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Ulster County committee raises agency bonding cap to $60 million, approves contract amendments
Summary
A Ways and Means committee approved amendments to a proposed agency contract that raise an aggregate bonding cap to $60 million, add a notice requirement naming the clerk as agent, and add a unilateral indemnification from the agency to the county; members discussed oversight triggers and noninterference language before approving the measure.
The Ways and Means Committee on Sept. 10 approved amendments to a proposed contract that change the agency bonding cap to an aggregate $60,000,000 and adjust approval and notice requirements.
The committee voted to amend and then adopt the resolution as amended after discussion about oversight, notice procedures and the contract's indemnification language.
Committee members and staff said the revision raises the aggregate cap from prior drafts and requires any bonding in excess of $60,000,000 to receive prior approval by a majority vote of the full legislative body. A staff member explaining the changes told the committee the packet includes highlighted proposed language and that the bonding definition now requires approval for any aggregate value exceeding $60,000,000. "The cap has now been listed as $60,000,000 where it was previously 40," the staff member said.
The staff member…
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