Category: Uncategorized

Infrastructure Investment and Jobs Act: Private Activity Bonds

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bonding needs. What Is the Infrastructure Investment and Jobs Act? The $1.2 trillion Infrastructure Investment and Jobs Act, signed into Law in November 2021, authorized $550 billion in new spending over the next few years on a variety of infrastructure projects. Much of that spending will be at the state and local levels. In addition to authorizing an historic investment in infrastructure, the Infrastructure Investment and Jobs Act encourages public/private partnerships (P3s) to sponsor infrastructure projects and amends some rules regarding the use of private activity bonds to finance them. What Are Private Activity Bonds? Private activity bonds are debt instruments issued by state or municipal governments to help finance construction projects sponsored by public and/or private entities for the benefit of the public. These are financial instruments to attract private sector investment, not to be confused with surety bonds. Investors who buy private activity bonds are lending money to a state or municipal entity and earn interest on their investment,...

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A Guide to Construction Bonding Requirements with the New Infrastructure Investment Jobs Act

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bonding needs. What Is the Infrastructure Investment and Jobs Act? The November 2021 passage of the Infrastructure Investment and Jobs Act authorized a total of $1.2 trillion in spending, including $550 billion in new spending on a variety of infrastructure projects intended to upgrade, expand, and/or replace the nation’s aging and overburdened infrastructure—roads and bridges, the electric grid, rail systems, transit, ports, airports, water systems, and so on. Broadband expansion and the creation of a network of electric vehicle chargers address two pressing 21st century infrastructure needs that didn’t even exist only a couple of decades ago. The Inflation Reduction Act signed into law in August 2022 added another $369 billion to the total funding for infrastructure-related projects. As a result of this unprecedented investment in infrastructure, the construction industry is likely to see a similarly unprecedented boom. Impact on Construction Bonding Requirements One rule included in the Infrastructure Investment and Jobs Act is intended to address a gray area in...

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Understanding the Importance of Year-End Statements for Contractors

In this article, we’ll explain how to understand the importance of year-end statements for contractors. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. Our expert agents are ready to assist with all your contractor bond needs. What Are Year-End Financial Statements? Every business owner needs to prepare year-end statements for many purposes including tax purposes, bonding capacity, banking requirements, among other reasons.  Some businesses may be looking to attract potential investors, to secure financing for capital purchases, or may need to meet regulatory requirements to put together a CPA statement. A year-end financial statement typically consists of: A balance sheet providing a snapshot of the business’s assets, liabilities, and any stockholder’s equity at a particular point in time A profit & loss statement showing revenues and expenses for the year and the net income after subtracting expenses from revenues A cash flow statement measuring the cash generated by the business  These statements can be generated at any point in time, showing a company’s financial performance during that period. Some companies generate monthly internal financial statements, some report performance on a quarterly basis, and nearly all generate financial statements after closing...

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Green and Sustainable Building Construction Is the Future

The green and sustainable building construction market in the United States was vital and growing before the Covid-19 pandemic. During this, it shrank over 7%. It is now recovering and projected to grow by 9.3% from that low point, reaching $103 billion by 2023. According to many sources, the green and sustainable building construction market is one of the fastest-growing industries worldwide. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Drivers of the Demand for Green and Sustainable Building Construction The growth of the green and sustainable building construction market in the U.S. is being driven by government regulations and initiatives, private sector green building and sustainability initiatives, and consumer preference for eco-friendly homes and workplaces. Government Regulations and Initiatives As the nation’s largest energy consumer, the federal government has taken the lead in the U.S. effort to reduce greenhouse gas emissions in accordance with the Paris Agreement. The construction industry accounts for more than a third of the nation’s process-related carbon dioxide emissions, so the logical...

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Samsung Chip Factory

On November 24, 2021, South Korean tech giant Samsung Electronics announced its selection of Taylor, Texas as the site for its new semiconductor manufacturing facility (Samsung Chip Factory), known as a “fab.” Its $17-billion budget makes it Samsung’s largest investment in the U.S. to date, with $6 billion allocated to buildings and property improvements and $11 billion to machinery and equipment. It is also the largest ever direct investment in Texas by a foreign company. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Why Taylor for the Samsung Chip Factory? Taylor was selected by the Samsung Chip Factory for several reasons: Taylor is located about 35 miles northeast of Austin, which is home to an existing Samsung plant with over 3,000 employees fabricating sophisticated microchips, allowing the two sites to share some resources. The presence of several other tech companies and manufacturing facilities in the Austin area suggests that there is a local talent pool of individuals with some relevant experience. Taylor has a stable infrastructure and...

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Hyperloop Projects

The hyperloop project concept was inspired by an idea dating back to 1799 and further developed in 1904 by a freshman at Worcester Polytechnic Institute, who dubbed it the vactrain. It came to the attention of Elon Musk, who first mentioned it publicly in 2012. Initially, engineers from Tesla and SpaceX worked together on a conceptual model, the Hyperloop Alpha, which was released as an open-source design so that other companies and organizations can provide feedback on it and continue developing the technology, ideally in collaboration. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. How The Hyperloop Project Will Work A hyperloop high-speed transportation system has three components: a sealed, low-pressure tube or tunnel, a pod at atmospheric pressure that runs nearly free of air resistance inside the tube, and a source of aerodynamic or magnetic propulsion. A series of international hyperloop project competitions have showcased prototypes vying for first place in pod design and speed. Virgin Hyperloop conducted the first passenger test in 2020, reaching a...

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Edwards Sanborn Solar Storage Facility and Battery

Intended to help California reach its carbon reduction goals when completed in 2023, the Edwards Sanborn solar storage facility is expected to be the largest integrated solar-powered battery storage installation in the world! Terra-Gen, LLC, a leading independent renewable energy provider, is the project owner for the Edwards Sanborn solar storage facility and energy storage project, which is under construction on a 6,000-acre site in Kern County, California. Surety Bond Professionals is a family-owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. The Goal for the Edwards Sanborn Solar Storage Facility The project involves the development of a PV solar facility and all the infrastructure to support it—service roads, transmission lines both above and below ground, a conversion station, solar arrays, substation, battery storage, operations and maintenance facilities, interconnecting power (“gen-tie”) lines, etc. It will provide clean energy for more than 158,000 households and keep at least 307,000 tons of carbon dioxide out of the atmosphere every year (the amount of CO2 from a comparable amount of traditionally generated electricity). The total estimated cost...

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U.S. – Mexico Border Wall

If there was ever a cautionary tale illustrating what can go wrong with a construction project, this is it—the US-Mexico border wall that was a major campaign promise and presidential goal of Donald Trump. Despite Trump’s insistence that Mexico would pay for the US-Mexico border wall, U.S. taxpayers paid for all construction work on the border wall. One of Trump’s first actions in office was to sign an executive order in January 2017 directing the federal government to begin work on the US-Mexico border wall using existing federal funding, but construction only started in June 2018. Upon his inauguration in 2021, President Biden halted all construction on the border wall. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Funding Issues for the US-Mexico Border Wall The Department of Homeland Security estimated the original cost of the border wall in early 2017 at $21.6 billion, with a construction timeframe of 3.5 years. By December 2020, the total funding allocated for new barrier construction was about $15 billion, but...

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Amazing Construction Projects to Watch in 2022

There are few achievements that demonstrate human ingenuity and accomplishment as impressively as the feats of engineering, architecture, and construction projects that house businesses, link cities, and transform skylines throughout the nation. Major construction projects bring together an amazing collection of talent, skills, knowledge, and resources and require a high degree of coordination and oversight to make all the moving parts mesh to produce the desired outcome. Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Construction Projects To the average person, the size of the capital investment involved is mind-boggling, and there is always the risk of financial loss stemming from delays, errors, and all sorts of unforeseen events. For example, look at the cost of each of these construction projects currently underway or slated to launch in 2022.  Amazon HQ2—Arlington, Virginia, $2.5 billion + Amazon’s highly publicized search for an east coast home for its second headquarters, dubbed Amazon HQ2, ultimately resulted in a plan for construction on two sites in Arlington, Virginia. Buffalo Bills Stadium—Buffalo,...

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How to Get a Lottery Agent License in Arkansas

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your lottery bond needs. How Do I Get a Lottery Agent License? If you are interested in becoming an Arkansas Scholarship Lottery (ASL) retailer, you’ll need to call ASL Sales at 501-683-1884 or Retailer Licensing at 501-978-3950 to obtain an application. What Does the Licensing Process Involve? The application package includes several forms that must be filled out and submitted for the application to be considered complete—a landlord approval form, record check form, fingerprint verification form, and electronic funds transfer form. In addition to completing and submitting an application, applicants for a retail lottery license in Arkansas must either be approved to participate in the ASL’s Self-Bond program or obtain a surety bond or deposit interest-bearing or accruing securities with the ASL. ASL will let every applicant know whether or not they are eligible for the self-bonding option, which involves a $50 per month payment to ASL for each of the retailer’s locations. If a surety bond is required, ASL will inform the...

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