HB 124: "An Act requiring a person who commences a cause of action seeking to delay a project on state or private land to provide security equal to 10 percent of the value of the project to protect a person who is wrongfully delayed."
00 HOUSE BILL NO. 124 01 "An Act requiring a person who commences a cause of action seeking to delay a project 02 on state or private land to provide security equal to 10 percent of the value of the project 03 to protect a person who is wrongfully delayed." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 09.40.230 is amended by adding a new subsection to read: 06 (b) A party seeking a restraining order, preliminary injunction, or order 07 staying or otherwise delaying a project on state land, land owned by a political 08 subdivision of the state, or private land shall give security in an amount equal to 10 09 percent of the value of the project for costs that may be incurred and damages that 10 may be suffered, including reasonable attorney fees, by a party that has been 11 wrongfully restrained, enjoined, stayed, or delayed. The security required by this 12 subsection must be in the form of a bond or irrevocable letter of credit from a financial 13 institution with its principal place of business located in the United States.