[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.
A.
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.
B.
Included, without limitation, within the scope of this
chapter are:
(1)
Performance bonds issued by bonding or surety companies;
(2)
Deposits of funds in, or certificates of deposit issued
by, banks or trust companies located and authorized to do business in this
state;
(3)
Irrevocable letters of credit from banks located and
authorized to do business in this state; and
(4)
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.
