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Who cares
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History
- Reported and committed to rules
- Referred to finance
- Referred to finance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the state finance law, in relation to bonds to secure payment of certain claims
Purpose
To clarify that the requirement to post a payment bond for projects performed under a permit issued by a municipal corporation shall apply where the fiscal officer has the power to enforce such compliance.
Summary of provisions
Section 1 of the bill amends State Finance Law section 137(1) to clarify that the requirement to post a payment bond on projects subject to section 220 of the labor law performed under a permit issued by a municipal corporation must be enforceable by the fiscal officer.
Existing law
Section 137(1) of the state finance law requires the posting of a payment bond for projects performed under a permit issued by a municipal corporation that is subject to the prevailing wage law.
Justification
This bill is a chapter amendment to chapter 619 of the laws of 200B that requires the posting of a performance bond when a permit is issued by a municipal corporation for a project that is subject to the prevailing wage requirement. The legislation could be read to apply to projects that are not currently enforceable by the New York city Comptroller whose enforcement is limited to projects performed under permits issued to utility companies. This bill responds to the governor's approval memorandum for chapter 619 to limit the posting to projects that are enforceable by the fiscal officer.
Prior legislative history
New bill.
Fiscal implications
None.
Effective date
This bill would take effect immediately and be deemed to have been in effect on September 25, 2008 when chapter 619 took effect.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.