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NY S00900
Bill
Status
1/8/2025
Primary Sponsor
Monica Martinez
Click for details
AI Summary
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Changes the timing of good faith deposit requirements for municipal bond sales, requiring only the successful bidder to submit a deposit rather than all bidders as a condition of bid consideration
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Allows municipalities, school districts, and district corporations to optionally retain the prior requirement of deposits from all bidders as a condition precedent to considering their bids
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Maintains the minimum deposit requirement of at least one-half of one percent of the bond amount being bid upon
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Permits deposits in the form of certified or cashier's check, cash via wire transfer, eligible surety bond, or eligible letter of credit
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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
ADVANCED TO THIRD READING
3/12/2026