House Bill No. [insert number] aims to amend the financing structure for public works projects specifically in Ascension Parish by enacting a new provision under R.S. 38:2241(A)(3). This new legal language mandates that for any contract exceeding $250,000, the public entity must require the contractor to provide a performance bond. The bond must be at least 50% of the contract price and is intended to ensure payment to claimants as defined in R.S. 38:2242. Additionally, the bond must be a statutory bond, and any modifications to the contract terms will not alter the obligations of the bond.

Furthermore, the bill stipulates that the bond must be executed by the contractor with surety approved by the public entity and must be recorded with the contract in the office of the recorder of mortgages in the parish where the work is performed, within thirty days of the commencement of the work. This legislation is designed to enhance the financial security and accountability of contractors engaged in public works projects in Ascension Parish.