Loading chat...
NY A09809
Bill
Status
4/19/2022
Primary Sponsor
Fred Thiele
Click for details
AI Summary
-
Changes good faith deposit requirement for bond bidders so that only the successful bidder must deposit funds, rather than requiring all bidders to deposit as a condition of bid consideration
-
Allows municipalities, school districts, and district corporations to optionally require deposits from all bidders as a condition precedent to bid consideration
-
Maintains deposit amount at minimum of one-half of one percent of the bond amount
-
Permits deposits in the form of certified or cashier's checks, cash via wire transfer, eligible surety bonds, or eligible letters of credit (irrevocable, 90-day maximum term)
-
Takes effect immediately upon enactment
Legislative Description
Relates to the delivery of the good faith deposit following award of the bonds to the successful bidder; provides that a municipality, school district or district corporation may require that such deposit be made as a condition precedent to the consideration of a bid for the bonds.
Last Action
referred to local governments
4/19/2022