H.R.2991 - Department of Transportation Bonding Assistance Authority Act of 2009

To amend title 49, United States Code, to provide authority to the Secretary of Transportation to guarantee sureties against loss resulting from a breach of the terms of a bond by an eligible small business concern, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend title 49, United States Code, to provide authority to the Secretary of Transportation to guarantee sureties against loss resulting from a breach of the terms of a bond by an eligible small business concern, and for other purposes. as introduced.
  • Short: Department of Transportation Bonding Assistance Authority Act of 2009 as introduced.

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Introduced
 
House
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Senate
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President
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06/23/09
 
 
 
 
 
 
 

Official Summary

Department of Transportation Bonding Assistance Authority Act of 2009 - Replaces the mandate for the Minority Resource Center to provide bonding assistance to disadvantaged business enterprises. Authorizes the Secretary of Transportation, acting through the Minority Resource Center, to pres

Official Summary

Department of Transportation Bonding Assistance Authority Act of 2009 - Replaces the mandate for the Minority Resource Center to provide bonding assistance to disadvantaged business enterprises. Authorizes the Secretary of Transportation, acting through the Minority Resource Center, to prescribe, guarantee, and enter into commitments to guarantee a surety against loss resulting from a small business concern's breach of a bond that is required for it to bid on or perform a transportation project contract, pay on the contract, or serve as a prime contractor or subcontractor on such contract. Authorizes the Secretary to indemnify such a surety up to 90% of any loss sustained by it in avoiding or attempting to avoid a breach of a bond guaranteed under this Act. Requires the Secretary to establish a program under which not more than five selected states may carry out:
(1) the activities of the Secretary with respect to issuing surety guarantees; as well as
(2) the activities of sureties to assist eligible small business concerns.

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