Colorado Bond Requirement for Custodians of a Finance Authority
Under the American Recovery and Reinvestment Act through the federal stimulus package, HB 1346 provides for the use of the funds provided to the state of Colorado. Under this new law state agencies are now allowed to come together and construct separate legal entities. These legal entities are known as recovery and reinvestment finance authorities who have projects that are funded through this package. If you are appointed as a custodian of a finance authority fund you must post a surety bond in the mount that the authority’s board requests.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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