§ 103-F — Security bonds; municipal projects

§ 103-f. Security bonds; municipal projects. Whenever a security bond\nis posted by a successful bidder for the faithful performance of a\nmunicipal project, for which state aid is approved, the name and address\nof the bonding company or person issuing the security bond, the number\nof such bond, and such other information as may be required by the state\ndepartment or agency responsible for supervising the aid program\nregarding the project, shall be transmitted to such department or\nagency, where it shall be reviewed to determine its authenticity prior\nto award of such contract. The original of such bond shall remain in the\noffice of the municipality. Upon request of such department or agency,\nthe superintendent of financial services shall render such assistance as\nis necessary to determine the authenticity of the security bond.\n