Section 13-10-41 - Alternatives to performance bond

When the amount of the performance bond required under this article does not exceed $300,000.00, the state may, in its sole discretion, accept an irrevocable letter of credit by a bank or savings and loan association, as defined in Code Section 7-1-4, in the amount of and in lieu of the bond otherwise required under this article.Added by 2001 Ga. Laws 261, § 1, eff. 7/1/2001.