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This entry was published on 2014-09-22
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Security bonds; municipal projects
State Finance (STF) CHAPTER 56, ARTICLE 9
§ 139-e. Security bonds; municipal projects. Whenever a security bond
is posted by a successful bidder for the faithful performance of a
municipal project, for which state aid is approved, the name and address
of the bonding company or person issuing the security bond, the number
of such bond, and such other information as may be required by the state
department or agency responsible for supervising the aid program
regarding the project, shall be transmitted to such department or
agency, where it shall be reviewed to determine its authenticity prior
to award of such contract. The original of such bond shall remain in the
office of the municipality. Upon request of such department or agency,
the superintendent of financial services shall render such assistance as
is necessary to determine the authenticity of the security bond.