Assembly Bill A8461

Vetoed By Governor
2011-2012 Legislative Session

Relates to the allowable amount of a letter of credit used as guarantee of performance of a state procurement contract

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Archive: Last Bill Status Via S5671 - Vetoed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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Bill Amendments

2011-A8461 - Details

Law Section:
State Finance Law
Laws Affected:
Amd §163, St Fin L

2011-A8461 - Summary

Relates to the allowable amount of a letter of credit used as guarantee of performance of a state procurement contract.

2011-A8461 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  8461

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 17, 2011
                               ___________

Introduced  by M. of A. GANTT -- read once and referred to the Committee
  on Governmental Operations

AN ACT to amend the state finance law, in relation to the  amount  of  a
  letter  of credit used as guarantee of performance of a state procure-
  ment contract

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph d of subdivision 10 of section 163 of the state
finance law, as added by chapter 83 of the laws of 1995, is  amended  to
read as follows:
  d.  It  shall be in the discretion of the commissioner or state agency
to require a bond or other guarantee of performance, and to approve  the
amount,  form and sufficiency thereof.  IF A LETTER OF CREDIT, EITHER BY
ITSELF OR IN CONJUNCTION WITH ANOTHER FORM OF  GUARANTEE,  IS  USED  FOR
THIS  PURPOSE,  THE  AMOUNT OF THE LETTER OF CREDIT SHALL NOT EXCEED THE
LEVEL OF ACTUAL RISK INVOLVED WITH THE CONTRACT AND IN NO CASE SHALL THE
AMOUNT OF THE LETTER OF CREDIT EXCEED FIVE PERCENT OF THE TOTAL CONTRACT
AWARD AMOUNT.
  S 2. This act shall take effect immediately; provided,  however,  that
the  amendments  to  paragraph d of subdivision 10 of section 163 of the
state finance law made by section one of this act shall not  affect  the
repeal of such section and shall be deemed repealed therewith.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13049-01-1

2011-A8461A (ACTIVE) - Details

Law Section:
State Finance Law
Laws Affected:
Amd §163, St Fin L

2011-A8461A (ACTIVE) - Summary

Relates to the allowable amount of a letter of credit used as guarantee of performance of a state procurement contract.

2011-A8461A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 8461--A

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              June 17, 2011
                               ___________

Introduced  by M. of A. GANTT -- read once and referred to the Committee
  on Governmental Operations -- recommitted to the Committee on  Govern-
  mental  Operations  in  accordance  with  Assembly  Rule  3, sec. 2 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to  amend the state finance law, in relation to the amount of a
  letter of credit used as guarantee of performance of a state  procure-
  ment contract

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph d of subdivision 10 of section 163 of  the  state
finance  law,  as added by chapter 83 of the laws of 1995, is amended to
read as follows:
  d. It shall be in the discretion of the commissioner or  state  agency
to  require a bond or other guarantee of performance, and to approve the
amount, form and sufficiency thereof.  PROVIDED HOWEVER IF A  LETTER  OF
CREDIT,  EITHER BY ITSELF OR IN CONJUNCTION WITH ANOTHER FORM OF GUARAN-
TEE, IS USED FOR THIS PURPOSE, THE AMOUNT OF THE LETTER OF CREDIT  SHALL
NOT  EXCEED  THREE  PERCENT  OF  THE TOTAL CONTRACT AWARD AMOUNT.  THESE
RESTRICTIONS SHALL NOT APPLY TO ANY BOND REQUIREMENTS ISSUED PURSUANT TO
THIS SECTION. AN AGENCY MAY REQUIRE OTHER GUARANTEES OF  PERFORMANCE  IN
ADDITION TO A LETTER OF CREDIT AS PROVIDED IN THIS PARAGRAPH.
  S  2.  This act shall take effect immediately; provided, however, that
the amendments to paragraph d of subdivision 10 of section  163  of  the
state  finance  law made by section one of this act shall not affect the
repeal of such section and shall be deemed repealed therewith.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13049-07-2

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