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Two MACs are explicitly designated under New York law. Best known is the MAC created for New York City during the 1975 New York City fiscal crisis. The corporation was born of a recommendation made by a special panel composed of Simon H. Rifkind, Felix G. Rohatyn, Richard M. Shinn and Donald B. Smiley. [1]
§ 2.2-4337. Bond waived for Pre-Qualified Contractors for contracts over $100,000.00 up to corresponding limits. 100% Payment & Performance Bond, certified funds, or cash escrow required for Non-Transportation related contracts exceeding $500,000.00. Transportation related contracts exceeding $250,000.00. Payment Bond Required: § 2.2-4337.
The State of New York Municipal Bond Bank Agency (MBBA) was a New York State public-benefit corporation founded in 1972 by the state legislature to offer municipalities increased access to the bond market by creating an alternate method by which they could sell their general obligation bonds. MBBA was authorized to issue up to $1 billion of its ...
Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money , intended to secure a futures contract , commonly known as margin .
Officially the first recorded municipal bond was a general obligation bond issued by the City of New York for a canal in 1812. During the 1840s, many U.S. cities were in debt, and by 1843 cities had roughly $25 million in outstanding debt.
OMB also manages the city's capital financing programs through the issuing of bonds, and conducts legal reviews of capital projects financed with bond proceeds. [1] New York City has the largest municipal budget in the United States at $95.1 billion in Fiscal Year 2021 (as of the City's January 2021 Financial Plan). [2]
The New York State Constitution, Art.X, sec. 5, provides that public benefit corporations may only be created by special act of the legislature. In City of Rye v. MTA, 24 N.Y.2d 627 (1969), the court of appeals explained that "The debates of the 1938 Convention indicate that the proliferation of public authorities after 1927 was the reason for the enactment of section 5 of article X....
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