What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to local government
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general municipal law, in relation to requiring quality performance and payment bonds on public work
Purpose
Requires quality performance and payment bonds on public work to be deposit in an interest bearing account.
Summary of provisions
Section 1 amends the general municipal law by adding a new section 103-g that requires a performance bond in relation to any construction, reconstruction, or alteration of any public work project. It also stipulates that twenty percent of the contract awarded may be retained until completion of the work contracted. Section 2 states that this act shall take effect on the thirtieth day after it shall become law.
Existing law
None.
Justification
By requiring contractors to provide performance bonds the public and taxpayer are protected with regard to performance of the contractual obligations. It would also raise quality standards of both contractors and their surety providers. Additionally, the entity requesting the performance bond will receive interest earned over the life of the outstanding bond.
Legislative history
S.5319 of 2007/2008
Effective date
This act shall take effect on the thirtieth day after it shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.