New York A09534 amends the local finance law to allow municipalities, school districts, or district corporations to require a good faith deposit as a.

New York A09534 amends the local finance law to allow municipalities, school districts, or district corporations to require a good faith deposit as a condition for considering a bid for bonds. The deposit can be made 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 bill specifies definitions for "eligible surety bond" and "eligible letter of credit," ensuring they meet certain criteria. This change provides flexibility in the methods of deposit while maintaining security for the bidding process.

New York A09534 amends the local finance law to allow municipalities, school districts, or district corporations to require a good faith deposit as a.

New York A09534 amends the local finance law to allow municipalities, school districts, or district corporations to require a good faith deposit as a condition for considering a bid for bonds. The deposit can be made 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 bill specifies definitions for "eligible surety bond" and "eligible letter of credit," ensuring they meet certain criteria. This change provides flexibility in the methods of deposit while maintaining security for the bidding process.