GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

H	1 

HOUSE BILL 1440

Short Title:  Minority Bond Pilot Program Funds.	(Public)
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Sponsors: Representatives McAllister; Alphin, Braswell, D. Brown, Cummings, Cunningham, DeVane, Fitch, Flaherty, Gottovi, Hackney, Hensley, H. Hunter, Kinney, Kuczmarski, Michaux, B. Miller, Oldham, Richardson, Spears, Wainwright, and Wright.
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Referred to:  Appropriations.
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May 17, 1993

A BILL TO BE ENTITLED
AN ACT TO APPROPRIATE FUNDS TO THE DEPARTMENT OF INSURANCE TO INSTITUTE A PILOT PROGRAM TO PROVIDE SURETY BONDS TO MINORITY CONTRACTORS.
The General Assembly of North Carolina enacts:
Section 1.  There is appropriated from the General Fund to the Department of Insurance the sum of one million dollars ($1,000,000) for the 1993-94 fiscal year to develop a pilot program to provide surety bonds to minority contractors.
Sec. 2.  The pilot program created with the funds appropriated in Section 1 of this act shall:
(1)	Outline specific criteria for the minority bonding program.
(2)	Identify staff resources within State government to provide prescreening of applications for bonding applicants.
(3)	Provide opportunities for small and disadvantaged minority contractors to secure bonding assistance.
(4)	Include flexibility and promote mentoring and support by public and private technical support services.
(5)	Monitor projects and financial plan development in program criteria.
(6)	Develop and promote joint ventures and partnerships where appropriate to facilitate bondability.
(7)	Seek public and private representation input on the development of the program.
Sec. 3.  The Department of Insurance shall report to the 1994 General Assembly on the expenditure of the funds appropriated in Section 1 of this act and the implementation of the program outlined in Section 2 of this act.
Sec. 4.  This act becomes effective July 1, 1993.