There is a Prince George's County Surety Bonding Program, which is established in accordance with this Section. Definitions. In this section, the following words have the following meanings. County-based Minority Business Enterprise has the meaning set forth in Subtitle 10A of the Code. County-based small business has the meaning set forth in Subtitle 10A of the Code. Locally-owned and Operated Business is a County-based business that is also a County resident-owned business, as defined in Subtitle 10A of the Code. The Purchasing Agent shall contract with a County-based business that is a certified surety bond producer in the State of Maryland (hereinafter "Program Manager") to provide surety bonds, including, but not limited to, bid, performance, or payments bonds, solely for County-based Small Businesses, County-based Minority Business Enterprises, and Locally-Owned and Operated Businesses (hereinafter "Eligible Firms"), provided such contract is approved by County Council resolution, subject to the following: Surety bonds provided to Eligible Firms by the Program Manager shall be accepted by any unit of County Government (including quasi-public agencies under the authority of the County Code); and The Revenue Authority of Prince George's County shall utilize its fiscal authority to provide a 100% guaranty to the Program Manager for surety bonding provided under this Section up to $5 million in value per award, a limit that can be modified by resolution of the County Council and concurrence by the County Executive; and Surety bonding awards provided under this Section may only be used by Eligible Firms for public and private projects or contracts located in-whole or in-part in Prince George's County; and Surety bonding awards provided by the Program Manager under this Section must also be approved by the County MBE Compliance Manager prior to being awarded; and The term of a surety guaranty under this Section may not exceed the contract term, including: The maintenance or warranty period required by the contract; and The period during which the surety may be liable for latent defects; and The Program Manager shall award, and the County MBE Compliance Manager shall approve, applications for surety bonds under this Section based on the following criteria: The applicant and the applicant's principal leadership have a reputation for financial responsibility, as determined from creditors, employers, and other individuals who have personal knowledge of the applicant; and The applicant has the operational capabilities to successfully complete the project or contract for which the surety bond is being applied. The Program Manager, with the approval of the County MBE Compliance Manager, shall establish application procedures and processes for Eligible Firms; and The participating business shall cover a minimum of 20% of the total bond; the County maximum coverage shall be no greater than 80% of the total bond. Program oversight. Any surety bonding award from a fund established under this Section shall be approved in advance by the County MBE Compliance Manager. Written notification of awards from a fund established under this Section shall be sent to the Office of the County Executive and the Clerk of the County Council (for dissemination to the members of the County Council and the County Auditor), and the Executive Director of the Revenue Authority of Prince George's County within 14 days after the date of the award. Information about this program, including information about award recipients, shall be considered to be public information for the purposes of the Maryland Public Information Act, excluding proprietary business information. No determination of award from a fund under this Section shall utilize a minimum FICO credit score of higher than 570 in evaluating potential recipients. Public reporting. The Program Manager shall submit a written quarterly report to the Office of the County Executive, the Clerk of the County Council (for dissemination to the members of the County Council and the County Auditor), the County MBE Compliance Manager, and the Executive Director of the Revenue Authority of Prince George's County on the program's activities in a structure and format approved by the County MBE Compliance Manager. The report shall, at a minimum, detail the surety bonding awards and recipients for the previous quarter, year-to-date, and program-to-date for the fund and be made publicly available on a website designated by the County MBE Compliance Manager. Funding for the administrative services of the Program Manager may be provided from the administrative funds of the Small Business Capital and Growth Stimulus Program authorized under Section 10-336(e). Program maximum. An annual maximum in surety bonding awards and guarantees shall be $10,000,000. This maximum may be modified by County Council resolution, with concurrence of the County Executive, after consultation with the Revenue Authority of Prince George's County and the County MBE Compliance Manager. Revenue Authority Surety Bonding Guaranty Authority. Projects for which surety bonding awards are approved in accordance with the Prince George's County Surety Bonding Program are hereby authorized projects for financing, and thus surety bonding guarantees, by the Revenue Authority of Prince George's County for the purposes of Section 21A-103 of the Code.