[HISTORY: Adopted by the City Council of the City of Saratoga Springs as indicated in article histories. Amendments noted where applicable.]
[Adopted 7-5-2005 by L.L. No. 4-2005]
In accordance with authority cited in New York State Comptroller's Opinion 83-230, the City Council hereby supersedes § 106 of the General Municipal Law.
The provision of § 106 of the General Municipal Law which is expressly superseded by this article is that provision that, under any contract awarded by the City, the contractor may, from time to time, withdraw retained percentages upon depositing with the City's fiscal officer bonds or notes of the United States of America, or obligations, the payment of which is guarantee by the United States of America, or bonds or notes of the State of New York, or bonds of any political subdivision of the State of New York, of a market value equal to the amount so withdrawn.