227.633. Private partner to provide financial information--bond may be required. - Missouri Statutes

Private partner to provide financial information--bond may berequired.

227.633. 1. The private partner shall, in connection with thefinancing, development, and/or operation of the project, provide thefollowing:

(1) Security and warranties in the forms and amounts satisfactory tothe commission;

(2) An annual financial statement audited by an independent certifiedpublic accountant approved by the commission and such other financialreports and information as required by the commission and in a formacceptable to the commission;

(3) A summary of any and all compensation from all sources for theproject to the private partner;

(4) Evidence satisfactory to the commission of procurement andmaintenance at the private partner's expense of commercial insurance forsuch purposes and in an amount required by the commission, including butnot limited to:

(a) Commercial general liability insurance for all damages and lossesimposed by law and assumed under the comprehensive agreement. Commercialgeneral liability insurance shall be in coverage and amount consistent withsection 227.663 and shall name the state of Missouri for the benefit of thestate legal expense fund, and the commission and the commission's members,agents, and employee's as additional insureds. Each commercial generalliability insurance policy and commercial automobile liability insurancepolicy shall also contain a separation of insureds conditions; and

(b) Workers' compensation insurance or evidence provided by theprivate partner that the private partner is qualified by the division ofworkers' compensation as self-insured and carries insurance for employer'sliability sufficient to comply with all obligations under state lawrelating to workers' compensation and employer's liability.

2. Notwithstanding the provisions of section 107.170, RSMo, andsection 227.100 to the contrary, a bid bond shall not be required for theproject; except that, the commission may require the private partner toprovide such other bonds in such amounts determined by the commission to beadequate for the protection of the commission and provided by a surety orsureties satisfactory to the commission, including but not limited to:

(1) A performance bond;

(2) A payment bond for the protection of all persons supplying laborand material in carrying out the work provided for in the comprehensiveagreement for the project. The amount of the payment bond shall equal thetotal amount payable under the terms of the comprehensive agreement unlessthe commission determines in writing supported by specific findings that apayment bond in such amount is impractical, in which case the commissionshall establish the amount of the payment bond; except that, the amount ofthe payment bond shall not be less than the amount of the performance bond.

(L. 2006 H.B. 1380)