Bill
Bill > A09534
NY A09534
NY A09534Relates 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.
summary
Introduced
01/14/2026
01/14/2026
In Committee
01/14/2026
01/14/2026
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the local finance law, in relation to the delivery of the good faith deposit following award of the bonds to the successful bidder
AI Summary
This bill amends the local finance law to allow municipalities, school districts, or district corporations to require that a good faith deposit be made as a condition for considering a bid for bonds, rather than only requiring it from the successful bidder after the bonds have been awarded. A good faith deposit is a sum of money or other acceptable security, such as a certified check, cash, a surety bond, or a letter of credit, that a bidder provides to demonstrate their seriousness and commitment to a transaction. This change gives these entities more flexibility in their bond sale processes.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
referred to local governments (on 01/14/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/A9534 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A09534&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A09534 |
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