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NY A09534

Bill

Official Source

Status

Introduced

1/14/2026

Primary Sponsor

Michaelle Solages

Click for details

Origin

Assembly

2025-2026 General Assembly

AI Summary

  • Changes the default timing of good faith deposits for municipal bond sales from requiring all bidders to submit deposits before bid consideration to only requiring the successful bidder to submit the deposit after award
  • Allows municipalities, school districts, and district corporations to optionally require deposits as a condition precedent to bid consideration, preserving the previous approach if desired
  • Maintains the minimum deposit requirement of at least one-half of one percent of the bond amount being bid
  • Permits deposits in multiple forms including certified check, cashier's check, cash via wire transfer, eligible surety bond, or eligible letter of credit
  • Amends Section 58.00 of the Local Finance Law and takes effect immediately

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

1/14/2026

Committee Referrals

Local Governments1/14/2026

Full Bill Text

No bill text available