[HISTORY: Adopted Lewiston Town Board: Article I, 6-28-1976 by L.L. No. 5-1976. Amendments noted where applicable.]
Article I Service Charge for Handling of Bonds
[Adopted 6-28-1976 by L.L. No. 5-1976 (Ch. 6D, Art. I, of the 1965 Code)]
The short title of this article is "Service Charge for the Handling of Bonds in Lieu of Retainages."
Section 106-a of the General Municipal Law provides that a political subdivision may impose upon each contractor a service charge for receiving, handling and disbursing funds and coupons, all related to bonds and bond anticipation notes submitted in lieu of retainages under municipal contracts. Section 106-a, however, requires that imposition of such a service charge is contingent upon a local law or ordinance passed by the duly constituted governing body of the political subdivision. It being a fiscally sound policy that the Town of Lewiston charge contractors for the cost of such services, Local Law No. 5 is hereby enacted.
The fiscal officer of the Town of Lewiston, New York, shall impose upon each contractor a service charge for receiving and handling bonds and/or bond anticipation notes deposited pursuant to § 106 of the General Municipal Law, to be held in lieu of retained percentages under municipal contracts and for the receiving, handling and disbursing of funds and coupons related to such bonds and/or bond anticipation notes.
Such service charge shall include all out of pocket expenses connected with such services, as well as the cost of Town personnel attributable to such services.