[HISTORY: Adopted by the Town Board of the Town of Yorktown 8-15-2006 by L.L. No. 8-2006. Amendments noted where applicable.]
It is the intent of this chapter to provide a regulatory framework governing bonds and undertakings posted with the Town to secure performance and payment of obligations arising pursuant to law, rules, regulations, contracts, permits or approvals.
The provisions of this chapter apply to and govern all bonds and undertakings, irrespective of form or title, posted or deposited with the Town to secure the performance and payment of any obligations arising pursuant to law, rules, regulations, contracts, permits or approvals.
Included, without limitation, within the scope of this chapter are:
Performance bonds issued by bonding or surety companies;
Deposits of funds in, or certificates of deposit issued by, banks or trust companies located and authorized to do business in this state;
Irrevocable letters of credit from banks located and authorized to do business in this state; and
Cash or cash equivalents delivered to or deposited with and held by the Town.
Without the express, prior written permission of the Town, no person, firm or corporation who posted a bond or undertaking with the Town shall assign such bond or undertaking to any third party.