Minnesota Session Laws - 1989, Regular Session

  

                         Laws of Minnesota 1989 

                        CHAPTER 132-H.F.No. 279 
           An act relating to local government; permitting bank 
          letters of credit in lieu of bonds in certain public 
          work projects; proposing coding for new law in 
          Minnesota Statutes, chapter 574. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  [574.38] [LETTERS OF CREDIT.] 
    Whenever chapter 574 or other law or home rule charter 
requires a performance bond from a contractor doing a public 
work project of under $50,000 for a home rule charter or 
statutory city, county, town, school district or other local 
government authority, the contractor may be permitted to 
provide, in lieu of the bond, an irrevocable bank letter of 
credit in the same amount required for the bond and subject to 
the same conditions as the bond. 
    Presented to the governor May 12, 1989 
    Signed by the governor May 15, 1989, 6:00 p.m.