Bill
A 3483
Bill A 3483 sought to clarify good faith deposit procedures for bond awards, impacting bidders and local governments, but was halted when its enacting clause was stricken.
Bill Number: A 3483
Title: Relates to the delivery of the good faith deposit following award of the bonds to the successful bidder
Status: Enacting Clause Stricken
Introduced: January 28, 2025
Classification: Bill
Bill A 3483 was introduced to address the procedures surrounding the delivery of good faith deposits in the context of bond awards to successful bidders. The intent of the bill is to clarify and streamline the process by which these deposits are handled, ensuring that both the bidders and the awarding authorities have a clear understanding of their rights and responsibilities.
While the specific text of the bill is not provided, the general provisions likely include:
- Definition of Good Faith Deposit: Establishing what constitutes a good faith deposit in the context of bond awards.
- Timeline for Delivery: Specifying the timeframe within which the good faith deposit must be delivered following the award of the bonds.
- Conditions for Return: Outlining the conditions under which the good faith deposit may be returned to the bidder or forfeited.
The bill primarily impacts:
- Bidders: Individuals or entities that submit proposals for bond awards will be directly affected by the clarified rules regarding good faith deposits.
- Local Governments: Authorities responsible for awarding bonds will need to adapt their processes in accordance with the new provisions if enacted.
Bill A 3483 is related to several prior and companion bills:
- A 9809 (prior-session): A previous bill that may have addressed similar issues regarding bond awards.
- A 1461 (prior-session): Another related bill from a previous session that could provide context or background to the current legislation.
- S 900 (companion): A companion bill in the Senate that may parallel the provisions of A 3483.
Bill A 3483 aimed to clarify the process for handling good faith deposits in bond awards, impacting both bidders and local government authorities. However, with the enacting clause stricken, the bill will not advance in its current form. Stakeholders may need to look to related bills for potential future developments on this issue.
Compiled from official sources — confirm details with the bill’s official record.
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