New York A 3483: Provides that a municipality may by local law specify a more restrictive definition of commercial purpose or use and mixed-use property

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 - This bill is not active in this session.

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A03483 Summary:

BILL NOA03483 

&nbsp

SAME ASSAME AS S00900

&nbsp

SPONSORJones

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §58.00, Loc Fin L

&nbsp

Relates 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.

Go to top A03483 Actions:

BILL NOA03483 

&nbsp

01/28/2025referred to local governments

09/08/2025enacting clause stricken

Go to topA03483 Committee&nbspVotes:

Go to topA03483 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA03483 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3483

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 28, 2025
 ___________

 Introduced by M. of A. JONES -- read once and referred to the Committee
 on Local Governments

 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

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision 3 of paragraph c of section 58.00 of the local
 2 finance law, as amended by chapter 416 of the laws of 2012, is amended
 3 to read as follows:
 4 3. A requirement that [as a condition precedent to the consideration
 5 of his or her bid, each] the successful bidder shall deposit with such
 6 official as the agency in charge of the sale may designate, a certified
 7 or cashier's check drawn upon an incorporated bank or trust company to
 8 the order of the municipality, school district or district corporation
 9 or such official, for the amount specified in the notice, but in no
 10 event less than one-half of one per centum of the amount of bonds
 11 to be bid for. Notwithstanding the provisions of this subdivision, a
 12 municipality, school district or district corporation may require that
 13 such deposit be made as a condition precedent to the consideration of a
 14 bid for the bonds. Such notice may also provide that, in lieu of a
 15 certified or cashier's check, [bidders may furnish as security] the
 16 deposit may also be in the form of cash in such amount remitted by wire
 17 transfer to an account specified in the notice or an eligible surety
 18 bond or an eligible letter of credit, approved by such official as to
 19 form, sufficiency, and manner of execution. For purposes of this
 20 section, "eligible surety bond" shall mean a bond executed by an insur-
 21 ance company authorized to do business in this state, the claims-paying
 22 ability of which is rated in one of the three highest rating categories
 23 by at least one nationally recognized statistical rating organization;
 24 and "eligible letter of credit" shall mean an irrevocable letter of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00869-01-5

 A. 3483 2

 1 credit issued in favor of the municipality, school district or district
 2 corporation, for a term not to exceed ninety days by a bank, as that
 3 term is defined in section two of the banking law, whose commercial
 4 paper and other unsecured short-term debt obligations (or, in the case
 5 of a bank which is the principal subsidiary of a holding company, whose
 6 holding company's commercial paper and other unsecured short-term debt
 7 obligations) are rated in one of the three highest rating categories
 8 (based on the credit of such bank or holding company) by at least one
 9 nationally recognized statistical rating organization or by a bank that
 10 is in compliance with applicable federal minimum risk-based capital
 11 requirements.
 12 § 2. This act shall take effect immediately.

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps