Loading chat...
NY A03483
Bill
Status
1/28/2025
Primary Sponsor
D. Billy Jones
Click for details
AI Summary
-
Changes the timing of good faith deposits for municipal bond sales so that only the successful bidder must submit a deposit after being awarded the bonds, rather than requiring all bidders to submit deposits before their bids are considered
-
Preserves the option for municipalities, school districts, and district corporations to still require deposits from all bidders as a condition precedent to bid consideration if they choose
-
Maintains the minimum deposit requirement of at least one-half of one percent of the bond amount being bid for
-
Allows deposits to be made via certified check, cashier's check, cash wire transfer, eligible surety bond, or eligible letter of credit
-
Takes effect immediately upon passage
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
enacting clause stricken
9/8/2025