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Committee backs creation of San Francisco self-insurance surety bond fund to help small contractors
Summary
The Government Audit and Oversight Committee forwarded an ordinance to create a San Francisco self-insurance surety bond fund to the full Board, citing benefits for local small and LBE-certified contractors and some departments’ need to identify budget contributions.
The Government Audit and Oversight Committee on Dec. 8 advanced an ordinance to establish a San Francisco self-insurance surety bond fund designed to help small and locally based contractors obtain bonding required for city public works contracts.
Vice Chair Supervisor Sophie Maxwell introduced the measure and asked Chris Iglesias of the Human Rights Commission to describe modest changes to the program. Iglesias said the fund would operate as a guarantee pool for surety bonds and stressed the program’s urgency, saying, “in the past 2…
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