Signed into law by Gov. Tom Corbett on July 5, 2012, Pennsylvania HB 3 allows for the creation of public-private partnerships for the development of transportation projects within the Commonwealth of Pennsylvania.
HB 3 requires private developers to provide assurances to the state in the form of a surety bond. In lieu of a bond, these private entities can post a guarantee in the form of a parent company letter of credit or another form of security that would be applicable and acceptable to its public partner.
Click here to read Pennsylvania HB 3 in its entirety.
If you need a surety bond in Pennsylvania or any other state, contact SuretyBonds.com online or by phone at 1 (800) 308-4358 Monday through Friday, 8 a.m. to 7 p.m. CST.