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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 .
Proposition 4 called for spending $3.8 billion for water projects, including those that provide safe drinking water, water recycling projects, groundwater storage and flood control.
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.
Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.
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