say they are selling is true. Some folks still call these kinds of bonds “lemon law bonds”.
Many types of business licenses require a license bond as part of the licensing process to ensure that the business follows the regulations of that industry. Whatever kind of business you are in, you may need a surety bond at some time to do it. Are you bondable? BuySurety has been providing a wide array of surety bonds to both individuals and businesses since 1998. Find out just how easy it is to get bonded when you discuss surety bonds with our knowledgeable and helpful customer service representatives today. Whether you need a public official bond to run for office or a performance bond to take on that construction job, we have the right bond for you.
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Injection Wells SitedIt turns out that Newfield Exploration out of Texas did not post the required surety bonds when they were operating injection wells within the jurisdiction of the Ute Indian Reservation. The bonds would ensure that when these wells were closed off they would not impact the drinking water on the reservation. Since the passage of the Safe Water Drinking Act, all wells are required to post a surety bond for this very reason.
EPA Filing Moves ForwardThe Environmental Protection Agency (EPA) filed a complaint against the company when they failed to provide two of the five requirements of the act. This included an inability to provide proof of financial responsibility with either an Oil Well Surety Bond or other form of financial responsibility. Newfield has been fined $600,000 and has agreed to pay it. Although the complaint did not include any problems with spills, this penalty is a good reason to be sure that any company that is involved with the extraction industry researches thoroughly all of the requirements for the venture. This definitely includes any legislated requirements for surety bond coverage.
BuySurety Provides BondingIf you are in a business that may have surety bond requirements, don’t take a chance. You may find yourself liable for fines because of the wrong kind or amount of surety bond coverage. BuySurety has been providing surety bonds to a wide variety of industries for decades. We have the background and expertise to provide the right kind of low cost coverage your business requires. We know the surety bond business thoroughly and can work with you to ensure you have the coverage you need at a price that suits your company budget.
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With the housing business expecting to improve over the next few years, we can look forward to seeing legislation move towards home improvement contractors being more tightly licensed, especially when it comes to their contractor licensing bonds. One trend is that fewer and fewer states will allow a statewide home improvement contractors license. Most state boards are moving towards licensing for specific types of home improvement such as roofing, or making the licenses connected with a specific location or city.
Contractor Licensing Bonds Required
A good example of this is Iowa, which recently enacted legislation that would create a license and contractors licensing bonds requirement for sheet metal contractors. This will being these contractors into the fold with other home improvement contractor licensing requirements for the state. In Kansas they now require registration certification and a contractor licensing bond posting for anyone considering opening operations as a roofing contractor in the state.
In Oregon, contractors that assess home energy performance scores will need to have a contractors license and to obtain a surety bond in the amount of $10,000 in addition to fulfilling all the requirements of a home contractor for Oregon. In Texas and Oklahoma legislation was introduced to require roofing contractors to post surety bonds along with their new licensing requirements, but in both states the bill was fought and stopped.
More Surety Bond Changes
You can be sure that this is not the last you will hear about new contractor licensing bonds, however. In some states, the changes have been to remove surety bond requirements for licencing in related contractor businesses. For anyone that works as a radon mitigation or measurement professional in Kentucky, the surety bond requirements that were enacted last year have been revoked.
In addition, master plumbers and gas fitters in Alabama that were facing the possibility of new surety bond requirements for the coming year will be interested to hear that this bill has been defeated. The bill would have changed the current city and county bonds to a statewide bond. As noted earlier, that trend seems to be reversing itself as more and more states reject the concept of a statewide contractor surety bond requirement.
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