Memo Text
As a reminder, a contractor shall furnish the school district a copy of the bond for any contract for an amount equal to the sum of the contract.
The school district must hold the bond as part of the contract documents. Legislative Audit will be checking contracts for public buildings and improvements to ensure that the school district is in possession of the bond.
The Division encourages the school district to consult with its attorney and auditor to ensure the district is advised appropriately.
Attached are copies of A.C.A. §18-44-503 and 22-9-203. Other statutes may be applicable.