N.Y. State Finance Law § 139-e: Security bonds; municipal projects

§ 139-e. Security bonds; municipal projects. Whenever a security bond

is posted by a successful bidder for the faithful performance of a

municipal project, for which state aid is approved, the name and address

of the bonding company or person issuing the security bond, the number

of such bond, and such other information as may be required by the state

department or agency responsible for supervising the aid program

regarding the project, shall be transmitted to such department or

agency, where it shall be reviewed to determine its authenticity prior

to award of such contract. The original of such bond shall remain in the

office of the municipality. Upon request of such department or agency,

the superintendent of financial services shall render such assistance as

is necessary to determine the authenticity of the security bond.