Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 04, 2012 |
referred to local governments |
May 24, 2011 |
held for consideration in local governments |
Mar 03, 2011 |
referred to local governments |
Assembly Bill A5997
2011-2012 Legislative Session
Sponsored By
BURLING
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Joseph Giglio
Gary Finch
Michael Montesano
multi-Sponsors
James Conte
Stephen Hawley
Joel Miller
2011-A5997 (ACTIVE) - Details
- Current Committee:
- Assembly Local Governments
- Law Section:
- Local Finance Law
- Laws Affected:
- Amd ยง58.00, Loc Fin L
- Versions Introduced in 2009-2010 Legislative Session:
-
A6574
2011-A5997 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5997 2011-2012 Regular Sessions I N A S S E M B L Y March 3, 2011 ___________ Introduced by M. of A. BURLING, GIGLIO, FINCH, MONTESANO -- Multi-Spon- sored by -- M. of A. CONTE, HAWLEY, J. MILLER -- read once and referred to the Committee on Local Governments AN ACT to amend the local finance law, in relation to requirements for bids for the purpose of bonds THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 3 of paragraph c of section 58.00 of the local finance law, as amended by chapter 386 of the laws of 2010, is amended to read as follows: 3. A requirement that as a condition precedent to the consideration of his or her bid, each bidder shall deposit with such official as the agency in charge of the sale may designate[,] (I) a certified or cash- ier's check drawn upon an incorporated bank or trust company OR (II) A FINANCIAL GUARANTY BOND OR SURETY BOND THAT IS RATED IN ONE OF THE TWO HIGHEST RATING CATEGORIES BY AT LEAST TWO OF THE NATIONALLY RECOGNIZED INDEPENDENT SECURITIES RATING AGENCIES; WHICH SHALL BE PAYABLE to the order of the municipality, school district or district corporation or such official, for the amount specified in the notice, but in no event less than one-half of one per centum of the amount of bonds to be bid for. Such notice may also provide that, in lieu of a certified or cashier's check, bidders may furnish as security cash in such amount remitted by wire transfer to an account specified in the notice or an eligible surety bond or an eligible letter of credit, approved by such official as to form, sufficiency, and manner of execution. For purposes of this section, "eligible surety bond" shall mean a bond executed by an insurance company authorized to do business in this state, the claims- paying ability of which is rated in the highest rating category by at least two nationally recognized statistical rating organizations; and "eligible letter of credit" shall mean an irrevocable letter of credit issued in favor of the municipality, school district or district corpo- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03171-01-1
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