New York A03483 amends the local finance law to allow municipalities, school districts, and district corporations to require a good faith deposit as.

New York A03483 amends the local finance law to allow municipalities, school districts, and district corporations to require a good faith deposit as a condition for considering a bid for bonds. The deposit must be made by the successful bidder and can be in the form of a certified or cashier's check, cash remitted by wire transfer, an eligible surety bond, or an eligible letter of credit. The deposit amount must be at least one-half of one percent of the amount of bonds to be bid for. The act takes effect immediately.

New York A03483 amends the local finance law to allow municipalities, school districts, and district corporations to require a good faith deposit as.

New York A03483 amends the local finance law to allow municipalities, school districts, and district corporations to require a good faith deposit as a condition for considering a bid for bonds. The deposit must be made by the successful bidder and can be in the form of a certified or cashier's check, cash remitted by wire transfer, an eligible surety bond, or an eligible letter of credit. The deposit amount must be at least one-half of one percent of the amount of bonds to be bid for. The act takes effect immediately.