New York S00900 amends the local finance law to allow municipalities, school districts, or district corporations to require a good faith deposit as a.
New York S00900 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 several forms, including a certified or cashier's check, cash remitted by wire transfer, an eligible surety bond, or an eligible letter of credit. This change provides flexibility in how bidders can demonstrate their commitment to the bidding process.
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