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Construction in East Village, San Diego. A "Little Miller Act" is a U.S. state statute, based upon the federal Miller Act, that requires prime contractors on state construction projects to post bonds guaranteeing the performance of their contractual duties and/or the payment of their subcontractors and material suppliers.
Proposition 2, titled Authorizing Bonds for Public Schools and Community College Facilities, was a California ballot proposition and legislative statutes that passed in the 2024 general election on November 5, 2024. [2]
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
California taxpayers would pay the bond back with interest. A legislative analyst estimated it would cost the state $650 million a year for the next 30 years or more than $19 billion.
California lawmakers on Wednesday approved a 2024 ballot measure that asks voters whether to lower the bar for new taxes and bonds to fund housing and public infrastructure.
Proposition 5 will lower the voter threshold required to pass local affordable housing and transportation bond measures. Your guide to Proposition 5: Making it easier to pass local housing, road bonds
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