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City staff recommend $2 million seed for citywide surety bond guarantee to restore LBE access
Summary
HRC and the risk manager recommended a self-insurance fund with an immediate up-to-$2,000,000 contribution to revive the city's surety bond guarantee pool and restore bidding access for small and LBE contractors, with an actuarial study to follow.
San Francisco officials told the Board’s Government Audit and Oversight Committee on Oct. 27 that an underfunded bonding guarantee program is blocking small contractors from bidding on city construction work and that a self‑insurance fund is the preferred near‑term fix.
Chris Iglesias of the Human Rights Commission reviewed the program’s history — originating with a $4 million airport pool in the 1990s and later expanded citywide — and said the program currently relies on a remnant pool of roughly $395,000.…
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