Bill > S0446

This bill requires applicants seeking economic development incentives through the Quick Action Closing Fund or the Innovation Incentive Program to provide a surety bond, which is a financial guarantee from an insurance company, to the Department of Economic Opportunity before receiving any award money. This bond must remain active until all agreed-upon conditions are met, and the department can either require it to cover the full award amount or allow for renewals based on performance milestones. The bill also outlines a process for waiving this surety bond requirement if an applicant cannot obtain one or if it's unreasonably expensive, provided the applicant submits detailed financial information and the department determines it's in the state's best interest, potentially requiring alternative security like an irrevocable letter of credit or cash held in trust. Furthermore, the bill allows for a complete waiver of these security requirements if the applicant demonstrates strong financial stability and a history of compliance with previous incentive programs, with certain waivers requiring approval from legislative bodies.