New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4253 - Bonding Guarantee Assistance Program
Section 4253.1 - Purpose
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4253.1
Current through Register Vol. 46, No. 12, March 20, 2024
(a) The purpose of this rule and these regulations is to effectuate section 16- f of the New York State Urban Development Corporation Act, that authorizes the Bonding Guarantee Assistance Program, and to provide for the implementation and administration of the program by the New York State Urban Development Corporation which is authorized by the program:
(1) to provide to
surety companies the additional financial backing needed in order to induce
such companies to issue payment and performance bonds for contractors that are
small businesses, as defined in this rule, and certified, pursuant to article
15-A of the Executive Law, minority-owned business enterprises or women-owned
business enterprises, in order for such contractors to meet payment and
performance bonding requirements for construction projects, including but not
limited to, government sponsored, transportation related construction projects;
and
(2) to provide technical
assistance in completing bonding applications for such contractors seeking
surety bonding in preparation for bidding on construction projects, including
transportation related projects.
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