Florida Senate Passes SB446 - Economic Develop Incentive Application Process, Which Requires Surety Bonds Before Receiving State Incentives - Analysis By DBL Surety

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The Florida Senate passed SB446 today, which will require applicants seeking incentive awards through the Quick Action Closing Fund or the Innovative Incentive Program to provide a surety bond for the entire amount of award before any state funds can be disbursed.

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This creates an interesting predicament for and the incentive applicants.

The Florida Senate passed SB446 today, which will require applicants seeking incentive awards through the Quick Action Closing Fund or the Innovative Incentive Program to provide a surety bond for the entire amount of award before any state funds can be disbursed.

"This creates an interesting predicament for surety companies and the incentive applicants," said Bart Leek of DBL Surety. "As of now, nobody knows what the surety bond form will look like, what the claim triggers will be, or how long each surety bond will need to remain in place."

DBL Surety has analyzed the bill in its current form and has provided a basic outline on its website at http://www.dblsurety.com/learn_more/bond_line/. Those individuals seeking additional information are encouraged to contact DBL Surety.

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Bart Leek
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