Senate Bill S5671

Vetoed By Governor
2011-2012 Legislative Session

Relates to the allowable amount of a letter of credit used as guarantee of performance of a state procurement contract

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Archive: Last Bill Status - Vetoed by Governor

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Vetoed By Governor
  • Signed By Governor

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Bill Amendments

2011-S5671 - Details

See Assembly Version of this Bill:
A8461
Law Section:
State Finance Law
Laws Affected:
Amd §163, St Fin L

2011-S5671 - Summary

Relates to the allowable amount of a letter of credit used as guarantee of performance of a state procurement contract.

2011-S5671 - Sponsor Memo

2011-S5671 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5671

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 9, 2011
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee on Finance

AN ACT to amend the state finance law, in relation to the  amount  of  a
  letter  of credit used as guarantee of performance of a state procure-
  ment contract

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph d of subdivision 10 of section 163 of the state
finance law, as added by chapter 83 of the laws of 1995, is  amended  to
read as follows:
  d.  It  shall be in the discretion of the commissioner or state agency
to require a bond or other guarantee of performance, and to approve  the
amount,  form and sufficiency thereof.  IF A LETTER OF CREDIT, EITHER BY
ITSELF OR IN CONJUNCTION WITH ANOTHER FORM OF  GUARANTEE,  IS  USED  FOR
THIS  PURPOSE,  THE  AMOUNT OF THE LETTER OF CREDIT SHALL NOT EXCEED THE
LEVEL OF ACTUAL RISK INVOLVED WITH THE CONTRACT AND IN NO CASE SHALL THE
AMOUNT OF THE LETTER OF CREDIT EXCEED FIVE PERCENT OF THE TOTAL CONTRACT
AWARD AMOUNT.
  S 2. This act shall take effect immediately; provided,  however,  that
the  amendments  to  paragraph d of subdivision 10 of section 163 of the
state finance law made by section one of this act shall not  affect  the
repeal of such section and shall be deemed repealed therewith.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13049-01-1

2011-S5671A (ACTIVE) - Details

See Assembly Version of this Bill:
A8461
Law Section:
State Finance Law
Laws Affected:
Amd §163, St Fin L

2011-S5671A (ACTIVE) - Summary

Relates to the allowable amount of a letter of credit used as guarantee of performance of a state procurement contract.

2011-S5671A (ACTIVE) - Sponsor Memo

2011-S5671A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5671--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                              June 9, 2011
                               ___________

Introduced  by  Sen.  DeFRANCISCO -- read twice and ordered printed, and
  when printed to be committed to the Committee on Finance --  recommit-
  ted to the Committee on Finance in accordance with Senate Rule 6, sec.
  8  -- committee discharged, bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the state finance law, in relation to the  amount  of  a
  letter  of credit used as guarantee of performance of a state procure-
  ment contract

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Paragraph d of subdivision 10 of section 163 of the state
finance law, as added by chapter 83 of the laws of 1995, is  amended  to
read as follows:
  d.  It  shall be in the discretion of the commissioner or state agency
to require a bond or other guarantee of performance, and to approve  the
amount,  form  and sufficiency thereof.  PROVIDED HOWEVER IF A LETTER OF
CREDIT, EITHER BY ITSELF OR IN CONJUNCTION WITH ANOTHER FORM OF  GUARAN-
TEE,  IS USED FOR THIS PURPOSE, THE AMOUNT OF THE LETTER OF CREDIT SHALL
NOT EXCEED THREE PERCENT OF THE TOTAL  CONTRACT  AWARD  AMOUNT.    THESE
RESTRICTIONS SHALL NOT APPLY TO ANY BOND REQUIREMENTS ISSUED PURSUANT TO
THIS  SECTION.  AN AGENCY MAY REQUIRE OTHER GUARANTEES OF PERFORMANCE IN
ADDITION TO A LETTER OF CREDIT AS PROVIDED IN THIS PARAGRAPH.
  S 2. This act shall take effect immediately; provided,  however,  that
the  amendments  to  paragraph d of subdivision 10 of section 163 of the
state finance law made by section one of this act shall not  affect  the
repeal of such section and shall be deemed repealed therewith.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13049-06-2

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