Receiver tenders resignation as Pa. city continues to grapple with debt arising from bondless incinerator project | Surety identifies contractor to complete emergency building and meet town's contract terms | Students who didn't receive refunds testify that Utah aviation school claimed to be bonded
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April 5, 2012
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Receiver tenders resignation as Pa. city continues to grapple with debt arising from bondless incinerator project
The receiver for Harrisburg, Pa., who recently called for investigations into an incinerator project that has left the city in grave financial difficulty, has resigned. David Unkovic had advocated for the city to sell its assets to help handle its debt, which totals more than $300 million. No performance bond was secured for the incinerator project. Bloomberg (3/30)
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Surety identifies contractor to complete emergency building and meet town's contract terms
Work is set to restart on an emergency-services building in a New York town. Work on the project, which is about 80% complete, stalled after the original contractor defaulted, causing the bonding company to look for a new company to finish the job. A performance bond is protecting the town from incurring additional costs because of the change in contractor, according to a town official. Patch.com/New City, N.Y. (3/29)
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Students who didn't receive refunds testify that Utah aviation school claimed to be bonded
Three men who ran an aviation school in Utah are accused of taking money from flight students and failing to provide training or refund the payments. At a preliminary hearing last Thursday, witnesses said they were assured that the company was bonded, but it was not. State law dictates that flight schools must be bonded. The Salt Lake Tribune (Utah) (3/29)
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N.C. county views developer's bonds as last-ditch remedy for completion of infrastructure
Commissioners in Brunswick County, N.C., have called 11 bonds to help complete infrastructure work at subdivisions left unfinished by a contractor. In calling the bonds, which were worth about $10 million, officials noted that "no appreciable progress" had been made on the subdivisions. The contractor believes he's been unfairly targeted by the county. Star-News (Wilmington, N.C.) (3/31)
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Policy Update
Council releases green building code for states, local governments
The 2012 International Green Construction Code has been released. It aims to ease the adoption of sustainable building practices by local governments and the building industry, according to this article. "The IgCC will help builders employ sustainable construction practices within language they already know well -- the building code," said Jessyca Henderson of the American Institute of Architects. GlobeSt.com (3/28)
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NASBP News
NASBP April 17 Virtual Seminar: "A Current Overview of BIM for Construction"
Join us Tuesday, April 17, from 2 to 3 p.m. Eastern time as Walsh Group Virtual Construction Manager Dan Klancnik shares his broad knowledge of Building Information Modeling (BIM) and helps surety professionals distinguish between the perceived and real risks inherent to the BIM process. Klancnik, who has more than 10 years of experience in the construction industry, will describe how in his role with Walsh Construction -- Archer Western Contractors he introduces foundational BIM concepts and addresses cutting-edge BIM approaches. In addition, Klancnik will share real-world cases from a diverse set of large and small projects of varied contractual methods, geographic regions and project types. Klancnik oversees a team that provides 3D communication visualizations, project planning and constructability reviews, 3D project coordination and interference management, visual scheduling, aids costing and estimating, coordinates field layout and BIM services for facilities management. Registration for each Virtual Seminar is $69 per site. Consider inviting your clients to join you at your office when you listen to this informative Virtual Seminar. Register now. If you missed a past NASBP Virtual Seminar, you can buy and download the audio recordings and presentation outlines from the NASBP website.
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Join NASBP in advocating for surety by attending the Legislative Fly-in on June 26
On June 26, NASBP members, affiliates and associates meet with their members of Congress on Capitol Hill for the annual NASBP Legislative Fly-in. The event will begin with a program featuring an issue orientation and a policy briefing in the morning at the Hyatt Regency Hotel. Invited speakers will include elected and governmental officials. The afternoon will be dedicated to Capitol Hill appointments followed by a cocktail reception. For more information about the Fly-in and about making your Capitol Hill appointments, contact Larry LeClair at lleclair@nasbp.org. Learn more about the Legislative Fly-in. Don't miss your opportunity to show your passion for surety to your lawmakers; register now.
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Market Trends
FASB lease-accounting rule to have significant changes for lessees, lessors entering long-term agreements
The U.S. Financial Accounting Standards Board and the International Accounting Standards Board have released a draft standard of new lease-accounting rules designed to make balance sheets more accurately reflect business' leasing activities. Businesses can prepare for the new rules, which have not been completed, by assessing their lease commitments, an expert said. Smart Business (4/2012)
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SmartQuote
Anyone without a sense of humor is at the mercy of everyone else."
-- William Rotsler,
American cartoonist, graphic artist and author
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About NASBP
Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds.
 
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