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Public official bonds guarantee the honesty and faithful performance of those people who are elected or appointed to positions of public trust. Examples of officials sometimes requiring bonds include: notaries public, treasurers, commissioners, judges, town clerks, law enforcement officers, and credit union volunteers. [citation needed]
The official document of appointment is imprinted with the signatures of the governor and the secretary of state as well as the Great Seal of Maryland. Before exercising the duties of a notary public, an appointee must appear before the clerk of one of Maryland's 24 circuit courts to take an oath of office. A bond is not required.
Performance Bond Required: All public works construction contracts greater than $100,000.00. Bond shall be in the amount of at least the total amount of the contract and shall be increased as the contract amount is increased (§ 36-91-70, § 13-10-40) Payment Bond Required: All public works construction contracts greater than $100,000.00.
An embossed foil Notary Seal from the State of New York. A notary public (a.k.a. notary or public notary; pl. notaries public) of the common law is a public officer constituted by law to serve the public in non-contentious matters usually concerned with general financial transactions, estates, deeds, powers-of-attorney, and foreign and international business.
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.
As of 2008, only four states, Illinois, Kentucky, Oregon and Wisconsin, had abolished commercial/for-profit bail bonds by bail bondsmen and required deposits to courts instead. [13] As of 2012 [update] Nebraska and Maine in addition to the aforementioned Illinois, Kentucky, Oregon and Wisconsin prohibited surety bail bonds.
That perception could thus potentially allow a local government to borrow at a lower interest rate, saving its taxpayers' money over the life of the bonds. Despite that advantage, many states, such as California under Proposition 13, do not allow local governments to issue unlimited-tax general obligation debt without a public vote.
Some bonds, for minor projects or emergency situations, may be issued without voter pre-approval. But in all cases, public input (whether a vote, or the opportunity to speak for or against issuance at a public hearing) is required. Voter approval of the bond proposal does not automatically result in the bonds being issued.